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Buying Property in Paris |
| Date Added: Nov 23, 2008 |
| Author: |
| Category: Contractors & Property Maintenance |
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Are you ready to buy your first home in Paris? The buying process isn’t much different than anywhere else. You go out and look at properties in the area you want to live, you find the home you want to buy, and then make your offer to the seller on a simple written form. Once you and the owner have negotiated the final purchase price, the notaire, a lawyer specially trained in French real estate law. Draws up a formal agreement of sale. Be sure to write in any special conditions of sale like financing must be acceptable or a good report from a property inspector.
In France the law is that all real estate transactions must be managed by a notaire.
Notaires are personally liable for any mistakes in the process, making their attention to detail often frustrating. Once the deal is complete you can rest assured it has been done correctly.
Usually they are selected by the seller. If the buyer, wishes to be represented by a real estate lawyer, there is no extra charge.
After both parties have signed, the buyer makes a deposit of usually 10 percent of the selling price and is held in escrow by the sellers notaire. The buyer has a seven day retraction period, and can retract without explanation, and get the all of the deposit back. After seven days a retraction will cost the buyer 10% of the deposit.
Of course you have your closing fees, or notaire fees are about 6.5 to 7.5 percent of the sales price. In France closing fees are set by law and includes all taxes, transfer, and legal fees for both the buyer and seller. During that time the notaire will help get all the utilities accounts transferred and the insurance required to purchase the home
About two weeks before closing the buyer’s notaire will provide the final amount due at closing.
That amount includes the final 90 percent of the purchase price, notaire fees, taxes, or any other miscellaneous fees. Buyer can pay with a certified check or by wire transfer sent to the notaries escrow account a day or two in advance.
As usual at closing you will sign numerous documents, then ends with the buyer receiving the keys to the home. Start to finish it usually takes about 75 to 90 days to complete the deal. If you don’t need a mortgage the process will be shorter
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