Author: The ESREA France Team

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What steps are part of buying a new French real estate property off plan?

Cannes New Apartment Building Cannes French Riviera

When you are buying a new French property before it is constructed you will need to know at a minimum the below steps involved.

One

contrat de réservation

The first step you need to take when you want to buy new French real estate ‘off plan’ is to acquire an option to buy which is called a ‘contrat de réservation’. Typically you pay a deposit of no more than 5 percent of the purchase price to secure your option to buy.

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Two

The conveyance which is called ‘acte de vente’

This is the stage in the purchase of a new French property when you as a buyer are invited to exercise the option to purchase the property you purchased an option on. This time, according to our research, is when you will actually take title to the property as a buyer and you pay an additional amount of at least 30 percent of the purchase price.

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Three

Handover of the keys known as ‘remise des clefs’

This is the final stage of your purchase as a buyer and when you inspect your new French property and pay the balance of all the money you owe to the developer.

To make sure all this information above is current and applicable to you we recommend you speak directly to an English speaking French Notary.

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

 

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What does the French real estate acronym VEFA mean?

Mount Boron, Nice French Riviera

The French real estate term VEFA means ‘vente à l’état future d’achèvement . It is the title for a special guideline under the French civil codes enabling a person to buy an apartment ‘off plan’ i.e. from plans provided certain legal requirements are met by the developer.

Did you know that at this time notary fees for new properties are less than for pre-owned properties?  Learn more from an English speaking French notary

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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Explain in English the French real estate term ‘règlement de co-propriété’

In France, the ‘Règlement de co- propriété’ is the strata or condominium agreement that splits a development horizontally and vertically into apartments.

The specific division of each apartment is done via a document called ‘état descriptif de division’. This document makes individual titles (titres in French) for each apartment so they can be sold as free hold.

The document also describes the common areas shared by the owners, the items included in private ownership, the mutual agreements between the owners like what is permitted in terms of alterations, external appearance of the apartment etc.

All the details detailed in the document create a structure that needs to be followed by the Syndic  for the co-property.

This is simply an introduction to this topic if you wish to learn more contact an English speaking French notary here

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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What happens before and during L’acte de vente définitif at the notary’s office?

View of Nice French Riviera

L’acte de vente definitif is the final deed of sale in your purchase or sale of a French property. L’acte de vente definitif typically takes place at least two months after the signing of the preliminary contract known as ‘L’avant contrat’ or ‘compromise de vente’ in French.

During these two months between the signing of the preliminary contract and the final deed of sale the notary in charge of the sale collects a variety of documents including documents to confirm the existence of any pre-emptive rights, the existence of any easements, the validity of a construction permit for major work done and confirmation of the diagnostics of the property.

The notary will also confirm if the property is still encumbered with mortgage or other forms of financial encumbrances such as a lien on the property.

The notary confirms the right of the seller to sell the property especially if the property has multiple owners or is owned by a company.

After this work and more is done the buyer and seller are invited to sign the final deed of sale at the notary’s office.

During the signing of the sale the notary reads and review the documents to the parties present who have identified themselves as the buyer and seller.

Finally, each buyer and seller initials each page that becomes part of the deed of sale and they sign the final page of each section.

Then the sale is concluded and the seller will be notified of how much he will receive and when and the buyer will receive the keys from the seller.

This is simply an overview of what happens before the signing of L’acte de vente definitif and during the meeting at the notary’s office.

To confirm details about the process and be current you need to contact a French notary via their website

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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What is the French term for a strata property management company?

French Apartment Nice French Riviera

The French real estate term for a strata or condo management company is ‘Syndic’. The Syndic is responsible for the managing of a French co-property, for example, an apartment building.

Below you can get your free introduction ebook about French real estate mistakes to avoid

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Request below via the sign up form. Just scroll down, add your email and click Subscribe

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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