Buying a Property in France | The French Buying Process
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- Опубліковано 10 лют 2021
- I talk about my experiences buying property in France and the different steps which are entailed. For any questions, please leave a comment below.
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Brilliant - thank you for this. I’ve taken notes so I remember it all!
Thank you Brian!
thanks bud! lots of great information.
Glad it was helpful!
Many thanks!
Great video, very helpful! We are actually looking to buy in Marseille and wondered if you would mind sharing the details of your notaire as it would be great to have someone recommended!
Such a helpful video, gracias!
De nada, Keeks! Glad it was helpful for you!
That is very valuable information for the whole process of buying property in France. We're quite at the beginning, trying to learn and of course avoid (too) big mistakes. Thank you Brian for sharing this!
I really appreciate it, Thomas, thank you.
Finding your own Notaire to represent you as a buyer in the French buying process is all the more important for you then as he or she will be able to help you navigate this process.
Also, I highly recommend checking out French Property Finder, Home Hunts who have a phenomenal team of multilingual buyers agents and take a standard fee from the selling agent’s commission meaning the no extra fees for the buyer (I worked for HH for three years from '14-'17 and saw first hand the value they bring to their clients).
I wish you a smooth buying process!
Thanks a lot for your feedback and further input@@BrianInFrance12 . What we are learning so far, that things don't go (too) quickly in such a process. But as you mentioned, in some aspects it makes sense, to have all things properly covered. We're focusing the area around Nice right now, so especially regarding Notaries, we would just research on Google and reviews (amount/quality) - or do you have any further input if/where there are special platforms as well? Thank you!
Indeed, especially coming a face-paced market such as the U.S.'s, things certainly tend to take their sweet time in France. I would say your Google search strategy to find a good notary is a great idea. Aside from that, sending a message to the HomeHunts team could prove to be worth your time as they have a strong presence/expertise in the French Riviera (www.home-hunts.com/contact-home-hunts/). I no longer have any directly affiliation with them but, as a former employee of theirs, have the utmost respect for what they offer.
I wish you well and hope you find your dream property!
Thank you!! @@BrianInFrance12
Great info!
Thank you!
Are real estate appraisals required by banks in france to approve the loan?
THANK YOU FOR THE INFORMATION.
I WILL FOLLOW UP ON YOU PRESENTATIONS.
MERRY CHRISTMAS & HAPPY NEW YEAR!!
VIVE LA FRANCE, 👏👏👍👋🇬🇷
some excellent advice here! thanks man! merci!!!
Thanks Russ! I appreciate it! Il n’y a pas de quoi !
Thank you, Brian, for the informative video and sharing your experience. Could you please provide advice on when, to whom, and the amount for the deposit? I'm currently gathering information, and your video has been very helpful!
Thank you, Tanya. The deposit amount is agreed upon between the seller and buyer parties within the sales agreement (generally 20% of the sale price but is negotiable). The deposit is to be deposited into the official account of the Notaire responsable for the recording of the sales agreement (if multiple notaires are involved, this is generally the seller's Notaire), at the time of the signing of the sales agreement (compromis/promesse de vente).
I hope this helps and wish you a smooth buying process!
Thank you for the information..do you know how hard it is for Americans to buy a home there and can we leave be there year round??
Thank you for your comment, Lynn. If you have the funds, it is not hard for an American to purchase a home in France. Depending on your down payment, financial situation etc. there are even possibilities of financing part of your purchase with a French mortgage. As for living year round, I do not believe owning a French property is enough to grant you legal residency year round in and of itself. This can certainly help your case when applying for a French visa (and French residency permit upon entering France with your visa). I hope this helps.
Could you recommend a trustworthy buyer's notary in Paris? Thank you.
Are real estate appraisals required by banks in france to approve the loan? Or does the bank not care and the bank doesn’t preform an appraisal or opinion of value of the property value there?
In the USA if the appraiser thinks the house is worth less than the buyer and seller agree on, then they can’t get the loan for that amount. So they have to come up with the difference in cash or just cancel and the deal falls.
Hi Yassss, for our two purchases, the bank never requested an appraisal of the properties.
The bank was more interested in our average monthly revenue potential and our debt-to-income ratio based on the lent amount of the mortgage.
