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|Property: 1878080 Apartment for sale in Mandelieu-la-Napoule Hills |
1 280 000 €
|Lovely sea view penthouse apartment situated in the most dominant building in the park of Bellevue in Mandelieu. This beautiful apartment has free access to the large swimming pool and several tennis courts. The domain is well secured with guards and controlled access. You will find 3 bedrooms, 2 bathrooms and WC as well as a large living room with an open plan American kitchen. The apartment offers a large terrace as well as a large garden with a small pool where you will be able to enjoy the breathtaking sea view as well.|
|Property: 1838274 House for sale in Les Adrets-de-l'Estérel |
750 000 €
|Of excellent construction in 2001, this property comprises on 1 level entrance hall, large reception with fireplace and fitted open plan kitchen with dining area giving on to very large terrace, 3 bedrooms, 2 shower rooms + guest wc and at the garen level separate apartment comprising lounge, open plan fitted kitchen, utility room, bedroom and possibility of a 2nd bedroom. Pool, large garage, wine cellar. Lots of storage, high quality finishings|
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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: