Laws Governing Foreign Property Ownership in France
Aquitaine is one of the most attractive places in this European country. Its mild climate, as well as rich countryside and rural areas, are perfect for people who are looking for a subdued place to live in. On top of that, individuals who are searching for good French investments can find numerous estates that suit various needs in the land where you can find “little window boxes filled with flowers, tidy gardens, pretty sidewalk cafes, and clean streets.” - French Ministry of Foreign and European Affairs
If you are looking into buying a home in the country, whether for short or long-term stay, the first thing you need to do is to find a company that can point you to the right direction. However, the laws that govern foreign ownership of land in France is extremely complex; thus, it is recommended that you, as the buyer, seek the advice of a solicitor who can help protect your interests.
Once you have found the real estate property to buy, an initial contract or bilateral agreement (compromis de vente) will be made. After that, you will need to pay a 10% deposit of the agreed price, which will be held by the notary (notaire in French, a legal practitioner with public authority to draw up authenticated documents of settlement between clients) or the selling agency. This is to ensure that the residential building can no longer be sold to other parties. Once you are ready to complete the purchase, you will then have to pay the balance to the officer, who will then give the money to the company that sold you the house. The acte authentique or formal conveyance document is then presented and read by the notary, usually in French, in his office. If you do not speak the language, a bi-lingual lawyer should interpret the terms of the contract for you. For the fees, you should expect to pay more than 12% of the selling price, 3% for the notaire, 7.5% for transfer tax, and about 6% for registration payments.
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Hiring the services of a professional who is knowledgeable about the legal processes is extremely helpful, especially if you do not speak their language. Moreover, an expert in the property tax regulations as well as inheritance rules in the land will be able to help you make informed decisions in the end.