The requirements to buy a property in France vary depending on the type of property. A vineyard or farm will be subject to additional costs. The following is based upon the purchase of a house with one hectare (2.47 acres) of land.
After viewing a house, and deciding you wish to purchase, an initial agreement is drawn up, called a Sous-seing Privé if drawn up by an estate agent, or a Compromis de Vente if drawn up by a notaire (equivalent to a solicitor). This stage is not to be taken lightly, as a 10% deposit should be paid upon signing – the deposit is paid to the notaire, and kept in an account at the notaires office. At this point, the property will be taken off the market.
It is less common for surveys to occur in France, though it can be done on request. Most locals may get an artisan to survey the quality of walls and the roof, and get a quote for any work required.
Once the initial contract is signed, a period of 6-8 weeks will elapse, during which time searches will be carried out to ensure the house or land is not subject to any impending environmental changes. During this time, financing should be organised too. The notaire will carry out any searches regarding environmental issues, and will also carry out any other contractual matters. Unlike in the UK, the notaire is not working for one party; instead he is working for the state, to ensure the transaction is carried out legally, accurately, and in accordance with the proper processes. Thus it is unnecessary to appoint a notaire to act on your behalf, though it is not uncommon for a foreign buyer to do this, as the notaire does not usually volunteer much information.
If the buyer is taking out a mortgage, this should be declared at the initial contract, and a substantive clause will be added to the contract. This means that in the event of the buyer pulling out due to the inability to obtain a loan, the deposit is returned and the contract cancelled.
The contract also allows the buyer to pull out of the sale in the event of the discovery of a planned nuisance during the searches. In this event, the deposit will be returned to the buyer. Should the buyer break the contract, the deposit will be paid to the seller as an indemnity. Similarly, if the seller breaks the contract, the deposit is returned to the buyer.
At the end of the contract period, the Acte de Vente is signed in the presence of the notaire, and at this point, the property passes into the hands of the buyer. The final balance of the house must also be paid to the notaire at this point. The buyer is liable for all fees during the purchasing process, and these fees are all paid at the same time. At the time of signing, you must also provide the notaire with a copy of your birth certificate, and, if applicable, your marriage certificate, both translated into French. From the signing, you, as the buyer are responsible for all insurance on the property.
Something to consider prior to signing the final contract is the issue of succession – French law does not allow you to leave the estate to whoever you wish in your will. This can be avoided; however it must be done prior to the final signing.