Buying

Offer accepted

When your offer is accepted on a property, you will be expected to employ a notary, or ‘notaire’, to manage the purchase process. The notary is a government official and does not represent one party, but all those involved. They will charge you a fixed fee for preparing the transfer of a property from one owner to another.

The notary will draw up a preliminary sales agreement, known as a ‘promesse de vente’, or a ‘compromis de vente’. The former is an option to purchase and binds the seller, but not the buyer. If you let the option lapse under this agreement, you will lose your deposit. The latter binds both parties and is subject to ‘conditions suspensives’ –a conditions precedent. After signing, you have a seven-day cooling-off period during which you can back out of the deal without penalty, which is known as a ‘délai de rétraction’.

Deposits

When the seven-day period has passed, you must pay a 10% deposit. This money is usually held by the notary in a holding account until the purchase is completed.

Searches will have to be carried out, which can take between six and twelve weeks. During this time, the notary will also prepare the deed of sale (‘acte de vente’), ready to be signed by you and the seller. As well as drafting the deed of sale, conducting planning and other searches or enquiries with the local authorities, the notary will also act on behalf of your lender if a mortgage has been arranged.