Friday, July 25, 2008

The whole procedure takes about three months from offer to final signature, but can be longer if planning permission is required and if a mortgage is involved. The following is an outline of the procedure, there may be differences in your case, but if there are - take extra care and find out why!

1. The buyer makes an offer after viewing the property, through the agent.
2. The vendor gives written acceptance of the offer to the agent. The agent informs the buyer and should give an outline of the procedure and breakdown of the payments due.
3. We recommend that the buyer arranges the currency transfers through a currency dealer.
4. The reports for lead, asbestos and termites are ordered – these  take 3 to 10 days to prepare.
5. The Compromis is drawn up and sent to buyer's legal advisor for checking.
6. Once OK, Compromis with reports is sent to buyer and Vendor for signature.
7. A copy of the signed Compromis and notice giving 7 days of reflection is sent to the buyer.
8. The buyer pays the deposit into Notaire’s account, normally 10% of the asking price. NB there is a time limit which must be adhered to.
9. The signed Compromis, Expertises and Recepisse are sent to the notaire who starts his searches – normally takes 2-3 months.
10. Request for planning permission or notification of property’s status lodged with Mairie – normally takes from one to three months.
11. The buyer applies for mortgage, and notifies the agent when agreement obtained. NB. Time limit for obtaining mortgage must be adhered to.
12. The agent obtains planning decision and tells notaire, vendor and buyer.
13. Buyer's legal advisor will liaise with agent and notaire and instruct him about any inheritance requirements.
14. Notaire informs agent and buyer of remaining amount to be paid.
15. Buyer pays the balance due and agent informs you when told by notaire of its receipt.
16. Final signing date for the Acte de Vente is agreed. NB. Must be by date set in compromis.
17. Power of attorney has to be arranged for any signatory who will be absent.
18. Draft Acte is sent to buyer's legal advisor to check
19. Signing takes place in the notaire’s office. Our agent will be present to help translate and explain. You will be given the keys and become the owner.