Acquire Informations

Buying, selling, renting a property or business is and will always be an important act that requires attention and often causes great concern, especially when such operations take place abroad.

French laws

French laws that govern the buying and selling of a real estate property completely protect the buyer and in addition to the various guarantees related to the purchase, he/she has in any case the right to have a cooling-off period of 7 days.

The notary

The notary in turn guarantees the transfer of ownership and commits his responsibility on the deletion of any mortgages, arrears of condominial expenses, taxes and other debts, protecting by law the buyer and the property purchased.

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The signing of a sale agreement represents the first step, the first stage of the purchase. This document is drawn up by the buyer and the notary chosen. The signature of both parties makes official the agreement between seller and buyer, and only afterwards it is possibile to start all the practices and verifications which will lead to the final signature of the deed. This commitment is binding for the seller, while after the signing the buyer has the right to have a cooling-off period of 10 days over the condition of obtaining any loan.

At the moment of the signing, the buyer pays an initial 10% deposit which will be refunded in case of withdrawal during the cooling-off period of 7 days. After about 2 months in which the buyer can do every possible research, ask permissions, discover the history of the property including possible mortgages, city planning and condominium expenses, calculate the square footage and search for asbestos or lead, the two parts can draw up the notarial deed in front of the notary chosen or delegate him by proxy. Then the buyer will have to pay the balance of the price, which is partially payable also with a mortgage. In case of purchase of a property under construction, payments will be done in accordance with the progress of the works and the law states that every new building is covered by a fidejussory guarantee of good order assuring the completion of the transaction and the respect of the terms of delivery, always protecting the buyer.

Nowadays the studio apartments with sizes of 20 to 30 square meters, kitchenette or kitchen, represent a safe investment with very good rental income.
Theay are easy to resell or rent and represent the ideal first purchase.
Condominium expenses are about 80 to 100 euro per month.
Land and housing taxes are about 1,000 euro per year.

The two-roomed apartments with average sizes of 30 to 45 square meters represent the typical second home, both for holidays and seasonal or annual rents.
Sometimes they are offered with a parking space, but always more often parkings are sold separately, sometimes with a cellar.
Condominium expenses are about 100 to 150 euro per month according to consumptions and services of the building.
Land and housing taxes are about 1,500 euro per year.

The three-roomed apartments with average sizes of 50 to 70-80 square meters represent the typical family holiday house with two bedrooms and easily habitable for up to six people.
With this kind of apartment it is easier to have also a parking space or cellar.
Condominium expenses are about 150 to 200 euro per month, according to the services of the building.
In terms of expenses, the difference between apartments with central or collective heating may be irrelevant since all houses are not equipped with individual heat meters.
Land and housing taxes are about 2,000 euro per year.

In addition to the price of the property, it is necessary to pay the notary’s fee and any other fee and tax, which account for about 8% of the value for buildings built more than 5 years before the act and for about 3% for planned buildings, buildings under construction.

Any work approved by the condominium before the deed has to be paid by the seller only for the part payable until the notarial act.Condominium expenses have to be paid to the administrator every three months. In France there are two fiscal taxes:
The ownership tax, called property tax, which is calculated applying a percentage on the cadastral income of the property at regional level. It includes the garbage and it must be paid at the end of the year, at the expiry date, and it is reimbursed by the buyer to the seller in proportion to time for the current year. New housings are exempt for two years after the delivery.
The municipal tax, called home tax, is calculated according to the rental value and it includes the various services of the municipality. It is paid at the end of the year, at the expiry date, and for the current year it has to be paid by the occupier on the 1st of January. There is no exemption for new housings. For the subsequent years, taxes have to be paid directly by the new owner according to the amounts established by the French tax services and can be paid via bank.

If you only have the 20 or 30% of a property value, you can easily buy it. In France, general or specialized banksgrant loans to buy properties with few simple formalities, an income verification and bank references. Agreements are obtained quickly and in case of negative response, it is possible to cancel the purchase recovering the advance without any charge. The loan period can vary from 10 to 20 years, generally with the possibility to repay it in whole or in part, in advance and without any penalty. It is also possible to finance the purchase up to the 80 %. In general French rates are lower than the Italian ones, they can be fixed or variable and they are calculated on the basis of the average rate (Euribor).

Opening an account with a French bank is necessary for the drawing of the monthly instalments only if you require a mortgage, but it offers several benefits since it allows the payment of bills, condominium expenses, fiscal taxes and possibly the payment of rents in case of seasonal or annual lease.