Author: The ESREA France Team

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French Real Estate Insurance: Borrowers may get Right to change Insurers

When you purchase French real estate with a loan, typically the loan has to be insured, however, there is controversy about how the French banks may require borrowers to use the banks own insurance instead of a lower cost alternative. If you want to choose an alternative the bank may charge you more for your French real estate loan.

According to an article in Le Figaro, Benoit Hamon, the minster of Consumer Affairs in France has proposed that borrowers receive the legal right to find a new loan insurer and change the insurance cost on their loan during a period of one year after the signing of loan agreement with the French bank.

At this time December 2013 this is simply a proposal from the minister and the rules have not changed. It is currently to be discussed in the French national assembly.

Read the original article in French here

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Video: French Property Floor Plan Creation Tool

If you would like to make a floor plane of your French real estate to send it to an international client or just a busy buyer check out the app from Sensopia called Magic Plan.

This application allows the user to use their smart phone or iPad camera to capture an image of each corner of a room and step by step determine the size of each wall with 95 percent accuracy.

Then after you created an image of each room you can piece them together to create the floor plan of your French property.

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What is avant contrat in French real estate?

If you are buying or selling a French property you will hear the term “L’avant contrat’. This is the preliminary contract written prior to the final deed of sale.

There are typically two different kinds of ‘avant contract”

One

The Promesse de Vente

Two

Compromis de Vente

Each has a particular purpose and to understand the complete legal implication of each it is best you speak with an English speaking French notary.

Remember never to sign a legal document you do not fully understand. Choose to work with an English speaking French notary and have them write the l’avant contrat for you. Of course have them explain all you need to know.

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Lead Pipes in French Real Estate New European Directive

French property owners are impacted by a new European Union directive that becomes effective on December 25 2013, according to a new article in Le Figaro. The directive is for a reduction in the lead content in tape water. The lead content is a direct result of the lead pipes still in use in French properties.

Generally, lead piping can be present in French properties built before 1950. Check if you are not sure.

According to a report of the General Council for the Environment about 7.5 million French properties (about 22 percent of French real estate) still have lead piping, perhaps as much as 838000 properties in Paris alone.

Most people have not made the change to their property because of the expensive nature of the change of piping.

As part of the sale of a property in France there is a diagnostic report for lead (plomb in French). Make sure you are familiar with this report that shows the condition of the French property you are selling and that you are familiar with all the reports required for the sale of a property. As a buyer the reports are invaluable to review.
Read the full article in French on this topic here

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French Commercial Office Real Estate Market Growth Not in Paris SIMI 2013

The 12th Edition of SIMI, the exposition for French Business Real estate takes place from the 4th to the 6th of December 2013.

According to an article in Le Figaro, investment in commercial business real estate in France is growing but not in Paris.

The growth has been more in cities such as Lyon, Lille and Toulouse.

Overall according to Thierry Laroue-Pont, chairman of BNP Paribas Real Estate, in the first nine months of 2013 the market for commercial real estate in France is up 27 percent year over year.

If you would like to read the full article in French click here

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