Buying Property
Buying a property in a foreign country is not always an easy process. However we have developed a step-by-step chart which should be able to answer all your questions, and reassure you at every stage of this very exciting venture.
At Premiere Property we are here to help at every stage. If you have any further questions or queries please do not hesitate to contact us. We are here to help.
Please select from one of the following options.
- What is the 'Mandat de Vente'?
- What is the 'Bon de Viste'?
- What is the 'Compromis de Vente' or 'Promise to Buy'?
- What is the 'Acte de Vente'?
- Buyer's Glossary of Terms
What is the 'Acte de Vente'?
The Acte de Vente is the final stage of the purchase process. The signing of the Acte de Vente will usually take place six (6) – twelve (12) weeks from the exchange, once all of the Compromis de Vente Clauses have been fulfilled.
Usually all of the parties involved in the sale, including Premiere Neige the estate agent, are present before the Notaire before the signing of the document.
The Notaire will provide the Acte de Vente together with the details of the balance of purchase monies and the power of attorney for the customer to sign. The sale will then be completed once the Notaire has received cleared funds in Euros (including the Notaire’s fees) and the power of attorney with an apostille from the Foreign and Commonwealth Office.
What is the 'Bon de Viste'?
All Estate Agents in France will ask their customers to sign a Bon de Viste before any property viewings take place. This is used for two primary purposes:
- This document ensures that once an agent has shown a customer a property, the customer is legally bound to purchase the property, if they intend on buying, through the original escorting agent.
- This document also acts as to showcase the quantity and timeliness of viewings to the property owner. To reassure the property owner that their property is being viewed.
What is the 'Compromis de Vente' or 'Promise to Buy'?
The Compromis de Vente is the first formal and legally binding stage in the property purchase process in France. It is a written contract of sale agreement which legally binds together the seller and the purchaser. The agreement can be drafted by Premiere Neige the estate agent, or by the Notaire. The format may vary but all Compromis de Vente’s should clearly state the following key points of agreement:
- Details of purchaser and vendor; you will need to provide "Civil Status" information including your full names, contact details, professions, birth and marriage certificates, passport copies, details of ex-husbands and wives, etc. These needed details will be outlined in the agreement.
- Confirmation of the name and ownership "Title" details of the property.
- A description of the property including reference and map of the plot as it is recorded in the Land Registry.
- The price agreed (sometimes furnishings and fittings may be negotiated as a separate amount).
- The deposit agreed (usually 5% - 10% to be held by the Notaire). Be cautious of any agencies that request a deposit before signing the Compromise de Verte.
- The circumstances under which the deposit may be forfeited.
- Any declarations by the vendor about the property.
- Any obligations of the purchaser in buying the property.
- Arrangements for inspection of lead, asbestos and termites.
- Provisional conditions (Clauses Suspensives) - these will include certain standard conditions which will be inserted by the person drawing up the agreement. The purchaser &/or vendor can request and negotiate the insertion of additional Provisional Conditions before the Compromis is signed.
- Full details of the estate agents; Premiere Neiges’ fees and provision for legal fees.
- Any declarations by both purchaser and vendor about their ability to complete the contract.
- Penalty clauses or statements describing what happens if either side fails to complete their part of the bargain.
- The target completion date (note this is not definitive or guaranteed date, but rather a suggestion and can thus be changed by agreement between purchaser and vendor or if the Notaire has not completed their work for any reason).
- A complete inventory of all items to be included in the price.
Preparation for the Compromise de Vente
Prior to the signing of the Compromis de Vente the buyer must have an approved application for a mortgage in place, and have the documentation to prove this funding. In addition to this the buyer must arrange life assurance cover; this is a pre-condition to the loan money being available for drawdown.
Understand what you are about to sign
It is essential that as the purchaser you understand every aspect of the Compromis de Vente as it is sets out all the key terms and conditions of your purchase. It is recommended that you see an English translation or have the services of an English speaking adviser (Premiere Neige can offer English and French speaking Estate Agents). This might be the Notaire or another legal adviser, this service may come as an extra charge.
