Franchise Opportunities » Franchise De Vente Automatique

Buying a property or second home in France is gaining popularity, but it can be a challenge and there are many potential pitfalls to consider. The principal pitfall being one of LANGUAGE and UNDERSTANDING. It makes sense to have the assistance of a bi-lingual selling agent who is a reputable specialist from the outset, someone who is familiar with the quirks of Napoleonic law in order to reduce your risk during all stages of the buying process.

After choosing a property in France you wish to make an offer on, the real estate agent will normally ask you to sign a "Promesse de Vente" or "Compromis de Vente". In French law, the "Promesse de Vente" is an undertaking by the vendor to sell to the purchaser and the "Compromis de Vente" is a contract between buyer and seller (I.E. an agreement to sell on behalf of the seller and an agreement to buy on behalf of the buyer). In both cases there is a 10% deposit required and a date for completion of the sale is set (which is normally 60 days). Following the signing of the "Promesse de Vente" and the "Compromis de Vente", there is a 7 day cooling off period for the purchaser, during which time the purchaser may withdraw from the agreement and recover any deposit paid, without the need to justify cause. After this time, the vendor is bound by contract to sell to the buyer and the purchaser cannot withdraw except under specified conditions.

When buying property in France its worth noting that "Promesse de Vente" and "Compromis de Vente" do not include property surveys, so these should be undertaken before making an offer.

For this reason, when buying property in France, the buyer is fully protected from Gazzumping, a problem which can be infuriating for home buyers in England.

The conditional clauses contained in both agreements usually act in favour of the purchaser, whereby they can withdraw from the purchase if planning permissions or other factors are considered obstacles. In addition if the buyer has a loan refused they can also withdraw from the purchase with a full refund of deposit.

In France conveyancing is done by Notaires who oversee the signing of the agreements and also hold the deposit funds. For this reason, it makes sense to appoint your own personal Notaire as there is no additional cost involved as notarial fees are laid down by the Government.

During the 60 days prior to completion your Notaire will carry out all the necessary searches and obtain a certificate from the Bureau des Hypotheques (the French equivalent of the land registry) which identify whether there are any outstanding liabilities or debt against the property. For example if the sale proceeds are not sufficient to clear the mortgage, the sale will be stopped and the purchaser's deposit refunded.

In France, Estate agent fees are normally included in the asking price of a property and are therefore paid by the vendor. These are typically 5% for houses or apartments. The purchaser pays legal costs and Notaire fees plus stamp duty and registration fees. The fees are laid down by Government legislation. Typically legal costs can be around 6% of the purchase price and taking a mortgage with a French bank will require registering with the Bureau des Hypotheques and will cost around 1% of the mortgage value.

Bruce International are an established and reputable property company offering properties for sale in southern France and a personalised, professional service. Whatever your French Riviera property requirements, we will help you find the perfect home. Our multilingual staff have in-depth experience of buying and selling properties in France, together with all the legal processes involved, for total peace of mind.

Source: www.articlesbase.com