What diagnostic reports do I get when I buy a French property?

When you are buying a French property there are certain diagnostic reports attached to the contract of purchase and sale. In general as of this date these reports are as follows:

One

The measurement of surface of the French property according to the French legal measuring system for properties

Important note: at this time this is only required by law for French certain types of co-properties to be measured for their Loi Carrez. The loi carrez applies to apartments, commercial space and French houses in a residence (often called a domaine). If a house is in a housing development (lotissment) outside a domain the owner does not have to have the house legally measured. So buyers need to beware that a French house may not be the size its owners thinks it is. 

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Two

The test for the presence of asbestos in the French house or apartment you are buying.  This test is obligatory for French buildings built before the first of July 1997.

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Three

The test for the presence of termites in the French house or apartment you are buying.

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Four

The test for lead (plomb) in the French house or apartment. Lead may be present for example in beautiful old window frames in a French home.

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Five

The test for the energy efficiency of a French apartment or home plus  the presence of the emissions of gases. This is very valuable so you can estimate the cost of energy the French property will use each year.

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Six

The test for the presence of natural risks in the area the French property is located. Risk of flooding, earthquakes etc.

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Seven

The test for the gas system and its functionality and safety.

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Eight

The test of the condition of the Electrical system in the French apartment or house you are buying. Particularly, how it is related to current norms and standards and its level of safety.

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Nine

The test for the presence of Mérule which is referring to dry rot caused by a parasite that grows in a moist environment.

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Ten

If appropriate, you will need to get a report on the condition of the septic tank associated with your French property.

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Make sure you are current with all the details relating to diagnostics required during the sale of a French property. Contact your French Notary.

Date of Article June 2013 make sure you check with your English speaking French notary if there are additional reports you must get at the time you read this article since there are planned updates to the diagnostic reports.

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How many years back does a French notary search a property?

English speaking French real estate agency

At this time during each transaction a French real estate notary has to check back the history of a property for the last 30 years. That is a lot of research.

Maybe this rule will change. Ask your notary to be up to date.

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Reduction on French Property Capital Gains Tax in 2014

English Speaking French Realtors

French President Francois Hollande announced yesterday a new special allowance that is designed to reduce the French Capital Gains Tax and it is to be effective next year, 2014 (original article in French)

According to President Hollande French property home owners selling a secondary residence will no longer have to wait 30 years to be exempt from tax. His government will bring this period down to 22 years. He also promises a special extra allowance for 2014 but did not give details.

President Hollande’s goal is to restore movement to the French real estate market. The official announcement will be later this year.

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Why does the compromis de vente show the amount of my loan?

French Real Estate Explained in English

When you are buying a French property with the aid of financing the compromis de vente shows the exact details of your loan amount so that you are protected by the benefits of the a ‘loi scrivener’ in case you do not receive your financing.

To learn what is the loi scrivener please follow this link

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What are the costs of buying a property in France? 16 Examples

English speaking realtor france

When you buy a property in France there are many costs including a number of costs indicated below. We highly recommend you speak with an English speaking French notary or English speaking French real estate agent to verify and get more details.

Here are the costs some may not apply to your purchase in France.

One

Mortgage application fees

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Two

Real estate agency fees, if not paid by the seller as part of your purchase price

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Three

Local annual taxes (taxe fonciere – you will often pay a portion when you purchase depending on the time of year of your purchase)

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Four

Co property charges (charges mensuelle – you pay a portion of what the owner has already paid)

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Five

Property insurance

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Six

Architect’s fees, if applicable

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Seven

VAT / GST called TVA tax in France, if applicable

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Eight

Notary’s fees (this is a large sum of money and includes many government taxes)

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Nine

Lawyer’s (solicitors) fees

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Ten

Land registry costs

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Eleven

Deposit for purchase of property

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Twelve

Costs of translating documents

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Thirteen

Moving costs of furnishings etc

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Fourteen

Cost of transferring money to purchase a property especially if you are buying in a different currency

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Fifteen

Cost of insurance on the mortgage

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Sixteen

Cost of a translator for the day of your signing of the final contract if you don’t have an English speaking notary who is willing to translate for you.

NOTE: These potential costs are for the purchase but do not include the everyday costs of owning a property in France. When you own a property in France you also may have fees like taxe d’habitation, etc.

Again this is an over view and we recommend you speak to an English speaking French notary or English speaking French real estate agent to verify and get more details.

NEWS: Have you seen our French real estate buyer’s guide that comes with a 100 percent money back guarantee? Here it is

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