Property finder Alison Morton gives you a rundown of how property buying in France works. Part 2. The hints
This guide is only intended to be helpful information. Buyers and sellers should always seek professional advice.
Things to be aware of
It is very important to deal with a properly registered agent who holds a carte professionelle, ie a licence showing that he or she is a properly registered and insured estate agent. Without it an agent cannot legally sell a property. Sometimes, negotiators or other property consultants, eg property finders, are registered commercial agents (agents commercial) and will operate under a carte professionel, and will be supervised by a licensed principal.
With older properties, you should get an idea of the building work required before committing yourself. Structural surveys like the ones carried out in England and Wales are rarely carried out in France. You can commission a survey through a British surveyor and it is a good idea to set this up in principal beforehand. Alternatively, you can do as the French do and ask an architect or builder to take a look at the property and give you a quotation for work necessary to bring the property up to standard.
The notaire represents both buyer and seller and is legally obliged to act impartially (the buyer can appoint their own notaire if preferred, at no extra cost). It can be very helpful to have an independent legal advisor with relevant experience of the French property purchasing procedure. Remember to factor in legal fees into your budget.
If you are not fluent in French or fully aware of the buying procedure, you should consider having documents and correspondence translated into English for your peace of mind.
Your French property must be insured in your name from the date of completion and the notaire may well ask to see proof of this. Estate agents can contact an insurance company on your behalf after signing the initial sales contract to ensure that you have the necessary papers on completion day. Alternately you can do this your self.
Consider
Checking the plans of the property and land before making an offer, be clear about boundaries, rights of way and access. The local Mairie can often help with this and show you the local plan.
Taking legal advice on French inheritance law, It is very different and can be complex if you have children from different relationships, for example.
Viewing the property on the day of completion, before signing the final acte de vente. This acte specifies that the purchase is “sold as seen” so you need to make sure that everything is as you expect.
Shopping round in advance for the best currency exchange rate deals, consider using a currency specialist rather than a standard bank.
Opening a French bank account ahead of the purchase and making your mortgage application in good time.
Alison Morton is a property finder in the Loire area around and south of Saumur. She runs Loire Thouet Property Search, and belongs to Frenchentree Property Services, the first national network of professional, licensed and independent property finders.
Contact Alison.