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In French real estate what is mean by a ‘contrat de réservation’?

A ‘contrat de reservation’ is the first step you take when you want to buy a new French property from plan or ‘off plan’.

The ‘contrat de reservation’ is created when you pay a deposit of typically 5 percent of the purchase price of the property and with this deposit you secure an option to purchase the property when the developer is able to provide an individual title for the property.

To make sure no part of the process to buy a new French property from plan has changed since we wrote this note  it is a wise idea you speak first to an English speaking French notary details 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 does the French real estate term ‘déclaration d’achèvement des travaux’ mean?

Green Roof French Riviera Monaco

Similar to in English ‘déclaration d’achèvement des travaux’ is the French real estate term for the declaration of completion of work

Learn all the details relating to the construction of your new property with the help of 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 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.

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

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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

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

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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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