The buying process
The process
Buying a house or apartment in France usually takes quite a long time. It is carried out in stages.
How it works
In France, bidding does not take place in the same way as in Sweden. If you are interested, you make an offer. The seller can then refuse, after which negotiations may be opened. If the buyer accepts the price initially set, the seller is obliged to sell at that price. Parallel bidding is rare.
Technically, the purchase starts with a preliminary purchase agreement (Compromis de Vente), which should include all the conditions relevant to the acquisition. This agreement is important and is legally binding on both parties. They follow a template established in France.
In France, all contracts are written in French. We always help with interpretation and translation.
As a rule, 5-10% of the purchase price is paid at this stage (2-5% for new buildings). This payment should be considered as an on-account payment or a penalty for breach of contract. This deposit is blocked on behalf of the buyer in a special account with the notary or with the chosen bank.
As a rule, the buyer signs the contract first, especially for new buildings. Once the seller has signed the contract, the buyer has a 10-day right of withdrawal under the law. This applies from the day the buyer receives back the contract signed by the seller.
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Acte de vente (final contract)
Eventually, the purchase is finalized before a notary, usually 2-4 months later. All real estate purchases in France go through a notary. The notary can be said to be a representative of the State, so he or she must be neutral. Notaries are appointed by the State; there is no freedom of establishment for this profession. Theoretically, it is possible for the seller and the buyer to be represented by separate notaries. This does not increase the total cost of the notary's services, as there is a fixed system for dividing the notary's fees between them.
However, you should be prepared for the process to take longer. For example, the notary must ensure that the property is not encumbered by easements that are unknown to the buyer, or that established urban and building plans are not likely to threaten the survival of the property or reduce its value.
However, the methodology in France with notaries is reassuring, there are very rarely any problems afterwards.
The buyer does not need to be present at the signing, the power of attorney can be drawn up with the notary as a signatory. This power of attorney must then have been signed by the buyer in Sweden in the presence of a Notary Public.
As of 2022, more and more brokers and notaries have started to use the Internet for signing contracts.
As in Sweden, it is the seller who pays the estate agent's fee, but the buyer must pay the notary a fee which for older properties usually amounts to 7-8% of the purchase price, slightly different depending on the size of the purchase sum.
Newly built properties have a fee that is lower, or 2-3%.
New properties can often be bought "on drawing", which can often be advantageous from a price point of view. You pay a down payment of a maximum of 5% and sign a preliminary purchase agreement - contrat préliminaire - and can then usually influence the choice of, for example, interior details, colors and wallpaper.
As we said earlier, it is good to know that in France there is a statutory guarantee that the construction will be completed according to the agreement. So you don't have to risk a possible bankruptcy of the construction company spoiling your plans, possibly the timetables.
There are many practical issues to think about, insurance, electricity, internet. But you are safe in our hands. We will help you with all these issues
