Avoid mistakes. Understand how the French real estate buying process works with ESREA France
French real estate tip of the day: One of the most important steps you need to take BEFORE making an offer on a French real estate property is to completely review the diagnostic reports. If you don’t know what these are you need to read this article on what diagnostic reports you get when you buy a French property.
We also suggest your read this warning.
And get yourself a copy of this
When you purchase French real estate with a loan, typically the loan has to be insured, however, there is controversy about how the French banks may require borrowers to use the banks own insurance instead of a lower cost alternative. If you want to choose an alternative the bank may charge you more for your French real estate loan.
According to an article in Le Figaro, Benoit Hamon, the minster of Consumer Affairs in France has proposed that borrowers receive the legal right to find a new loan insurer and change the insurance cost on their loan during a period of one year after the signing of loan agreement with the French bank.
At this time December 2013 this is simply a proposal from the minister and the rules have not changed. It is currently to be discussed in the French national assembly.
Read the original article in French here
Locate an English speaking French mortgage broker to help you find the best priced loan for your French property purchase. Click and contact us here to help you find a English speaking French mortgage broker.
Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.