Overview

In France the purchase of a property is a regulated process. Once a price has been agreed with the vendor both parties will sign a preliminary contract, usually a Compromis de Vente and make a deposit of normally 10% of the purchase price (except in the case of new constructions where this deposit will be around 5%).

The estate agent or French solicitor, notaire, will hold these funds and the contract is binding for both vendor and purchaser, although there is a seven day cooling off period (rétraction or réflexion) from the date of signing the contract.

If you intend to raise finance for the purchase this sales agreement must have a conditional clause (clause suspensive) which is a subject to a clause confirming that you will be seeking a mortgage. If the mortgage is subsequently declined you will not forfeit your deposit.

Completion usually takes place at a notaire's office about 2-3 months after signing the contract. The parties must appear in person or be represented by an attorney. The completion money should by then be in the notaire's bank account and both vendor and purchaser will sign the deed of sale (Acte de Vente), the definitive contract equivalent to the deeds of the property.