Seven Day Cooling Off period
Note that under La Loi SRU you as the purchaser will be given a seven day cooling off period during which time you can withdraw from the purchase without penalty. This cooling off period begins from when you receive a copy of the signed Compromis and you will generally be given an instruction about this period and the date before which any change of mind must be communicated in writing to the Notaire.
After signing
Once the Compromis is signed the Notaire will carry on the process of checking records and documentation regarding the property and land. Two to three months is generally allowed for this process. However it is possible to speed up this process if both parties are agreed that the Notaire is able to conduct documentation searches without delays.
What is the 'Mandat de Vente'?
The Mandat de Vente translates to the Mandat of Sale or the Sales Mandat. This is a sales agreement between the Seller and the Estate Agency by which the constituent gives capacity to the agent to sell a good, in this case; the property(s) in question. This contract can either be exclusive or non-exclusive.
This document will clearly state the listed sale price of the property, the agent’s commission percentage and amount in Euros, and the remaining total profit of the sale.
This is a legally binding document, which is valid for the amount of time stipulated at the time of signing; this can be anywhere from one month to the eventual sale of the property. It is important, especially in the case of an exclusive agreement that the Seller understands and is happy with the terms, and the validity of the contract.
Certain personal and property information is required at the time of the signing of the Mandat de Vente, which in turn acts as a mandate of research for the Compromise.
An A to Z of French property, purchasing and building terminology
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A
- abri - a small outbuilding, a shed or shelter for shade
- acceuil - reception, welcome
- acompte - deposit
- Acte (de Vente) Authentique - Deed of Sale
- agence immobilière - real estate agent
- agglomere - chipboard
- aménager - to convert
- ardoise - slate tile
- atelier - workshop
- attenant - attached
- attestation d'acquisition - a written certificate from the notaire sent to you after all the sale paperwork is comppleted
B
- batiment - building
- bergerie - sheep barn
- bon de visite - a form you sign before viewing a house with a French immobilier to prevent you sunsequently buying it through another agent or privately
- bricolage - DIY
C
- cadastre - local town planning register
- carreleur - tiler
- carte de séjour - resident's permit, obtained from the Préfecture of the department
- cave – a small storage area
- cellier - pantry or store
- certificat d'urbanisme - land use certificate
- chambre - bedroom
- charpentier - carpenter
- chauffage - heating
- clause suspensive - a conditional clause which is used in the Compromis de Vente
- combles - attic
- Compromis de Vente - first stage agreement document in the sale process which legally commits the two parties
- cuisine - kitchen
D
- devis - estimate for work
E
- en tontine - inheritance arrangement whereby the surviving spouse takes full ownership of joint assets
- expert comptable - chartered accountant
F
- FNAIM - Federation Nationale des Agents Immobilier
- fosse septique - septic tank
- frais de notaire - total amount of money paid to the notaire on top of the sale price (includes, notaire fees, registration duty, land registration duty and other charges)
- fuelle - heating oil
G
- grange - barn
- grenier - attic
I
- immobilier - property or real estate agent
- impot - tax
L
- lu et approuvé - phrases written accompanying signature of contract "read and approved"
M
- maçon - builder
- maison de maitre - more formal, grander style of house
- maison des amis - anything from an outbuilding to a separate apartment or cottage
- mairie - town hall
- mandat - see bon de visite
- menuiserie - joinery
- meubles - furniture
N
- notaire - Notary
P
- permis de construire - planning permission
- plan cadastral - the town plan showing properties and parcelles of land
- plomberie - plumbing
R
- remise - barn
S
- salle de bain - bathroom
- salle d'eau - shower room
- salon - dining room
- salle a manger - dining room
- séjour - living room or lounge
- Société Civile Immobilière (SCI) - a company which can be set up exclusively to purchase property
- surface habitable - habitable space, usually excludes bathrooms and garage - shown in square metres m2
T
- T Type (e.g. T3, T4) - classification of property type and size showing the number of main rooms including bedrooms
- taxe d'habitation - a local tax, partly means-tested, payable only from the December of the year in which you were the owner. Due on the 1st January in advance
- taxe foncière - a government tax on property, payable pro-rata from date of completion to the end of December
- toiture - roof
- TVA (taxe sur la valeur ajoutée) - French VAT
V
- vidange curage - fosse septique emptying & treatment
