Milieux Property helps expats and international buyers purchase, redesign, and renovate properties in France.
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You’ve placed an offer on a house in France and it has been accepted – congratulations! Last week’s blog was all about “How to Make an Offer on a House in France“. This week, we’ll guide you through the important steps that take place once your offer has been accepted.
There’s actually a lot of activity that happens after your offer is accepted so this blog will focus on the signing of the “compromis de vente” (sales agreement) through to conducting property inspections.
Sign the Compromis de Vente:
Once your offer is accepted, the next step is to sign a “compromis de vente.” This is a legally binding document which details the terms and conditions of the sale, including the purchase price, payment schedule, and any conditional clauses, such as obtaining financing or a satisfactory property survey.
10 day Cooling-Off Period:
The standard cooling-off period in France is ten days after signing the compromis de vente. Purchasers have the right to withdraw from the agreement without any penalty during this period. It’s important to note that the seller does not have this option, ensuring a certain level of commitment from their side. Once the cooling-off period has expired, the only way a buyer can walk away from the purchase without penalty is if one or more of the conditional clauses are not met (eg if the bank loan is not approved).
10 day Cooling-Off Period:
The standard cooling-off period in France is ten days after signing the compromis de vente. Purchasers have the right to withdraw from the agreement without any penalty during this period. It’s important to note that the seller does not have this option, ensuring a certain level of commitment from their side. Once the cooling-off period has expired, the only way a buyer can walk away from the purchase without penalty is if one or more of the conditional clauses are not met (eg if the bank loan is not approved).
Securing a Mortgage:
If you’ve reached the point where your offer is accepted, there’s a good chance you’ve already taken the important step of seeking pre-approval for a mortgage. We recommend this approach for our clients, as having pre-approval in place gives you a clear understanding of your budget and strengthens your position as a serious buyer. If this is your situation, then it will increase the chances that your loan will subsequently be approved.
If you haven’t already sought pre-approval, now is the time to secure a loan. Milieux Property can arrange for one of our brokers to find the best mortgage options available to you.
Arrange Thorough Property Inspections and Surveys:
As part of a property purchase in France, the seller is required to conduct some basic surveys on the property and provide this report to the buyer.
Sometimes, to be sure the property is in good condition, we recommend conducting additional inspections, such as a structural survey, pest inspection, or environmental assessment. Hiring professionals to thoroughly examine the property can help uncover any potential issues that may require attention or negotiation before closing. Milieux Property can advise you on when this may be necessary and can engage the relevant professionals to conduct these surveys.
While you’re here, check out some of our other blog posts:
Milieux Property helps expats and international buyers purchase, redesign, and renovate properties in France.