It is also worth noting that property pricing and negotiation are much stricter in France which helps to minimize market volatility which in turn surely helps reassure banks lending out money for mortgages. Hope this helps!
Hey Brian that was helpful, can you give me some information about what agency or sites are best to find appartement to buy. I mean there are so many options on internet, really confusing to choose one
Hey Rajesh, thank you for your very good questions. Here are some of the most popular French real estate websites:
www.seloger.com/
www.logic-immo.com/
www.leboncoin.fr/
www.pap.fr/
www.bienici.com/
I admit though, there are a lot of offers to sift through and it can be overwhelming at times.
Best of luck to you in your search!
Thankyou Brian that’s amazing 😁🙌
Thank you! Question: should you sign the final papers at the property or agency or elsewhere? Why?
We signed the final papers at the notary’s office both times. I imagine there must be scenarios where this is not always the case though.
Thanks you very much. This was a truly helpful video video.
Thank you for your kind feedback, Cynthia. I am happy it was helpful for you.
Can i buy restaurant in France? Can you tell me details please
I’m from Sweden to Paris thinking buy restaurant if you help me all information 🙏
I am interested in how to help my American son and French wife buy a house in France. Because they work independently, they don't think they could get a mortgage. Is there a way to co-sign as a guarantor but they would be the owners? From what I was reading, it is not easy to transfer property to your heirs without it being heavily taxed in France.
Hi Brian, enjoyed the video thanks - we are in a sales process to buy and have sent a security deposit to the Notaire who is dealing (sale side). My question is, is it too late to appoint our own Noatire as we have already sent a 10% deposit to the sell side Notaire. Thanks in advance. Lee
I should add that we have filled out the questionnaire for the Notaire but have not yet received any of the DDT / checks or the draft deed of sale. Thanks
Hi Lee, thank you for your comment. If you’ve already paid a security deposit to the seller’s notary, I suspect your have already signed a Sales agreement (compromis/promesse de vente), correct?
I am honestly not sure if it is too late or not to appoint a notaire to represent your side. I recommend reaching out to a notary office to enquire. I wish you a smooth experience in your property purchase!
@@BrianInFrance12 Hi Brian, thanks for the response. No, we haven't signed that as yet but its on the way as I've spoken to the Notaires office about a date to sign. One other thing I wanted to ask, once the draft sales agreement is issued - can amendments still be made to it during the 10 day period. So if we get the draft and then want to add a clause that can be done? Thanks
@@Rushmanism Hi Lee, my pleasure. If you have not yet signed the compromis /promesse de vente, it may be a good idea to contact a different Notaire office to discuss. They can offer advice and potentially agree to represent you as the buyer.
Clauses can be made to the draft sales agreement. Once the agreed upon sales agreement has been signed, the 10-day cooling off period starts the day after the signature during which time no further changes/clauses may be changed or added.
Great video, by notary do you just mean attorney or lawyer?
Thanks, John-Ricardo. I am glad you enjoyed it. In this case, I am actually talking about a French notary as real estate sales take place through the notaries in France. Here is an excellent official site in English explaining this in more depth:
www.notaires.fr/en/housing-tax-system/buying-and-selling-various-stages/notaires-property-specialists
Cheers
Hi Brian, this is very helpful, thank you so much! I am currently in the apartment buying process in. Nice. I have just made an offer that was accepted. So you are saying if I change my mind BEFORE signing the compromise de vente (which would be in about 2 weeks) I can do that legally without having to pay any kind of a penalty or incur any legal action....correct? Please confirm. I know down the line in the process there is also a "cooling off period" where the buyer can also withdraw from the sale but let me know about this. Merci beaucoup!
Hi Lisa, thank you for your feedback. I am happy to hear the video was helpful for you.
That is exciting regarding your apartment buying project in Nice!
Regarding your question, I was reading up on the subject on the official French Administration site, Legi France:
www.service-public.fr/particuliers/vosdroits/F2753
If you and the seller have both signed your purchase offer, you are both bound to the offer throughout the duration stipulated within the offer; i.e., it is best for you not to retract yet, if you wish to.
