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After your visit to the property, if you are really interested and want to proceed you must put an offer in and when the offer is accepted you sign " LE COMPROMIS DE VENTE" (French preliminary contract to purchase), legally binding both the seller and buyer to the purchase. You will then have a 7 days cooling off period (french consumers proptection law), in which you can pull out if you want to. At the end of the 7 days you will need to transfer your 10% deposit by bank to bank transfer. From the 1st september 2002, an asbestos report, a lead report and a termite (for the dordogne) report will need to be undertaken before the completion of the sale. Since 2006 you will also be informed about the energy consumption and about any natural (flooding for
example) or technological (there is a nucelear power plant in your neighbourhood for example) risk that may be in the village or town where you would like to buy the property
After this, the notary will launch an enquiry with the civic office to find out if they have any requirements for this area.
It should be noted that if you are paying cash for the property then the delay between "LE COMPRIS DE VENTE" and the act of sale will only be approximately 2 1/2 months but if you require a mortgage then the delay will be approximately 3 months
After 2-3 months the buyer and the seller must sign a completion contract with the French notary (acte authentique).
Please make sure that the money needed for the transaction is in the notaries account latest the day before the final signature
In ordered to be considered as an "Authentic Act", the document must be executed and protected against alterations by being kept at the office of the notary. The act is not only required for gratuitous contracts, but for nearly all transactions involving immovable property, marriage settlements, and mortgages. The reason for this lies not only in the evidentiary value but also because only these type of acts are allowed, in France, to be inscribed in the public records. The requirement of an authentic act thus indirectly promotes security of transactions.
You are the owner of the property and you must make sure that your property is insured.at the day of the final signature (acte authentique).
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