1 - To secure a purchase, you will have to sign a first sale agreement, called "compromis de vente"

2 - After signing, you will have 2/3 weeks to pay the deposit (usually 10% of the price) to the notaire's bank account, using a euro cheque or a bank transfer.

3 - When the compromis is also signed by the vendors: according to the French law, you will have 7 days to cancel without any reason, and without losing your deposit.

4 - This 7 day period start on the day when you will have received the signed compromis by registered mail.

5 - After that period, you will organize your financing with our bank or any other bank .

6 - Then, if the bank refuses your mortgage, the sale will be cancelled and your deposit will be returned to you, without any penalty.

7 - If you cancel the "Compromis" for other reason than 3 and 4, you will lose the deposit , which will be paid to the vendor.

8 - The "notaire" can contact you, and ask for more details. He will make you sign the final act, about 2 or 3 months after the signature of the "Compromis". (Or more than 3 months, if you ask for a longer delay).

9 - To sign the act : you will have to organize the transfer of the rest of the price + the notary fees , to the "notaire's" office .
Then you can go to the "notaire's" office and sign, or you can ask a power of attorney to ask the "notaire" to sign on your behalf. That power must be asked during the process, must be signed with a solicitor who will have the "apostille", or to the French embassy.

Le Compromis de Vente ? The promise of sale

When you have found your property and the terms of the sale are agreed, you will lodge a deposit with the "Notaire" and sign the "Compromis de Vente". This is a commitment between the buyer to buy, and the vendor to sell. It is very difficult for eachpart party to pull out after signing this agreement without forfeiting the deposit. The "compromis" includes full details of the buyer, seller, the property, proposed means of purchase etc. It also lays out any "clauses suspensives" - essentially get-out clauses agreed by both parties, making the sale dependent upon, for example, the granting of a mortgage or planning permission.

The buyer pays the remaining 90% of the property price on the day of the final purchase. Signing a Promise of Sale with a Notaire provides another advantage to the buyer if the purchaser happens to die during the proceedings, an insurance contracted by the "Notaire" will enable his heirs to finalize the purchase or lose the safety deposit, up to 500,000 French Francs under specific conditions.

For the above mentioned reasons, it is very important for foreign investors to rely on a Notaire at the beginning of the transaction.

L'Acte Authentique de Vente ? The final sale agreement

Once the Promise of Sale has been signed, all the commitments of the parties are fixed. The "Notaire" must then collect various documents, such as property titles and mortgage documents to verify that all the paper work is in order. Collecting the documents and verifying them may take up to three months. This delay may be shorter, but it may still seem long to many foreign buyers. This time period is extremely important because it serves as insurance for the Final Sales Agreement.

After the "Notaire" has collected all the documents, the Final Sales Agreement is signed. It is an authentic contract and is almost undisputable in court. Litigations on such contracts are very rare, unlike litigations concerning contracts not prepared by a "Notaire".

How are the Contracts Secured ?

The "Notaire" is deemed a Public Official with powers delegated by the State to authenticate the deeds he drafts and provides complete security to the contracts he supervises.

AFTER COMPLETION :

After the completion if you need any help we are still here :

- To find an insurance for your new property
- To open a bank account
- To supervise your renovation with local builders
- Get internet or cable TV access…

And for any other request.