You’ve just received the exciting news that your offer on a house in France has been accepted! This marks the beginning of an exhilarating journey towards owning your very own home in France! In this follow-up blog to “How to Make an Offer on a House in France,” we’ll take you through the crucial steps that occur after your offer is accepted.
Because there’s so much that happens after an offer is accepted this blog will cover from signing the sales contract (“compromis de vente”) to due diligence and property surveys.
Signing the Sales Agreement:
Once your offer is accepted, your next milestone is signing the sales agreement, also known as the “compromis de vente.” This legally binding document outlines the terms and conditions of the sale, including the purchase price, payment schedule, and any specific conditions that need to be met before closing the deal, such as financing or property inspections.
Ten Day Cooling-Off Period:
In France, there is typically a cooling-off period of ten days after signing the sales agreement. This provides you with the opportunity to reevaluate your decision without any consequences if you choose to withdraw from the agreement. However, it’s important to note that the seller is obligated to proceed with the sale during this period, ensuring a certain level of commitment from their side. Once the ten-day cooling-off period has passed, the only way a purchaser can walk away from the sale without incurring a penalty is if one (or more) of the conditional clauses are not met (eg if the finance is not secured).
Secure Your Financing:
By the time your offer is accepted, it’s likely that you have already taken the prudent step of obtaining pre-approval for a mortgage. Pre-approval provides you with a clear understanding of your budget and strengthens your position as a serious buyer. If you haven’t done so already, finalise your financing arrangements with your chosen lender or broker, ensuring that all necessary documentation is submitted and reviewed.
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.
Additional Property Surveys and Inspections:
While finalising your financing, sometimes it’s important to arrange property inspections and surveys over and above the reports that are provided to you by the seller. This will help to ensure its condition meets your expectations. Engage professionals to evaluate the property’s structure, inspect for any potential pests, and assess any environmental factors that may impact its value or your future enjoyment. These inspections will provide you with valuable insights and help identify any points of possible negotiation or repairs.
Conclusion:
The steps listed above are critical when purchasing a property in France. If you are not in France or you feel overwhelmed and want to ensure you don’t make any mistakes along the way, we recommend engaging a buyer’s agent who can handle all of these steps for you. Our trusted partner, Milieux Property, specialises in helping international buyers purchase their dream home in France and can guide through these important steps.
While you’re here, check out some of our other blog posts:
Trusted Partners of Buy Property in France:
If you need assistance with purchasing a property in France, we suggest the team at Milieux Property. They are international buyer’s agents who specialise in buying property in France for English speakers.