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The purchase of a French real estate property is a specific process based on deadlines and procedures. This article briefly explain this process.
- Agreement on the property and the price
- The provisional sales agreement : it is written when the two parties agree on the price of sale after negociation has been overseen by the real estate agent. This preliminary sales contract commits both parties to sale - and to buy - in well specified conditions.
- 10 days delay : Once the provisional sales agreement is signed by both parties it is sent by registered mail to the buyer(s) who have a withdrawal period of 10 days to cancel the contract. This 10 days delay is named SRU period, it begins the next day after the buyer receives the provisional contract signed by both parties. Once this deadline has passed, the documents are sent to the notary and a deposit of 10% will be requested from the buyer.
- Loan suspensory conditions : When buyers have to use a loan to finance the acquisition, the provisional sales agreement includes a suspensory condition for obtaining a loan. This condition allows the buyer to be protected in case he does not get funding from the banks.
The buyer has between 45 to 60 days from signing the provisional sales agreement to request a loan and present the response of the bank. Most often, buyers start to see banks when they visit the properties, before signing the preliminary sales contract.
In case the bank refuses a loan to the buyer, all the money he or they paid in advance will be fully reimbursed.
- The sales agreement (the Deed of Sale) : Both parties will sign the deed with the notary about three months after signing the provisional sales agreement. It is at this point that the buyer becomes the new owner of the property. He will receive title to the property and keys. After this purchase, the Agence Olivier can continue to assist the buyer through its department of building management or rental management.
Today in France the sale of a property is subject to obligations of scrutineering which will allow the purchaser to buy with a complete knowledge of the property.
These controls are carried out by authorized state technicians and includes :
These diagnostics must be made by the vendor. However we can assist you with this task by recommending a specialist.
We bring all our technical knowledge and skills to your property negociation.
