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For clients who want to invest in French real estate and therefore buy a property
in France through JUST FRANCE Sales, we provide important services at all stages
of the acquisition process.
This page outlines our services during the second phase of the acquisition process.
This phase includes applying for financing, arranging for property insurance, currency
conversion for final payment, obtaining appropriate financial instruments (bank
checks, etc.) for closing, and final settlement at the Notaire's office. During
this stage the buyer may also contract for renovations, and arrange for the transfer
of utility accounts to the buyer's name.
This period - between the point where the buyer and seller sign an agreement for
the sale of the property and the buyer actually takes possession of the property
- normally runs about 90 days. It can be shorter if the buyer is acquiring the property
without a mortgage. It can be longer if there are unusual financing or other issues
that need special attention.
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Click here for a description of our services during
phase one of buying a property in France. This first phase includes selection of
a property, negotiation of the sales price and preparation of the compromis de vente. |
As you read the text below you may click on the highlighted links for more details.
PHASE TWO: COMPROMIS TO FINAL CLOSING
The defining event that separates the two phases of the property acquisition process
in France is the signing of the compromis de vente, which is the equivalent
of a formal agreement of sale. (Note: In the northern part of France, including
when you buy an apartment in Paris, this document is often called the promesse de
vente. There are few substantive differences between the two forms.)
The compromis is prepared by a Notaire, a lawyer trained specifically in
French property law and authorized by the government to prepare deeds. The compromis
de vente controls all aspects of the property sale in France and is the single most important
document in the acquisition process.
The buyer is obliged to deposit 10 percent of the purchase price at the time the
compromis is prepared. After the compromis is signed by both parties,
the buyer has a "cooling-off period" of seven calendar days, during which the buyer
may rescind the transaction and recover the full amount of the deposit. After the
cooling-off period the buyer and seller are mutually obligated to complete the sale.
Click here: More detail on
the compromis de vente
Click here: More detail on the
role of the Notaire
After both parties have signed the compromis de vente, most of the work and critical
decisions involved in the acquisition process have been completed. The post-compromis
phase is a very important stage in the French acquisition process, however, as certain
steps must be taken to assure that all documents, financing details and money transfers
are in order so that all goes smoothly at the acte finale, or final closing.
To assist the bringing the agreed-upon sale to a successful conclusion, JUST FRANCE SALES will provide these services:
- For the buyer who plans to apply for a
mortgage to pay part of the purchase price:
- Advise the buyer on the overall process of obtaining financing, including
life insurance on the loan (required
by French law).
- Provide a list of French banks accustomed to working with non-resident buyers.
- Initiate the application process with the lender.
- For an additional fee, arrange for certified translations of appropriate income tax returns and other financing
documents.
- Assist in submitting the loan application and act as intermediary in answering questions
between the borrower and lender.
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Advise the buyer on any medical forms or examinations required by the lender for
life insurance on the loan.
- Obtain a quotation for property insurance and arrange for issuance of a policy effective on the date of settlement.
JUST FRANCE SALEScan recommend a reliable
English-speaking insurance broker experienced in dealing with overseas buyers.
- Upon request, identify competent local architects and/or contractors for renovations,
although we do so without any guarantee that such personnel may be available.
- Provide prior to closing a copy of the
final deed in French (required by law) with pertinent clauses translated in
English.
- Arrange for any wire transfer, bank check, loan guarantee, etc., required to pay
closing costs at settlement.
- Assist with the transition of utility accounts, including cable or satellite TV
reception, from buyer to seller effective on the date of purchase.
- Advise the buyer on how to set up a high-speed Internet connection.
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Advise the buyer's Notaire on details of the settlement date and location so the
Notaire may represent the buyer at final closing.
Click here for information on Post Acquisition
services provided by JUST FRANCE SALES.
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