However, as you mentioned, you will have a legal 10 day cooling period starting on the day after the signing of the compromis de vente during which time you may fully retract from the sale without incurring any penalties. I hope this helps. Bonne chance!
Thank you for taking time to answer me, I really appreciate it! Okay, I think I understand. I thought there were 2 times throughout the process the buyer could withdraw....the period of time (usually 2 weeks) before the compromis de vente is signed, and then again the "cooling off period" after it is signed. Anyway, I will read this Legi France link that you sent. Merci!
@olivlisa de rien! I thought so as well, which is why I am glad I looked it up before responding to your initial comment.
Also, this is another instance where having your own French notary representing you as the buyer is a good idea as he/she can guide you with expert advice in your best interests.
Thank you, yes....I do have my own French notaire, separate from the sellers notaire. I have only just yesterday signed the Lettre D'Intention D'Achat d'un Bien Immobilier. So. you are saying at this point, if I change my mind in, lets say, 3 days, before the Compromis de Vente is signed, I will have legal obligations? I will not have given a deposit yet. Just curious because an estate agent told me I can walk away from it before the Compromis de Vente is signed if I want to. The seller can't, but the buyer can. Anyway, thanks for your help! I'll read some more on this topic.
I thought the listing price is the price to sell/buy in France?
Hi Stanley, thank you for your comment. The listing price in France generally always includes agency fees. However, you always need to figure in the notary fees on top of the listing price (approximately 7-9% of the sale price)
Great information indeed. If I could add just one thing, I would spend a moment or two explaining that I “notaire” in France has nothing to do with what we consider a notary in the United States. Well, very little to do anyway. Thank you so much!
Thank you Bird Advocate for your comment and helpful suggestion. Indeed, the notion of a “notaire” in France compared to a notary in the U.S. is very different. Perhaps I will need to make a second video going into more details of these important nuances!
Thank you for sharing!
Thank you for your great information about buying property in France!
I have a tough question for you, my husband late brother died last year, other living siblings will be inheriting his properties in France, they are all us citizens. Is it a 45% inheritance tax?
Hi Claudia, thank you for your comment. I am glad that the video was informative for you. I am sorry to hear of the passing of your husband’s late brother.
I unfortunately am unable to speak on inheritance tax rates as I myself am not fully up to speed with this subject. The French notary of your brother-in-law’s estate will be able to help your husband determine the effective inheritance tax rate. I would also advise you to contact your U.S. tax accountant/advisor to determine what implications this inheritance may have on your U.S. tax obligations.
Great video I m interested in investing an property in Paris this year ..How is possible for Dutch citizens to get a mortgage in France? Will that be same rate as locals?
Thanks Calvin!
The mortgage rates are determined by a number of economic factors but do not discriminate on nationality so you will have access to the same rates as locals.
I advise you to contact a French mortgage broker (un courtier en français) who will be able to negotiate the best rates for you with a variety of French banks.
I wish you the best of success in your Paris property investment project; very exciting!
Hello, which bank accepts foreigners for a mortgage in France? I’m an American. Thank you!
What about VAT, what are other expenses?
VAT only applies in instances of professional real estate transactions, not for transactions between private persons. I do not have any experience with VAT for my French Buying process experiences so I cannot speak on the subject
Sorry, more clearly: can my US bank finance a house I want to buy in France?
You need to meet with your US bank and ask them if they will finance a purchase overseas. Once they they've given approval, money needs to be transfered to France, and more particularly 10% of asking price to the notaire to lock in the purchase procedure.
What is the name of the company that you guys bought your property from?
The property was listed with MyMarseille
@@BrianInFrance12 thank you very much handsome 😘
This is very helpful, thank you! How much are the property taxes in France?
Thank you for your positive feedback! I am glad to hear that. Property taxes (taxe foncière) in France vary greatly from town to town and region to region. For Marseille, our taxe foncière for each property has come out to about 5-6% of the purchase price (this is of course a faulty way to calculate as it is generally calculated based on the property’s estimated rental value).
Here is a good link explaining in more/better details property taxes in France:
www.french-property.com/guides/france/finance-taxation/taxation/local-property-taxes/fonciere
@@BrianInFrance12 Thank you so much! I am looking at buying a vacation property for retirement so this information will truly help!
