French Meridian - French Property Consultants

• Negotiation, offer made by the interested party and acceptance by the vendors. All transaction are dealt in Euros.
• Drafting and signature of initial purchase contract called ‘compromis de vente’ which is a written contract of sale agreement. This document will clarify details of purchasers and vendor as well as the details of the property and details of the purchase. Once signed by both parties, by law, the vendor is not allowed to accept a higher offer by another party.
• Agent forwards signed initial contract to the Notaire. The Notaire is a public appointed official whom will act on behalf of the purchasers and the vendor in an impartial and objective way. The ‘Notaire’s fees’ or legal fees are at the charge of the purchaser. It comes in addition of the purchasing price (approx 7 to 8% but varied following if it is a cash purchase or if you would request a mortgage). These fees are fixed by law.
• After signature of both parties, purchaser(s) has a seven day right to rescind, also called 7 days cooling off period, in which you can withdraw from the buying process without giving any penalty.

• If proceeding, purchaser(s) will usually pay a deposit (5% or 10%) of the purchase price which would be held by the Notaire.
• Notaire conducts required searches prior of drafting purchase deed and mortgage deed (where applicable). Also, the Notaire is responsible to make sure that the termite, lead, asbestos and Energy inspection reports are up to date and available for the buyer’s inspection. These surveys are at the charge of the vendor.

About survey: it should be noted that surveys are not usually carried out in France as it is in the UK. The only statutory surveys requested by law are about Termite (where applicable), lead, asbestos infestation and Energy.

• Signature of purchase deed called ‘Acte de vente or Acte authentique’. It will take approximately 2-3 months after signature of initial contract.
• Registration of title deed + mortgage with the land and charges registry copy of deed sent to purchaser. Deed returned to Notaire to archive.

Disclaimer: Please do understand that these guide line should provide you with a better understanding of the whole process. However, they should not be taken as legal advises and therefore French Meridian rejects any responsibility related to this.