Buy a luxury property
in France: practical guide
Are you a foreign buyer and want to acquire a prestigious property in France? Clovis properties accompany you at each step: targeted search, offer of purchase, negotiation, verification Tracfin, writing of the authentic act by notary. This guide presents the key steps, legal obligations and specificities of the French market.
The purchase offer is a written proposal made by the purchaser. It shall specify the price, the time limits and any suspensive conditions. It does not involve the seller, but constitutes a serious basis for negotiation. Once accepted, it leads to the drafting of the pre-contract.
The pre-contract formalizes the agreement between seller and buyer on the terms of the sale. It can take the form of a compromise or unilateral promise. It includes the suspensive conditions and sets a provisional date for the signature of the authentic instrument.
The compromise legally binds both parties. The seller undertakes to sell, the buyer to buy, unless a suspensive condition is not fulfilled. The buyer usually pays a security deposit of 5 to 10% of the price, kept until the signature of the authentic instrument.
Only the seller undertakes to sell. The buyer has a time limit to withdraw the option of purchase and pays capital compensation — often 10% — deducted from the price if the sale is concluded. In the event of a waiver by the purchaser, this amount shall be lost unless otherwise provided.
A public official, the notary secures the transaction: he checks the legal conformity of the property, drafts the authentic act and ensures the official transfer of property. In prestigious sales, it is often the notary of the seller who drives. He may also represent the buyer by proxy.
Real estate agents in France are subject to Tracfin regulations. Before any transaction, they are required to verify the identity of the purchaser and the source of the funds. This procedure aims to combat money laundering and ensures legal certainty of sale. It is confidential and strictly regulated by law.
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