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Wednesday, January 25, 2012

Advice On Buying Property In France
 by: MIRO


Depending on the property and even the area of France, the laws on buying and selling Property in France can vary somewhat.

Be careful with the capital gains tax, as this is chargeable on all second home sales owned for less than two years at a rate of 33 deposit would be paid at this point (which would be held in a secure account until the completion).

The property would be withdrawn from the market and the legal system would commence its checks etc.

At this stage if the purchaser were to back out of the contract you would lose your deposit.

Normally the final contract would be signed by both parties at the Notary's office and at this stage the deeds would pass to the buyer and the land registry updated.

The balance of the property purchase price would be paid to the Notary who will then pay the vendor.

You will need to provide the Notary with a copy of your birth certificate translated into French and, if applicable, a copy of a Marriage Certificate, also translated.

Lawyer

We recommend that you enlist the services of a French Lawyer or Solicitor in the purchase of your French Property, preferably one who speaks English.

This will help to protect your interests in the property purchasing procedure.

This will be in addition to needing a Notary who is mandatory for property purchases.

Fees

Expect to pay around 10-15

Transfer tax is 7.5 for new properties)

Registration fees around another 6 from French banks or international mortgage brokers and should be declared at the time of the preliminary agreement. The normal repayment term can vary between 15 - 25 years depending on the lender.

These guidelines are meant for guidance only and describe a straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.

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