The property buying Process in France

	The buying process in France, unlike some other countries, is safe and straightforward. It is regulated to be as buyer-friendly as possible and offers prospective purchasers peace of mind from the time you find your preferred property until you get the keys. A reliable network of English-speaking professionals exists to assist you with every aspect of the property buying process, from banks to Notaires to renovation companies and many more.

Chez Riviera, through our multilingual team and extensive local contacts, will be there to guide you every step of the way.

• When you know you've found your desired property, the first step is to take the property off the market by signing the 'compromis de vente' ('promise to buy'), which is the provisional sales contract. This outlines the general terms of sale such as the precise property you are buying, the price, the buyer and seller's details and a provisional final signing date.
  
  
• Once you sign the 'compromis de vente', you have a seven day cooling-off period during which you can withdraw from the sale for any reason, without incurring any financial loss. If you would like to go ahead with your purchase, a 10% deposit will be required before the end of the 7 days. This deposit is put into the Notaire's government-regulated bank account and is deducted from the balance payable at the final signing.

• The role of the Notaire is vital throughout the buying process. It is important to choose a Notaire that speaks fluent English and that has extensive experience dealing with the unique demands of foreign buyers, such as succession law issues. Chez Riviera's Notaire is one of the largest Notaire's offices in Nice and is the most popular for foreign buyers. He can assist you with any query you may have regarding any legal or tax aspect of your property transaction.

• By law, unless the buyer specifically decides otherwise, a clause is put into the 'compromis de vente' which states that if you are turned down for a French mortgage our initial deposit is refunded to you in full. French mortgages generally have lower rates than Irish, English or American mortgages and approval can be given, once all the necessary paperwork has been received, within a few days. Once you receive an offer, an eleven day cooling off period is observed and a final signing date can normally be fixed.

• Once a final signing date has been fixed, your Notaire will send you a breakdown of all costs and will indicate the appropriate sum to transfer if the balance has not yet been received. As some taxes in France are paid in advance, you will be required to reimburse the seller for the portion of the 'taxe fonciere' (local property tax) that has already been paid in advance which covers your period of ownership. Likewise, the buyer must re-imburse the seller for the portion of management charges (if applicable) which the sellers has paid in advance and covers the new owner's tenure. The 'taxe foncier' varies from property to property but averages a few hundred Euro a year in total. Before you sign the official transfer of ownership and take the keys, the Notaire will show you an exhaustive array of checks that has been performed on the property such as tests for asbestos and termites, amongst others.

• Congratulations, you are now the owner of a property in France! Apart from local property taxes, which are low by international standards, your only subsequent responsibilities are your monthly charges (if you live in an apartment or villa residence where there is a co-propriete), home insurance (a legal requirement), electricity, gas (if installed) and water bills. Chez Riviera will personally assist you in organising all of this so you can think about the fun parts - turning your French property into a home.

Nice is full of furniture shops from Fly, the local equivalent of IKEA, to antique shops that are dotted along the streets between the Old Town and the port. If you need some work done to your property, Chez Riviera have many local contacts who can show you examples of their quality work. We also work with reputable property management companies who can organise everything for you whether you decide to rent your property per week or on a long-term basis.

Useful definitions:

Notaire:

The 'Notaire' is a French government official who ensures that all aspects of a real estate transaction are completed in a legal and efficient manner. There can be two Notaires in a sale, one for the buyer and one for the seller, or there can be one Notaire representing both parties. He/she advises buyers on issues such as succession law, capital gains tax and ownership structures.

Compromise de Vente

This is the initial sales contract which outlines the terms of the transaction, containing information such as the price, buyer, seller, property and expected completion date. Once a buyer signs the 'compromis de vente', he/she has a seven day cooling off period. When the owner signs the 'compromis', the apartment is taken off the market.

Tax Fonciere

A local council tax, the Tax Fonciere is paid in advance each year, meaning when you purchase your French property, you must compensate the owner for the proportion of this tax he has already paid for you, if any. Compared to council tax in the UK, French rates are very low.

Acte de Vente