What are conditions or clauses suspensives in a french real estate transaction?

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In a French property contract of sale ‘conditions or clause suspensive’ are in general the same as what we call in English ‘ conditions precendent’ or ‘subject to clauses’. Samples of this types of conditions are ‘subject to the buyer getting financing…..’.

Note we are really simplifying this concept just so you have a general idea of what the meaning is of the term. For more details you will need to speak to a English speaking French notary or an English speaking French real estate agent.

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French Property Renovation: Free 3 D planning Tool

English Speaking French Real Estate Agents

If you are planning to renovate a property in France you will want to take advantage of a free 3 D planning tool available in Google Chrome.

The name of this tool is Planner 5 D

Watch the video on how it works and then search in the Google Chrome Store to download the app. Remember to search ‘planner 5 D’ to find the application easily.

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

How can I Afford to Buy a Property in France?

When you live in France and you plan on buying your first French Property made sure you are prepared financially for the purchase of the home. To be prepared you need to take into account all expensive involved.

To Set Your Budget for your French Purchase

(This is similar to in many parts of the world – the most unique to France items are toward the end of this article, for example, the cost of French Notary fees)

Step One

Detail all your income.

Add up all your salary and other forms of income from investments.

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Step Two

Deduct all Expenses

Monthly Expenses like your car, education fees, your personal taxes, your food costs, childcare, make sure you remember all expenses like telephone, television – sometimes we forget the eating out expenses or clothing expenses or your annual planned vacation or family gifts.

Make sure to add an buffer to this expense amount for the unexpected like new tires or brakes for the car or a new fridge because the old one just stop working

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Step Three

The difference between your expenses and income is the amount you have to dedicate to the purchase of a new home. Make note French banks will not loan you money if your expenses exceed 30 to 33 percent of the amount of your income.

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Step Four

With your monthly payment in mind you can approach your French bank to estimate how much of a financial budget you have to purchase a home and manage financially each month.

Make sure if you are going to buy an apartment or a house in a residence in France you make allowance for monthly charges which can be very high up to several hundred euros per month.

Note also the following:

Deposit for the purchase of your French Home

When you buy you will need in most cases a deposit of approximately 10 percent of the purchase price of the home in your savings, this deposit can be payable right when you make the first commitment in writing to purchase your home.

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French Notary Fees

You will need to pay a French Notary his or her fees that include property purchase taxes levied by the government of France.

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The Cost of the French Mortgage

There are fees involved in the acquiring a mortgage include typically a non-refundable application fee.

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Rent

You may need to pay rent at the same time as you are paying your mortgage payment as you make your move into your new French home. This depends on the timing of your purchase.

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Moving Expenses

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French Property Tax

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French Occupany Tax

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A Portion of the Monthly Charge for Apartments and Houses in Residences

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Other misc. costs

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The above is a helpful but only general introduction to how you can plan to buy your French property.  Check out our French real estate buyers course here

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French Interest Rates for Home Buying Reach New Historical Low

View of Mont Boron Nice French Riviera

According to the French Interest rate monitor L’Observatoire Crédit Logement CSA interest rates for personal home purchases are at a new record low: 2.97% on average.  (read original article in French) 

Never before in France have credit rates been this low. This decline has been constant since January 2012. In January 2012 rates were 4 percent compared to the sub 3 percent right now.

The buyer’s power to buy has increased by almost 10 percent over this period of time.

However, housing prices in general in France have not gone down.

What has gone down is the number of loans banks are willing to offer. They are very cautious about giving loans at such low interest rates.

It is estimated by L’Observatoire Crédit Logement CSA that interest rates should start to increase in Winter 2013.

L’Observatoire Crédit Logement CSA suggest it is a great time to buy or to renegotiate your current home mortgage.

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What is a promesse de vente in a French real estate transaction?

In France, the ‘promesse de vente’ is a similiar document to the  ‘compromis de vente’. It is a French real estate property document created by a French notary. But they are not the same documents.

In general the promesse de vente is an unilateral undertaking by the vendor to sell that gives the buyer an option to purchase. It is the vendor who is committed not the buyer. It is preliminary document used by some notaries.

IMPORTANT: French legal documents are complicated so don’t rely on us we are not qualfied to give you legal advice. Instead seek legal advice to understand the promesse de vente. If someone in France has presented to you a ‘promesse de vente’ you need legal advice to truly understand this document. 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.