Most foreigners are unsure if they can buy a property in France. No law in France prohibits a foreigner from buying a property. The only difference is that the procedure for a foreigner to buy a property in the country is stringent compared to that of a French citizen. As a foreigner, you will deal with several paperwork and need the help of a lawyer and a real estate agent.
France is a hospitable tourist destination. Investing in real estate in France comes with many benefits. For example, you will earn revenue from rent. Meanwhile, buying a house in France is not much of a hassle if you reach out to the right people. Read and learn how to buy a property in France as a foreigner.
Find a realtor
Reach out to a Franch realtor to help you with your quest to own a property in France. You can check reviews of various realtors online or reach out to friends to recommend. Inform the realtor of your location and budget. The location and budget will help the realtor find the best property to suit your needs. One of the best locations to invest is Corsica in France. Furthermore, Corsica real estate is worth buying because tourists always visit, and they must look for a place to stay.
Review the Diagnostic report
The Diagnostic report of the property is called Dossier De Diagnostic Technique in French. The Dossier De Diagnostic Technique (DDT) comprises various surveys from the seller that provide details of tests on the property. Some of the information available on DDT includes information on energy efficiency. Your realtor will request the DDT from the property seller. You should also take a look at the DDT or request an interpretation.
Make an offer after a physical inspection.
If the property suits your needs, it’s time to make an offer. However, making an offer after you have physically inspected the house is advisable. In other words, visiting France and physically inspect the property would be proper. Reach out to a lawyer to draft the offer. The offer, if accepted, is considered a contract to some extent, subject to the cooling-off period.
Pay the deposit
The next step is to pay a deposit on the property. The amount you will deposit varies and depends on the parties, region, etc. In most cases, the initial deposit after an offer is 10 percent of the cost of the property. Meanwhile, the cooling-off period is around ten days after the initial deposit. If the total purchase price of the property is not paid after the cooling of period, it could lead to a breach of contract.
Sign an Acte De Vente
After all parties are satisfied with the terms of the contract, the last stage is to sign the deed of sale, known as Act De Vente, at the notaire’s office. If you can’t attend the final execution of the contract, you can appoint your realtor as your attorney to execute it. However, you need to have paid the balance of the purchase price of the property, stamp duties, and land registry fees.
Conclusion
Buying a property in France is not a bad investment. The realtor and lawyer you use will determine how smooth the process will be. Look for an experienced realtor and lawyer to make the process seamless.
