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The important steps of a property purchase
Going through our established local estate agency has several distinct advantages:-
First, a selection of properties will be presented corresponding to your stated preferences, this will allow you to compare relevant properties for sale and establish a clear idea of the market.
As a matter of course, the agency will check the quality of the accommodation, its conformity with regulations (certifications and diagnostics), the correct details within title deeds, rights of way etc. as soon as it is put on sale.
We can also advise you regarding financing options for your project.
Calculation of costs
Before starting, take the time to calculate the overall budget of the project including potential renovation and associated costs, and also ensure that you provide for the relevant legal costs, registering the deeds etc - commonly called "notary fees" (an average of about 2.5% of the purchase price for a new build, and around 7.5 % for older properties).
Signing of the pre-purchase contract – ‘Le Compromis de Vente’
This is the contract that engages the seller and the buyer and in which all conditions of the proposed sale are detailed, such as:
- the civil status of all parties;
- the designation details of the property;
- completion of compulsory diagnostic surveys;
- the agreed sale price;
- the time limit for completing the sale;
- conditions of sale, withdrawal clauses* etc;
- the Notary/s (legal offices) responsible for governing and completing the sale;
The signature of the preliminary contract is generally accompanied by the payment of a security deposit representing up to a maximum of 10% of the agreed sale price of the property. After the signature of this document, you will have a cooling off period of ten days within which you can cancel your purchase.
When a mortgage is required, a withdrawal clause pertaining to obtaining financing will be incorporated in the agreement stating that if you do not get the stipulated loan within the agreed time period, you are released from any obligation and can recover your deposit.
It takes about three months, sometimes more, to obtain from the various bodies the information and documents necessary to proceed with the purchase: civil status documents, mortgage status, land registry extract, planning certificate, technical survey, managing company questionnaire, etc. During this period, the notary draws up the property sale file.
Managing the Loan Application
Although it is of course a good idea to consult your bank regarding your financial options before starting any visits, it is only after the ‘Compromis de Vente’ is signed that you can formally commit yourself to the financing stage of the purchase.
Once your file has been accepted, the bank will issue an agreement in principle and will await the validation of the file by the insurer (and possibly by the underwriter) prior to sending you any loan offers.
Upon receipt of a confirmed loan offers, summarising the credit terms applicable, you will have a 10-day cooling-off period during which you are allowed to accept or reject the terms of the loan. On the eleventh day and not before, you can accept the offer and return the signed offer document by post. The bank will subsequently need a few days following receipt to transfer the funds directly to the notary.
It is important to note, that if you receive a loan offer based on stated terms mentioned in the Compromis de Vente and you subsequently reject such an offer, you will not be protected by the ‘failure to receive a loan offer’ withdrawal clause* referred to in the above section entitled ‘Signing of the pre-purchase contract’.
The condition governing the period for obtaining credit and thereby stated in the documentation is generally between 30 to 60 days from the signature of the Compromis de Vente.
Signing of deed of sale
When the required funds are available and the notary has all the necessary documents in his/her possession, it is time to sign the deed of sale and become owner.
The deed of sale includes all the conditions stipulated in the pre-sale contract and formalizes the transfer of ownership. All funds (sale price + legal fees) must be in the holding account of the notary as cleared funds prior to the date agreed for the signing of the deeds so that the sale can take place. Sufficient time for the transfer and clearing of said funds must be provided for by the buyer for any amounts being contributed from personal funds.
The keys of your new accommodation are generally given to you during the signature meeting, as are the property certificates that will enable you to justify that the property belongs to you pending receipt of the copy of your bill of sale.
Subsequent formalities
After the signature of the act of sale, the notary sends the deed to the registry of mortgages where the document is published in the land registry file.
He/she will then receive "an authentic copy" bearing the stamps of the tax administration which will be kept in the archives of the notary’s office, and you will then be sent a complete copy of the deed of sale. Between the signing of the deed and the receipt of your title deed, during 2017 in the Haute Savoie region you will need to expect to wait around 10 months.
You will also have to put in place the various utility contracts, such as electricity, water, telephone etc ... but your estate agent can assist you in all these tasks.
Now all you will have to do is enjoy your new accommodation in Saint Gervais or Les Contamines!
We remain at your disposal for any further details concerning the aforementioned process and any other parts of the property purchasing process.
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