How long does it take to buy a property in France?

From the initial property search to signing the final deed, several factors can influence the timeline. This article outlines the key steps and timelines of buying property in France.

Discover the timeline for each step and tips to speed up your property purchase. We’ll also discuss legal aspects such as the “droit de préemption” (pre-emption rights) and how working with experts can help streamline your experience.

The role of a notaire in buying an real estate in France process delays

This professional manages all legal aspects of the sale. They ensure that both parties comply with French real estate law. The notaire's duties include:

• verifying ownership of the good ;

• checking for any outstanding debts or mortgages tied to the house ;

• ensuring that payment of all taxes and fees is effective ;

• drafting and witnessing the signing of legal documents such as the “compromis de vente” and the “acte de vente”.

All these tasks help finalize the sale within the expected three to four months timeframe. The notary's efficiency in these tasks greatly affects the purchase timeline.

For instance, the notary conducts a thorough investigation of the asset's legal status. and making sure that all taxes and fees are settled can prevent delays caused by unforeseen legal issues.

The notary fees cover these comprehensive services and are paid by the buyer. They generally range from 6% to 8% of the purchase price. But for personalized guidance, consider reaching out to a real estate agent who speaks English who can assist you through each step.

What is the “Droit de préemption” (Pre-emption rights’s) impact on buying assets delays ?

In some cases, local authorities or tenants may have pre-emption rights. That means they have the first right of refusal if a building is sold as they develop it here. This often applies to properties in urban development zones or rental properties.

Pre-emption rights can delay your purchase by weeks or months if authorities exercise them. However, if no pre-emption occurs, you can proceed with your purchase as planned. Working with an endorser or experienced real estate agent ensures these delays are handled efficiently.

How can you speed up the property buying process?

1. Working with an Experienced Notaire : a good notaire can help streamline legal checks and paperwork. He’s specialized in handling transactions for foreign buyers and can offer services such as power of attorney, allowing you to sign documents remotely if needed ;

2. Using an Agency’s Services : to expedite your property purchase, securing financing early is key. Additionally, working with experienced professionals like contact a real estate agent who speaks English can help streamline legal checks and paperwork.

   
   

What are the steps involved in buying a building in France?

The process of buying property in France involves several key stages:

Step 1: Searching assets

This is often one of the longest stages, especially if you're hunting a rare property in France. You can use online platforms or work with a local estate agent like Iddyl Property. They are specialized in helping international buyers find their dream home in France.

Finding your ideal home can be challenging, especially for international buyers. Cooperate with a french real estate hunter to buy a home in France can simplify this journey and uncover unique opportunities

Step 2: Making an offer

Once you've found your ideal home in France, you'll make an offer based on either asking price or negotiations with the seller. If the seller accepts your offer, both parties will move forward with drafting a preliminary contract.

Step 3: Signing the Compromis de Vente

The “compromis de vente” is a legally binding agreement between buyer and seller. This document outlines all terms of sale including price, conditions precedent (such as securing financing), and deadlines for completing various steps.

Step 4: Waiting for the cooling-off period

After signing this preliminary contract, there is a mandatory ten-day cooling-off period. During this time, you have the opportunity to reconsider the purchase and withdraw without penalty if unforeseen circumstances arise along the way.

Step 5: Finalizing financing

If you need financing, the French real estate loan approval process typically takes four to six weeks. This can vary based on the lender and your financial situation's complexity. Apply for your loan early to avoid delays.

Step 6: Signing the acte de vente

Finally, signing day arrives. It's the moment when both parties (the buyer and seller) meet under the supervision of a trusted notaire to officially transfer ownership of the apartment or house.

This ceremony, known as the “acte de vente”, marks the completion of the sale and involves signing the final deed of sale.

And, if you need detailed information about tax obligations when acquiring in France, consult this BOFIP guide on property taxes.

Frequently asked questions about the process of buying an apartment or a house in France :

Do I need a French bank account to buy a home?

Opening a French bank account typically takes between 1 to 2 weeks, depending on the bank and the completeness of your documents.

While not mandatory for buying a home, having a French bank account simplifies transactions such as paying taxes, utility bills, and mortgage payments.

Delays in opening a bank account can potentially slow down the overall property purchase process, especially if you need to transfer funds or set up mortgage payments.

Starting the account opening process early can help avoid unnecessary delays in your home buying timeline.

Can I get a mortgage as a foreigner?

Yes, many French banks offer mortgages to foreigners. Typically, you'll need at least 20-30% of the purchase price as a deposit.

However, the mortgage approval process takes 12-14 weeks from application to fund release.

You can only apply after signing the compromis de vente, and there's a mandatory 11-day cooling-off period once you receive the mortgage offer.

The notaire handles the legal aspects of the mortgage transaction, which contributes to the extended timeline.

Can I buy a good remotely if I’m not in France?

Yes, you can use power of attorney services through your notaire to complete the purchase without being physically present.

This remote purchasing option can reduce your overall timeline by 2-4 weeks by eliminating travel planning delays.

Instead of waiting for vacation time or coordinating multiple trips for each signing, your notaire handles all documentation on your behalf, allowing the standard 3-4 month process to proceed without interruption.

Is there a preparatory list for a non-resident buyer, to save time when purchasing?

This checklist is intended to help you prepare the essential elements for a quick and secure acquisition:

1. Project Definition

[ ] Precise location of the proposed property (Region, Municipality)?

[ ] Is it in mainland France, an overseas department or territory, or a collective territory?

[ ] Nature of the project (second home, rental investment, etc.)?

[ ] Is the project a major construction or renovation project?

2. Personal and Legal Situation

[ ] Nationality(ies)?

[ ] Current country of tax residence?

[ ] Marital status (if applicable)?

[ ] Estate planning already in place?

3. Financing and Documentation

[ ] Total budget defined (including price, taxes, and fees)?

[ ] Financing with a personal contribution, bank loan, or a combination?

[ ] If a loan, pre-approval from a bank has been obtained?

[ ] All documents proving the origin of the funds collected and available (bank statements, deed of sale for another property, certificate of donation, etc.)?

4. Acquisition Structure

[ ] Purchase planned in your own name or through a company (SCI)?

[ ] If purchasing jointly, is each person's share defined?

Do you have any other questions about the timeframes for purchasing real estate in France?

So, let's connect on LinkedIn, on Facebook, and Instagram for more tips and updates on French real estates. You can also find answers to your questions on the Iddyl Property blog, dedicated to foreigners who want to buy an apartment or a house and live in France. Moreover, you can find other answers to questions from non-resident buyers here.