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French Property Sales Brief
As soon as you decide to sell your property you will have several options to explore. The usual option will be to instruct a local agent who will offer your property for sale within that area. The agent will charge a commission and this will vary from 5% to 10%. the prospective purchaser will be responsible for these fees. They will also be responsible for the Notaire's fees. make sure you understand the terms of the agreement (the mandate) with the agent and do not sign any contract without making sure it is what you want. For instance, a mandat simple means that the agent does NOT have exclusive rights for the sale of your property and you may place it with other agents or alternatively offer it for sale privately.
If you give the agent a MANDAT EXCLUSIF this means the agent has exclusive rights and may charge a commission even if you sell the property privately. There may be a reduction in the commission charge if you wish to use this option.
You may choose to offer your property for sale privately and advertise it in the local press or on the internet. The internet has become a powerful medium for selling your property, however for some people who are not experienced with computers, it can seem daunting. We highly recommend you vist our upload page.
Once your purchaser has been found, you will notify your notaire. The purchaser may choose to have their own or you may both use the same notaire.The sale agreement, COMPROMIS DE VENTE, will be drawn up and both parties will be asked to sign. It would be a good idea to have an inventory of the items included in the sale so that there can be no cause for confusion and delay at a later date. If you require English speaking assistance please go to our Services page.
Following the signing of the compromise de vente there is a cooling off period of 7 days. The Purchaser will be asked to pay their deposit, normally 10% of the purchase price, to the Notaire. Both parties are now committed to the transaction and the deposit monies will be at risk should the Purchaser withdraw after an 8 day period. Similarly the Vendor may be liable to compensate the Purchaser should he withdraw.
You will be required to obtain a DIAGNOSTICS SURVEY .The surveyor will attend your property and make a thorough inspection which will include a report about the energy efficiency of the property and notification of any dangerous substances in the fabric of the building, i.e. lead, asbestos etc. Possibly a seismic report and termite report will be required depending on the area. Be prepared for the surveyor to be with you for several hours depending on the size of the property. The cost averages at about 700 euro. A gas diagnostic certificate is required if the installation is over 15 years old.
The Notaire will prepare all the documents for the transfer of title and then arrangements will be made for the final signing, ACTE AUTHENTIQUE, the remains of the purchase monies will be paid and the Notaire will deal with any tax implications, where necessary. The Notaire will advise when the monies have cleared and the keys will be handed over.
CAPITAL GAINS. Capital gains will apply if the property is not your main residence and you are not registered as living in France and not in the tax system. However, if you have refurbished your property and have the RECIEPTS to prove it, these costs may be taken into consideration.
We hope this information helps and we will provide details of individuals who may help you, if required please find more information on our Services page.