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Purchasing an existing property
Purchasing a property off-plan
Leaseback purchase
Purchasing building land
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Purchasing an existing property
THE INITIAL CONTRACT | THE FINAL CONTRACT |
As in the UK, existing properties can be identified from various sources: an estate agent, through private sale advertised in the media, additionally the notaire may also offer properties for sale. Purchase through an agent attracts a commission payable directly or indirectly by the purchaser, the private sale does not, the notaire generally attracts a smaller commission than an agent and occasionally no commission at all.
As in England & Wales there are two stages to a French conveyance, however that is where the similarity ends. See below our overview of the process at a glance and how at AFL we interact to insure a stress free and secure process.
France
1st any month, any year
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England & Wales
1 st any month, any year
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Anglo French Law
1 st any month, any year |
Stage 1
Negotiation, offer and acceptance.
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Stage 1
Point of sale agreement Offer & acceptance |
Stage 1
Pre-purchase advice & written report on the most advantageous vehicle for ownership in your circumstances in consideration of French tax & succession law.
Examination of agent’s mandate prior to signature.
If sale, advice concerning capital gains tax. |
Stage 2
Drafting and signature of initial purchase contract
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Stage 2
Agent forwards details of sale to vendors and purchasers solicitors |
Stage 2
Examination and written report on content of draft initial contract prior to signature, including negotiation with agent/notaire with respect to queries and conditions precedent in consideration of individual requirements.
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Stage 3
Purchaser’s ten day right to rescind.
Purchaser pays deposit |
Stage 3
Solicitors conduct required searches and ask relevant questions of vendors solicitors |
Stage 3
We conduct independent local authority and charges register searches (separate to those to be carried out by the notaire at a later stage) and look into any particular planning questions. |
Stage 4
Agent forwards signed initial contract to the notaire |
Stage 4
Signature of deed |
Stage 4
We liaise with the notaire, forward personal details, copy mortgage offers where applicable, and any other information required by the notaire. |
Stage 5
Notaire conducts required searches prior to drafting purchase deed and mortgage deed (where applicable). |
Stage 5
Registration of deed +mortgage approx one month |
Stage 5
Where appropriate, further examination of tax & inheritance position, liaison with notaire as to content of the final contract, arranging of proxies, commission of marriage contract/insertion of clause tontine/ constitution of SCI, insertion of clauses based on agreements arrived at between the parties, arranging completion date, obtaining completion statement in order that clients can transfer funds to the notaire’s account in good time. Examination and written report on draft purchase deed. |
Stage 6
Signature of purchase deed (acte de vente) approximately 2-3 months after signature of initial contract.
Registration of title deed +mortgage with the land and charges registry copy of deed sent to purchaser deed returned to notaire to archive
Approximately one year |
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Stage 6
Where there is no agent involved, arranging changeover of utilities and takeover of vendor’s existing insurance where applicable. Obtaining confirmation from the notaire that completion has taken place. |
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