Many foreigners are tempted by the idea of purchasing a property in France. The country’s rich history, its beautiful landscapes and appealing lifestyle are reasons why people choose to buy properties in France despite the relatively high prices compared to other EU countries.
The decision to live in France or retire here should be considered carefully and individuals are advised to contact a professional real estate lawyer in France
who can help them make a safe investment. Our French lawyers
know everything about the applicable law in France and they can offer you great tips and tricks for buying property and making the best decision. More importantly, a specialist will be able to advise you about the applicable taxes in France
You can start looking for French properties online or employ a real estate agent. This is particularly useful if you do not speak French and you want to avoid any costly misunderstandings. Additionally, you can contact the owner himself. It is important to seek the services of a specialist before buying a property, because such a person could tell you if that building has certain problems such as, plumbing issues
Once you have found the desired residence, the purchase process can begin. Our French lawyers will represent you throughout the entire process and offer you advice.
The sale agreement for a property in France
The sale-purchase agreement in France (compromise de vende) creates a bilateral obligation for the parties. The document can be used in a standard form or it can be drawn up by the real estate agent or the French notary overseeing the transaction.
The sale agreement generally includes the following information:
- the names of the parties,
- the price of the property,
- the address of the property,
- information about mortgage,
- a list of the materials and items available in the house and their evaluated value,
- other conditions for selling the property.
The sale-purchase agreement should be signed in front of a notary. There are generally no applicable notary fees for witnessing a sale and purchase agreement, however, certain fees may be applicable for the preparation of the agreement or for other matters, such as the necessary documents for obtaining a mortgage.
Mortgages in France
Buyers may apply for a mortgage in France, if they need additional financial help to cover the purchase price of the property. Certain documents need to be provided when applying for a mortgage in France and the maximum amount of the loan is usually no higher than 80% of the value. Our lawyers in France can help you prepare the necessary documentation.
Mortgages in France can have a fixed rate or a variable rate. Most individuals opt for the fixed interest mortgages because they are more secure and offer guaranteed repayments. Mortgages can be suspended for up to two years or the repayments may be increased by 30%.
Our French lawyers can offer you more information about payment schedules and the amortization period.