We received an article written by a lawyer on the value of having a French Property Survey before signing the First French property purchase contract called the Compromis de Vente.
A French Property Survey maybe similar to a property and house inspection in the area you live in.
The article we receive was by a lawyer Matthew Cameron.
Mr Cameron said than some French property buyers will agree on price for a purchase. Then sign the ‘Compromis de Vente’ and then order a ‘Survey’ to be done during the ‘seven day cooling off period’. Mr Cameron says this timing can be risky since if the survey is not completed during the time period and the results received by the buyer disclose problems after the expiry of the ‘seven day cooling off period’.
Mr Cameron says that if you find a problem during the cooling off period as a buyer your only choice may be to accept the problem or to withdraw from the transaction.
In contrast, Mr Cameron recommends you have the survey done after the price is agreed but before the first contract (Compromis de Vente) is signed and then if any problems are found that were unknown before you can use them as a way to negotiate on price before you sign the Compromis de Vente or you can simple end your interest in the property right then.
Typically it takes a few days to have the Compromis de Vente drafted so while that is in process you can organize your survey / inspection for the building and property.
Indeed, the survey will cost you money up front but it could save you many thousands in the future if you end up buying a problem French property.
Matthew Cameron is a partner at AshtonKCJ where he heads the firm’s French legal services team
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