Once your offer on a French home for sale has been accepted by the vendor, the French Estate Agent or Notaire will complete a Compromis de Vente or Preliminary Sales Agreement. This legal document is a binding agreement between the vendor and the buyer. There is a cooling off period of 7 days.
Normally a deposit of between 5 % – 10% of the agreed price is payable, although this can vary depending on how the parties agree. This deposit is kept by the Estate Agents or the Notaire in a special account (compte sequestre) as a guarantee until the purchase is completed. The property will then effectively be taken off the market.
It usually takes between 6 and 12 weeks for the Acte de Vente or Deed of Sale to be completed and ready for signature by the parties. As well as drafting the Acte de Vente, conducting planning and other searches and enquiries with the local authorities, the Notaire will also act on behalf of the lender if a loan is being used for the purchase of the French property.
Signature is made at the Notaires’s office, the buyer pays the balance of the purchase price and the legal fees and taxes to the notaire. When all the relevant paperwork is completed and the house is insured, you can receive the keys of your French home!
Note: You should seek proper and independent advice as early as possible from bilingual solicitors who have knowledge and experience and will be acting in your best interests.