That is excellent news. I wish you the best in your property search and hope you are able acquire your dream French property :)
Feel free to check out this French buyer’s agency website, www.home-hunts.com They are truly great at what they do and are remunerated by the seller’s commission so their service is free to their clients (the buyer).
Cheers and best of luck to you!
@@BrianInFrance12 Oh you are the best! Thank you so much and please stay safe and take care!
@@victoriascranton4322 Hi Victoria, thank you for your comment and questions! It is hard to quantify French property taxes as a percentage as the annual property tax (taxe foncière) is calculated on the rental value of the property. For a property in the 200k range in Marseille would like have a taxe foncière of about 1k (approximately speaking). The taxe d’habitation (resident tax) is calculated on a number of factors including value of property, your revenue etc. so that one would be best to ask a tax specialist.
Indeed the Home Hunts site boasts luxury properties hence the 1M+ price range but I assure you that you can find some lovely properties in the 200k range in Marseille depending ont your criteria and location :)
Hope this helps and hope you find your dream Spanish or French property!
Where can I get a notary?
Word of mouth, through a recommendation from a buyer’s agent or local Google searches are the best solutions that come to mind
Hello. What about the seller; could you provide some info?
I have not sold any properties yet. However, my experience as a buyer may be able to help answer any questions you may have as a seller.
Hi! Can I get a mortgage in France with my credit history, bank account and salary from the USA, with say 40% downpayment in cash?
Thank you for this helpful video. Did you have to pay a 10% deposit at the time of signing the Compromis de Vente ?
Hi Rebecca, I am glad it was helpful for you. For the first purchase, we paid a deposit covering the notary costs (9% in this case).
For the second purchase, we negotiated the deposit down to 2% with the seller.
It is definitely ideal and reassuring for the seller if you have the 10% deposit. But as you can with our cases, this is always negotiable.
I wish you all the best!
can see*
Hi Brian, thanks for the video! Can you do a video on Viager? What are the pros and cons etc.
This is my question- do french people want us there? I see the anti-immigrant sentiment here in Canada, and I'm wondering if the French share the same attitude.
Hi Erin, thank you for the great question. I am still in Marseille since my arrival back in 2012 and for the most part I feel welcomed here. I think the key with successfully integrating French society is making a committed effort to speak French. Even in the beginning when my French wasn’t great, I always felt that the locals appreciated my effort.
It helps that my life here is virtually 100% French-oriented (wife, family, friends, work etc.) Hope this helps. Would love to expand more on the subject if you have specific concerns with potential anti-immigrant sentiment here in France (there will always be a percentage of any society with xenophobic tendencies but I don’t feel it is stronger here than say in the U.S. or perhaps Canada as you said; just my personal observations though)
@@BrianInFrance12 ok thanks.
are there buyers advocates in france ?
Yes, there are. I worked for one a several years ago called Home Hunts; a great team of professionals which I highly recommend to any French property buyer.
Such great information, Brian! Thank you for sharing. I've heard that it is practically impossible for Americans to get a French Mortgage. Do you think this is accurate? And lastly, how long would you say the entire process took?
Hi Kayla, thanks for your kind feedback! I wouldn’t say impossible but it certainly depends on a number of factors including your employment situation and/or the amount of your down payment etc.
The process for my wife and I took about 6 months from purchase offer accepted to sales deed signed. The mortgage process took about two months for us. I hope this helps and hope you buy your dream French property! 😊
What a great and informative video. My husband and I are going to be purchasing a property in France, and need to know how to start the process. I have contacted a couple companies but have not had a great response so I think that I may be going about it the wrong way. Would it be okay for me to email you?
Hey Cheryl, thank you for your positive feedback. That is very exciting for you and your husband! Definitely please do feel free to email me at brianproulx@gmail.com
Hi Brian, Thanks for the video, one question, do you get a notary in your own country or do you need a french notary?
Hi Tijn, thanks for your question. Indeed, you need a French notary.
@@BrianInFrance12 May you share your Notary's contact info and Mortgage company?
I am verymuch interested in buy a property in France. How can i contact you?
Hey Sydney, send me an email at brianproulx@gmail.com and I can give you a call if you would like