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Buying property In France

For those looking to purchase a property in France here are some titbits to consider.

The French property market is highly attractive to expatriates.

Foreigners can buy property without any rerstrictions but the rules governing the purchase and re-sale can actually depend on the type of property and the location of property.

For example the rules relating to the buying of farmland will differ to the rules governing the buying of a freehold house.

You should always seek the advice of an independent solicitor when purchasing any property- especially if purchasing in a foreign country.

The buying process France is usually as follows:-

The vendor and buyer agree on a buying price.

A solicitor will draw up a legally binding contract which both parties then sign.

A ten percent deposit is paid at this point. This deposit should be held in escrow until the purchase completion.

Surveys and checks then begin and the property is withdrawn from the market.

If the buyer pulls out of the contract at this point the deposit would be forfeited.

When due diligence have been completed satisfactorily, a contract will be signed by both the vendor and buyer at the Solicitor's office.

The deeds will pass to the buyer, the land registry will be updated and the balance of the purchase price is paid.

The fees you can expect to pay are as follows:-

1) The Lawyer fee will be about three percent of the purchase price.

2) Transfer tax seven point five percent (less than 1% for new builds)

3) Registration fees will be about another six percent.

3) Estate agents fees can be as much as fifteen percent, but are normally between 7 and 8% - please check whether you are liable for these before you go ahead with considering a property.

Resource: articlegold.com