French Property - a Buyers Guide to Purchasing Property in France

The Compromis

This document is the document you will sign agreeing to buy the property at the agreed price. It is signed by both vendor and purchaser and sets out all the details of the purchase price and fees.

Once signed there is an initial 7 day cooling off period, where the purchaser can pull out of the sale with no penalty. After this cooling off period the contract is binding for both vendor and purchaser, and a deposit is payable. The deposit is usually 10% of the purchase price.

The Compromis is a legal binding contract and to withdraw could result in your 10% deposit being lost. There are however classes that can be drawn up in the compromis that could allow withdrawal under certain circumstances, such as being declined a French mortgage.

To have the compromis drawn up you will need your passport, marriage/divorce papers, relevant details of paperwork if you are taking out a loan to purchase the property.

You should seek advice once you receive the compromis and if necessary have it translated by experts before you sign.

Surveys and inheritance advice

Once the compromis is signed and you have paid your deposit the Notaire then begins searches on the property, checking land boundaries, public rights of way, checks for termites are carried out as well as lead and asbestos checks. The Notaire is responsible for ensuring these are carried out and the vendor is responsible for these costs.

Unlike in the UK France does not always have surveys carried out on properties when sold. You can find surveyors in France who will offer this service, or alternatively a registered builder is often called in to offer his opinion. These are things that should be dealt with before your initial signing.

French Law with regard to inheritance is a complicated affair and you should consult legal advice on this matter.

The final signing

This is carried out in the Notaires office, if you are not able to be in France for the final signing it is possible to arrange power of attorney and have someone sign on your behalf. See legal representation on this matter

Ideally you should have seen the property on the day of the signing as there is a clause stating “sold as seen on the day of signing”.You will need to ensure that the transfer of the balance of payment has arrived in the Notaires account in time for the final signing, this date will have been agreed with the vendor in advance and it is obviously important that this is met, otherwise you could lose your deposit and more importantly the sale of the house. The sale can not be completed unless the money had cleared the Notaires bank account.

French Property Site - property for sale in France, with direct links to real estate agents.

http://www.frenchpropertysite.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

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They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

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The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

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Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.