Compromis de vente

The initial contract to buy - once you have chosen your property France 101 will sign a contract with you at a notaires' which commits the company to selling you the property and allows time for the notaire (solicitor) to collect the necessary documents for the final deed. At this point you will pay a deposit of 10% - which will be held by the notaire until completion. This will be deducted from the purchase price if the sale is completed or returned if the paperwork can not be completed within three months.

You then have 7 days in which you can back out of the agreement without giving any reason and your deposit is returned in full. After this you are only able to back out if one of the let-out clauses - 'clauses suspensives' - is not met. Otherwise you can lose your deposit.

Examples of let-out clauses which are included in the contract are:

• the purchaser wants to obtain a loan to purchase the property
• issues relating to land registry searches or planning status of the property

The compromis de vente is a binding contract unless something is shown up by the searches, it contains the following information:

• the surface area of the property,
• if there are any rights of way over the property,
• if land is being purchased where the boundaries are and whether there are any restrictions on construction,
• whether it is subject to flooding or there has been any risk of pollution.
• it is compulsory in France that properties be inspected for the presence of asbestos and in certain areas, for lead and for termites as well, however on any property France 101 has for sale inspections will be done for all three whether there is a legal requirement or not. You will be shown the results of all these inspections before signing the compromis de vente.
• description and definition of property being sold
• confirmation of France 101's ownership of the property
• anticipated date for completion of the Acte de Vente
• price, fees and method of payment

It usually takes between 4 to 12 weeks to complete the process from the time of signing the compromis de vente. By which time the notaire will have carried out all necessary searches, draft the final deed and have dealt with the mortgage deed if necessary.

Acte Authentique

The Acte Authentique - final deed - can be signed at the notaire's office or by power of attorney. This is the document which incorporates the terms of contract and transfers the property to the purchaser. Payment has to be received by the notaire the day the final deed is being signed as the purchaser owns the property from that day. Also it is a legal obligation in France to have the property insured from that day.

 

The laws relating to a property purchase are strict and well regulated in France. Any contract is signed  in front of a competent notaire and a translator can be present for a small extra charge if you do not think your understanding of French is adequate. A notaire can also advise you in specific areas of law, such as inheritance, property, family and corporate law.

Disclaimer

The above information is a guideline only. It should not in any way be treated as a substitute for legal advice and it is therefore recommended that legal representation be sought from a Notaire as everyone's personal situation is different.