Buying Paris Property - the Purchase Process
If you’re about to buy property in Paris you might reasonably expect the purchase process to last a minimum two months from offer to completion. The whole process begins and ends with two contracts: the compromis, drawn up after you make an offer, and the acte de vente which completes the sale.
Once your offer is accepted by the vendor you’ll be required to sign the compromis, which confirms your verbal agreement and declares your intention to continue with the purchase. The estate agent will draw this up for you, and this process is often completed very quickly - sometimes as soon as you’ve viewed your chosen French property. This contract can be used to make any conditions of the sale clear at the outset - in particular, if you’ll need a mortgage approved you may want to ask for this to be a condition of your offer.
Expect to pay a deposit of around 10%, required with or shortly after the signature of the compromis. You’ll then have a seven day cooling off period, in which you can take any further advice you feel neccessary. At this point responsibility for the sale passes to the notaire - an independant professional, responsible to the French government, who handles the legal and financial obligations of the purchase process. Your agent will most likely be able to recommend a notaire, who will work for both vendor and purchaser to ensure the sale is legal and completed correctly.
Should all run smoothly, the final contract completing the sale is known as the acte de vente, and ideally you’ll be expected to attend the signing in person, which is normally hosted by the notaire. The contract is read out loud, the reports of all surveys confirmed, and all parties have a final chance to make minor ammendments before contracts are signed in triplicate. With your copy of the acte in hand, you become the proud owner of a Paris appartment!
