The process of buying in France is very different to that in the UK or many other countries so here is a basic guide to help you understand the process:-
in France many agencies will ask you to sign a “bon de visite” this is to protect the estate agency and is a promise that you the buyer will not contact the owner directly. If you choose to let us help you find a property, we will accompany you to every viewing so you have a consistency throughout each visit and fully understand what is going on at every stage of the process. Not to mention wading through the property on the market to ensure you only see a suitable selection and not just every house within budget.
Once you have made an offer and it has been accepted, you will be asked to sign a contract or “ compromis de vente” this is a promise that you will buy the property and that the seller promises to sell it to you at a certain price. At this time, you are expected to pay a 10% deposit of the purchase price to the solicitor “notaire”. The notaire holds this money in a secure account until completion takes place. IMPORTANT: If at this point you decide to pull out of the purchase your 10% is forfeited to the seller, so you need to be sure before you sign that you really want to proceed with the purchase because you cannot pull out later without incurring a financial penalty. However, there are a few exceptions to this, one is that you proceed provided your mortgage application is agreed and other clauses can include things such as planning permission approval - any such clause MUST be put on the compromis de vente for it to be valid and legally binding.
This is on a date agreed by both buyer and seller and once any mortgage is ready to be drawn down. This usually happens in the notaires office with all parties present, although it can be done with a power of attorney “procuration” if you cannot attend for any reason. The remainder of the payment is made including legal and estate agency fees (in France these are usually payable by the buyer, not the seller as it is in the UK). Take care though, property prices advertised usually include estate agency fees which are between 4 and 8% but not legal fees which will usually be around 7% of the purchase price. At this meeting, the keys are handed to you and you become the legal owner.
As a foreigner buying in France, we would always advise that you seek independent and qualified advice from someone who speaks your language and we can put you in touch with someone who can assist you with this.
This could be a real possibility for you especially if your property does not become your permanent residence, so again it is vital that you take legal advice before signing a compromis de vente to ensure you know exactly what to expect, should you need to sell the property again in the future.
*This is meant as a brief guide to buying, it is not meant to replace proper legal advice which is always recommended.