Neilsons Solicitors Estate Agents

Neilsons Solicitors Estate Agents

Neilsons Solicitors Estate Agents

Posted on: December 31, 2011 - 9:34 am
by Admin

There are different legal contracts that can be used when buying property in France such as the "promesse d'achat", "offre de vente" and "offre d'achat". The "promesse de vente" and "compromis de vente" seem to be the most common legal contracts used for house purchases in France.

Legal Contracts for Buying Property in France:

  • Promesse de Vente - This is an option to purchase by the owner of the French property. It is a written contract of sale agreement which legally binds together the seller and purchaser.
  • Compromis de Vente - This is a preliminary sale and purchase agreement between the buyer and seller. The Compromis de Vente is a legal contract which commits the vendor to selling the property to the buyer, and also commits the buyer to buying the property from the vendor.

Once one has found the property in France, have made an offer and had it accepted, one will be asked to sign the contract and pay a deposit, usually 10% of the asking price to the notaire, with the vendor also having to pay a deposit.

Buying Property in France, the Law and Clauses

French law safeguards the purchaser of property by granting a seven day cooling-off period, which starts when written confirmation of acceptance on the part of the seller is received. After the 7 day cooling off period has lapsed, the contract is legal and binding.

The above agreements can be signed through an estate agent with a 'carte profesionelle' or a French Notaire who is an independent, publicly appointed official who has monopoly of property conveyancing matters. The Notaire is under legal obligation to ensure that you understand what you are signing, but the onus is still on you to make sure that you read everything carefully to make sure it is correct. The buyer has the right to choose the notaire but usually the sellers will want to use their 'family notaire'.