Property for Sale Ariege A Guide to Buying A Property in France
Property for Sale Ariege A Guide to Buying A Property in France
Property for Sale Ariege - A Guide to Buying A Property in France.Many people fall in love with France during their holidays. Warm sunshine, good food, excellent wine and a relaxed pace of life can all be a perfect inducement to start seeking out those signs, which in our area will always invariably read ; Property for sale Ariege. However finding the property is just one part of the puzzle. Buying a house in France is completely different to many other countries and can catch out the unwary.Estate Agents:In France estate agents are called Immobilier and must hold a carte professionnelle issued by the prfecture which you can ask to see before you visit any houses with them. If the person representing themselves as an agent can't show you this, move on and find another agent. Looking at property for sale in France can be tiring enough without worrying about the legal status of your agent'.It can be a good idea to seek out agents accredited by a national regulatory body - FNAIM is one such body in France and is indicated by the letters FNAIM inside a small yellow house logo. Agents belonging to these bodies agree a standard of client care and FNAIM carries a bond to compensate you should it be proved later that your agent acted in any way illegally.Good French estate agents or immobilier will invariably spend time with you in the agency at the start of your visit, really getting to know you and understand what it is that you are looking for. Understandably you are champing at the bit and want to get out and see houses but relax, this will pay dividends during your search.If you end up visiting houses which do not meet your specifications, stop, explain your criteria again to your agent and then if things don't improve, find another agent. Your time is too valuable to be wasted being shown things which don't fit what you are looking for. It might well be that although your agent appears to speak English they may not really have understood what it is that you are looking for.So what happens after you've found your dream home and agreed with the vendor to buy their house?ContractsThe first contract to be signed after the offer has been accepted by the vendor is the compromis de vente. This is a legally binding document which details the addresses of both buyer and seller, the address of the property, the price agreed and any additional conditional' clauses. Conditional in that they will cause the sale to be cancelled and can be things such as planning permission being granted or a mortgage being approved. It's not a good idea to include clauses unnecessarily as this might put the vendor off agreeing to deal with you, especially if they have a choice of buyers. Usually your immobilier will go through this contract with you - line by line to ensure that you understand everything which is included. This is important - do not skip over anything you don't understand. If you don't understand now is the time to say so. Two other initial contracts that you may come across are the promesse d'achat and the promesse de vente; promise to buy and promise to sell. Cooling Off Period.After signing the initial contract there is a seven-day cooling off period during which the buyer can pull out for any reason without losing their deposit.DepositPaid by the buyer and is typically 10% which is forfeited if the buyer pulls out after the seven-day cooling off period and also worthy of note is that if you do pull out after the cooling off period, under French law if the buyer chose to exercise this right, you could be pursued for the agreed sale price. The deposit is paid to the notaire who holds it on behalf of the vendor.Surveys and ReportsYou will get a list of items which have been compulsorily surveyed (paid for by the owner) such as flood zones, energy efficiency, lead, asbestos etc.Surveys are not normal practice in France as they are in countries such as the United Kingdom. However it is possible to find an English speaking surveyor with British qualifications working in France who is experienced in dealing with French houses and knows what sort of detail you are looking for. However, one point I would make is that using a surveyor to knock down the previously agreed price is not done in France. The price on the CdV is the price that you have agreed to pay. It is possible to get a survey done before the Cdv is signed but bear in mind that the house will remain on the market and can be sold out from under you whilst you are waiting for your survey or report. (I have actually seen this happen on more than one occasion so this comes from real-life experience.)Paperwork or sometimes as it is known in other countries the conveyancing' can take around twelve weeks depending upon the complexity of the sale. This is followed by the signing of the final contract or deed or sale known as the Acte de Vente. This takes place in the notaires office and if you as the buyer can't attend you can nominate a proxy giving them power of attorney in your place. This is usually a member of the notaire's staffThe balance of the funds should be transferred to the notaire in good time for the Acte - ignore claims that banks can get the funds across in twenty four hours - they might leave your bank but they can take considerably longer to show up in the notaires account. I usually recommend arranging the transfer at least ten days before the date of your Acte. If you are present in France for the Acte is is normal to accompany the agent on a visit to the property where they will be reading the gas, electricity and water meters. Your job during this visit is just to ensure that the property is as you agreed. Back at the signing, the notaire will give you an Attestation de Vente to witness that you are the new legal owner and your title deeds will be sent to you in the post approximately six months afterwards.Agency fees and notaires fees are paid at the time of the sale. If the sale price of the house has been listed as frais inclus - this means that agency fees (between 6 and 15% depending on the price of the house) are included so there will be no impact on your bank balance but keep that chequebook handy as you will need to pay the notaires fees and these will be in the region of 6-8%, again depending on the value of the property. Insurance:You must have insurance on your new home from the moment that you become the legal owner. Your Immobilier will help you by briefing an insurance company on your house if you have difficulty with the language so that you get exactly the insurance you require, (unoccupied for extended periods/let as a holiday home/full time residence etc) or if you are fluent you can arrange your own insurance - either way it should be in place before your meeting at the notaire as one of his official duties during the Acte is to check that the property is insured.Once you leave the notaires - congratulations - you now own property in France!This article is provided for general information only and should not be relied upon as laws change and you may be affected by local bylaws as well. If you are entering into any property transaction please seek the help of local professionals.You may copy this article as long as you credit the author and provide a link. This article must not be altered in any way.An English speaking Estate Agent working in the 09 (Ariege) and 11 (Aude) Midi Pyrenees, France.
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