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Who prepares the compromis de vente in a French real estate transaction?

Lavender Ile honorat French Riviera South of France

At this time in France when you have an accepted offer on price to purchase a French property you will need the compromis de vente to be drafted. This important document can be drafted by an agent immobilier who has the professional license or card that permits him or her to operate a French real estate agency.

However, due to the frequent change in French property laws and the danger of not drafting everything exactly right many agencies will prefer buyers or sellers to have the compromis de vente drafted by a French notary.

Note: Salespeople (negotiators) who work in a real estate office but do not have the professional card allowing them to operate an agency on their own, these salespeople are not permitted to draft the compromis de vente.

Make sure you have the right person creating this important document for your purchase of your French property.

Notaries of France website

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Is there a maximum age you can be to get a mortgage in France?

Eze Village French Riviera South of France

This is a very good question. I had read that there may be a maximum age at which you can obtain a mortgage in France but I did not find any consistent details.

The best solution is to contact a French bank or French mortgage broker before you start shopping for property and get an answer in writing.

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What is the maximum term of a French mortgage?

Île Saint-Honorat Monastry Entrance South of France

We have asked the French bankers and French mortgage brokers we know and we have been told the maximum term of most French mortgages to purchase a property is 25 years.

This also noted on the Government of France website here.

Date of Posting March 2022

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Will a French bank charge me a loan application fee when I apply for a French mortgage?

3 D painting on French House

At this time we have been told French banks DO charge you an application fee when you apply for a mortgage to buy a French property.

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How can I borrow money to buy a vacation property in France?

Stone Tower on French Castle

If you don’t live in France and you wish to buy a second home or vacation property in France, a property that may in fact become a future primary residence there are a number of general options at this time:

One
You potentially could borrow money form the equity you have in your current home to pay the full price for the French property

Two
You potentially could borrow money against the value of the French property. In this case you most likely may still need a deposit for the property you are buying.

Note 1: If French interest rates are still low as you read this article this makes an interesting option as long as you are not highly impacted by currency changes between your home currency and the Euro used in France as you make your monthly payments. This is particularly interesting if the French banking rates are lower than in your home country.

Note 2: If you wish to find out a way to reduce the impact of currency exchange on your monthly payments please contact us to put you in touch with a currency exchange expert.

Three
You potentiall could borrow money from your first property in your home country and you also take a mortgage against the French property.

Before you go shopping for your French property make sure you are up to date with your options by consulting your local banker, an international banker or a French bank for details.

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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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