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|Property: 1066809 Apartment for sale in Cannes Seaside Croisette|
765 000 €
|RARE Charming apartment of 38square meters facing south in ideal condition located on the 4th floor of a prestigious building with concierge 24/24 with a superb 180 degrees sea view and consists of a living room, bedroom with storage, mezzanine receiving a 140cm bed, a bathroom / toilet and a fitted kitchen.|
|Property: 1013966 House for sale in Mandelieu-la-Napoule Hills Les Termes|
1 995 000 €
|Stunning modern villa in great location with breath-taking sea view This splendid modern and secure villa is situated in the hills directly above the town of Mandelieu in a quiet, gated residential domain only 5 minutes away from all the local amenities. There is convenient access to shops and the motorway, with golf courses and beaches nearby. From the property you can enjoy the most outstanding uninterrupted views that looks out over the Mediterranean and the Lerins Islands, with the bay of Cannes to the east and the Esterel Mountains to the west. The elegant villa is finished to a high standard with over 200square meters of living area including underfloor heating and air conditioning. The spacious ground floor comprises an entrance hall with guest cloakroom, a bright, spacious and inviting living/dining area and fully equipped open plan kitchen and a double ensuite bedroom that has access to its own terrace area. Three sets of double sliding doors give access to an extensive terrace. The first floor offers three ensuite bedrooms each having their own private balcony. The 12 x 5 m heated swimming pool is surrounded by a superb sunbathing area benefiting from spectacular views. The property includes a beautiful, established garden, double garage with electric doors and parking facilities for several cars This very beautiful villa combines charm with Mediterranean feeling and modern comfort.|
|Property: 982774 Apartment for sale in Nice Mont Boron|
940 000 €
|Forest road in a quiet idyllic exceptional apartment in small residence 4 per 108 square meters south / west offering beautiful volumes and enjoying a magnificent terrace of 60 square meters Nice sea 180 degrees view in Cap d'Antibes and Bay fully renovated angels with double reception luxurious amenities 3 bedrooms with 3 bathrooms, 3 toilets , garage, do not hesitate to make an appointment you will love|
|Property: 955815 House for sale in Théoule-sur-Mer |
1 435 000 €
|Project to transform a provencal villa to a modern style. The property has a 180 degrees sea view and is located in a calm area of Theoule sur Mer.|
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Buying Real Estate Property in France – A Guide to the Purchase Procedure
When it comes to making a property purchase in France, it is essential to be well informed about the ‘dos and don’ts’. There are many pitfalls to be avoided and this summary aims to assist those who are considering a purchase or who have perhaps already started the process.
The following advice is relevant to purchases made with or without the need for a loan. The processes are very similar, with the main difference appearing in the pre-sales agreement or ‘Compromise de Vente’.
Selecting the right estate agent or agency is essential prior to starting the search for that dream property. For your own protection, ensure that he or she carries a valid licence called the "Carte Professionelle". Do not deal with agents who are operating illegally.
Any truly professional registered agent will first take some time to discuss with you your property requirements so that he has a feel for your likes and dislikes. Beware of the agent who does not want to listen to you, but merely wants to show you the first property that comes to mind.
Equally important is the mandate. Ensure that the agent has a valid mandate to sell the property, where the sales price and agent’s commission have been formally agreed. Property owners who are unwilling to sign a mandate have often only contacted an agent in order to obtain a valuation of their property. If their intention is to sell, it is quite likely that the asking price will be well above the market value.
So the search is over, the dream house has been identified, and you are ready to move on to the next rung of the property purchase ladder….financing the purchase!
“How much will a French bank be prepared to lend me?” The answer is not simple, as each bank has their own terms and conditions. Typically, French banks will finance up to 70%-80% of their own valuation of the property. This is calculated by the bank’s own specially appointed property evaluator and is not based upon the agreed purchase price. In that rare case where the purchase price is lower than the evaluator’s estimate, then this figure will be used to calculate the amount the bank is prepared to finance.
Once the French bank has issued their loan terms, the next step is to formalise an agreement with the vendor in respect of the purchase price by making a written offer drafted by your selected registered real estate agent. Once the offer has been signed by the buyer it has to be countersigned by the vendor. A written offer is normally valid for only 2 weeks and at no time is the buyer obliged to proceed to purchase.
At this point, the "Compromis de Vente" should be drafted. It is advisable that this pre-sales agreement is drafted by a French Notary, and for English speakers, using a Notary who speaks fluent English can be especially helpful. Some Notaries are prepared to offer free translations of documents avoiding the expensive use of a certified translator on the day of completion.
If the property purchase is to be financed by a loan, the Notary will require details of the amount of the loan, the repayment period, and the maximum interest rate. All this information must be included in the “Compromise de Vente”.
Armed with a copy of the Compromise it is now possible, perhaps with the assistance of your real estate agent, to approach various financial institutions to obtain the best possible financing for your property.
Once the “Compromise de Vente” has been signed by both parties a seven day cooling off period begins. During this time an initial deposit payment of 5-10% of the purchase price should be made. As the buyer you also have the right to change your mind during this period, and can withdraw from the sale by sending a registered letter to the Notary who will then be obliged to refund any deposit already made.
In the event that the loan application is unsuccessful, a clause in the “Compromise de Vente” states that the contract can be cancelled and all monies refunded in full to the buyer.
The Notary must then establish with the Land Registry that the vendor is indeed the legal owner of the property. Details of any existing mortgages must be obtained to ensure that these are cleared upon completion of the sale. Finally the local authority has to be contacted to approve the sale as they always hold the first right of purchase. This long procedure (DIA) can often take up to 8 weeks to be completed.
The final piece in the jigsaw is the signature of the “Acte Authentique” (Bill of Sale). All issues will now have been resolved, and upon signature the buyer becomes the legal owner and all keys to the property are handed over. The real estate agent also receives his commission payment at this signing.
It is important to ensure that adequate insurance of the property has been taken out to coincide with the signing of the “Acte Authentique”. Any good real estate agent will help with this, along with the transfer of all utility bills for water, electricity, gas and telephone.
In brief, the purchase procedure in France is as follows: