The Paris Olympic games have arrived and as you watched the opening ceremony, whether from the banks for the River Seine or on television, your eyes feasted on a showcase of France’s artistic works, rich history, stunning beauty, cultural diversity, fashion and “art de vivre”.
The undeniable fact is that the vivid scenes have left an indelible mark on your mind’s eye.
You have come to realise that your dream of living in France and being immersed in the French culture remains very much alive! Now is the perfect time to make your dream a reality by purchasing property in France. Whether a holiday home or investment property, living the “French experience” is now within your reach.
Unlike the Olympic games’ slogan “Let the games begin”, you project is no game; so “let the quest for your dream property begin”.
Furley Page’s French qualified lawyers “Avocates”, are here to offer you expert advice and assist you with your French property purchase.
During the property purchase process, our team will not only explain the intricacies of French property law, but also bridge the language barrier/gap and provide you with legal support from start to finish.
With our assistance, gone will be the days when you were daunted by the idea of facing an unfamiliar legal system, language or culture.
Understanding the process of purchasing property in France
If financing your purchase with a bank loan, you should normally expect the sale process to take at least three to four months from the signing of your pre-sale agreement to completion. The time frame may be shorter if you are buying with personal available funds and do not require a loan.
Finding your ideal French property and making an offer
Most buyers will search in local property magazines/newspapers or contact local estate agents (agents immobiliers). However, some private individuals sell their property without engaging the services of an estate agent (the “particulier à particulier process, which is perfectly legal in France). The Internet also offers a wide range of contacts and information.
After you have found your dream property and have made an offer through your chosen estate agent or to the individual seller, if your offer is accepted; both you and the seller will be required to sign a preliminary sale contract.
Preliminary sale agreement: « Promesse de vente » (drafted by the notaire ) or the Compromis de vente (drafted by the estate agent). This contract, outlines the terms and conditions of the sale as agreed by the parties, including the price, required deposit and any conditions precedent (“Conditions suspensives”) – for example obtaining a mortgage, or special conditions. The pre-emption rights of local authorities will also have to be respected ( e.g. the local “Mairie” may have a preemption right over the property and will need to be notified of the sale and will indicate if they intend to exercise their right by putting in an offer to purchase the property).
Cooling-off period: After the signing of the Promesse de vente or the Compromis de vente, buyers have a ten-day cooling-off period within which they may withdraw their offer without justification and incurring no penalties. However, the parties are contractually bound if there has been no withdrawal within this legal time frame.
The final sale deed “Acte de vente” : After the ten-day “cooling off” period has elapsed and if the buyer has not withdrawn the offer, once all the conditions precedent (conditions suspensives) are met and no preemption right has been claimed, the final contract (“Acte de vente”) will be signed by the parties, normally in the presence of the French “notaire”. The latter is a French public official who is the sole professional responsible for the drafting of the “Acte de vente” and for ensuring the legality of French property purchases and sales. In certain circumstances, the parties to the contract may sign by power of attorney (“procuration”).
Transfer of property
Upon the signature of the “Acte de vente” and provided that all the required funds have been paid (sale price, notaire’s fees, estate agent’s fees, taxes due, land registration fees etc.) in accordance with the contract, the property ownership is transferred to the buyer. The transaction will then be registered at the French land registry by the notaire.
Key points to retain regarding French property law
Title and ownership
Various forms of property ownership are recognised under French law, some of which include sole ownership, joint ownership (equivalent to a joint tenancy “tontine” or most often, a tenancy in common “indivision”) and ownership through a property company , an “SCI” (this list is not exhaustive). It is crucial for you to choose the ownership structure that corresponds best to your personal needs.
Taxes: Owning a property in France comes with various obligations including paying property tax (taxe foncière) and council tax (tax d’habitation). You may also be required to make an annual declaration of occupancy to the French tax authorities. Having full understanding of property ownership obligations is essential for budgeting and general financial planning.
Inheritance Law: French inheritance laws may differ significantly from those in your home State. For example, French law does not recognise full testamentary freedom. However, if you or your children, if applicable, intend to make France your country of permanent residence, these laws may affect how your property is passed on to your heirs and may include the forced heirship rules; in accordance with the French Civil Code.
Financing and Mortgages
Obtaining a mortgage in France may not involve the same terms and conditions to which you are accustomed to in your home country. Thus, it is of primary importance for you to be cognisant of the French banks’ requirements and procedures.
Property management and rental: If you plan to rent your property, you will be required to comply with French laws regarding property rentals, taking into account landlord-tenant obligations, lease agreements and rent control regulations. You will need to be aware of the differences, as regards the laws in France and those of your home country, and must never assume that they are identical.
Now that the property purchase process has been “demystified”, like the Olympic athletes, your golden opportunity is definitely within reach. You can make your dream a reality.
Our French team will accompany you on your journey and will strive to ensure that the experience is seamless.
Contact Sharon Wilson-Dutin, French property lawyer “Avocate” at Furley Page Solicitors. Tel 01227 763939.
