Compulsory Indications in French Law
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The Real Estate Agent: Professionalism
A real estate agent must inspire confidence on account of the administrative and financial control and responsibility he or she carries.
If the real estate agent wants to mediate, he or she requires a Mandate.
To be in receipt of this mandate, he or she must hold a professional card.
In order to receive funds, he or she must issue a receipt and register this transaction in the directory register. These funds must always be deposited into a sequestrated account that guarantees the safety of deposits by a "financial garantee" insurance.
If there is no mandate prior to the transaction then this contravenes the law.
The client has the right to demand to see the obligatory items that every agent must hold:
- A Professional card
- The receipts of declaration of prior activity.
Similarly, the client ought to see, displayed on the walls of the local agency, a certain number of terms and conditions: the commission tarif, the name of the funder of the guarantee ...
Parallel to the documents issued by the prefectural authority, the books and registers must state each of the daily activities of the agent.
These documents are testimony to a professional aptitude to intercede on the client's behalf.
Take Note : the Professional Card is issued for one year, and it is renewed only if all these conditions are fulfilled. Each year, the prefect checks that the conditions of conduct are met.
All of these conditions are proofs that you have a real professional in front of you when you got to a meeting with the real estate agent.
IN NEED OF A FINANCIAL SOLUTION ?
All purchases are principally tied up with financing !
You are in doubt, can't get to grips with the information, don't know how to broach the subject with your banker or you simply aren't sure how much you can borrow.
Our network permits you to connect with specialist funding brokers who will enlighten you with regard to your possibilities.
Do not hesitate to ask us about the Agence2immobilier service.
7 Reasons to buy in France with Agence2immobilier
1- Lifestyle : The French Know How to enjoy life and appreciate the finer things without letting daily aggravations get in the way. For instance, at lunchtime everything and everyone stops, from builders and managers to office workers and farmers, so that they can enjoy good food and wine while relaxing with friends and family.
2- Activity : Wherever you go in France, there’s something to do all year round and in all weather. Festivals, shows, concerts, even in a small towns.
You can drive to the beach easily or you can go skiing.
3- Integration : In France you can become involved in the day-to-day life in a village or town and feel part of it but also have friends of the same speaking. Don’t forget that the French population is used to welcome English speaking citizens, so most people understand and try to communicate.
4- A sense of history : Properties in France come in all shapes ans sizes, and you’d be hard pushed to find a more abundant supply of character homes with original features, chateaux, manoirs, moulins (millhouses),maisons de maitre, maisons bourgeoises, haras, burons (old cheese house), chalet. Old houses tell you their history.
5- Education and Health : « Schooling » seems to be the main reason to move to France. You can find « elementary school » in many small villages, so that it is easy to set up a new life in France.
Some people believe that the education on offer is better than the state system in the US, because it is more traditional.
Healthcare is one of the other reasons given by people, no wonder as the French healthcare system is one of the best in the world. If you have a second home there, then, with the correct forms you will be entitled to treatment while on holiday. If you live and work there, or are over retirement age, you will also be entitled to treatment, otherwise you you will need medical insurance.
6- Stable economy : France appears to have weathered the financial storm better than the UK or US, largely due to its strict borrowing regulations which means the banks continue to lend to purchasers.
7- France offers an incredible variety of landscape, architecture, activities, prices and weather, so there really is something for everyone. It is essential to be sure of the reasons why you are buying in France before you embark on the search. Enjoy the process, the decision, the search and the purchase. Use your common sense.
Buying property is France is generally a good investment, but should you find that once you have your property, you are not as happy with it as you thought you would be, then don’t worry. You can sell it and start again.You are more likely to make a profit than a loss, which cannot be said for other large purchases such as cars, which immediatly lose value.
The longer you own you French property, the more likely it is that you will make a decent capital gain- and the more likely it is that you will grow to love it so much that you’ll never want to part with it.Inspired by Penny Zoldan
Traditional House purchase process in France
1- Making an offer : Make sure that the professional you wish to use holds a professional certificate « carte professionnelle ». In our agency, you will sign a « bon de visite » to prove that you have visited the property with us.
We will advise you to make an offer in writing when you are interested in a property. This offer must set out the terms, i.e. the property description, proposed price, conditions of the purchase.
2- The sale contract=Le compromis : This is where both parties agree terms and conditions. The contract enables the notary to carry out the searches before completion. This contract will be drawn up by our agency. We are authorised to draft such a contract since we hold the professional certificate.
3- Cooling off period : Le compromis binds the parties to the transaction at a the first stage. However purchasers have 7 days following the signing of the contract in which they can change their minds and withdraw from the contract. At the end of period, we forward the contract to the notary.
4- The notaire : Notaries in France are public officials appointed by the Ministry of justice, with their own system, which is distinct from those of avocats or solicitors. They are empowered to place the French state seal on any deeds they prepare, which then fall into the category of a public document and are difficult to challenge. The notary has a duty of care towards his clients and cannot restrict his duties in the way a sollicitor can when agreeing the terms of his retainer with a client. All property sales in France require a notary to handle them. The notary can act for both parties and he is obliged to be impartial. Purchasers can appoint a separate notary to act for them or they can rely on the notary appointed by the vendor.
5- The searches : It takes a minimum of 2 months from the signing of the initial contract for the notary to carry out his searches.(notifying public bodies, the SAFER, if the property is located in a rural aera, ….)
6- Payment : The purchase price, agency fees and notary’s fees are paid into the notary’s bank account (Caisse des dépôts et consignations) on completion. Whether the funds are transfered from the UK or France, the notary has to check where they come from to comply money laundering legislation.
7- Completion : The transfer deed is signed at the notary’s office. The notary drafts the contract and reads it to both parties to ensure they understand the terms, and to answer to any of their queries. The original deed is kept by the notary and a certified copy is posted to the purchasers after registration at the Land Registry.
8- After completion, the purchasers transfer utilities into their names and insure the property. Local taxes will automatically be transferred into their names during the registration process at the Land Registry. the taxe foncière and taxe d’habitation are both due and payable for a fiscal year (1 January - 31 December). The purchaser reimburses a pro rata amount of the tax foncière to the vendor from the date of completion to 31 December. However, the taxe d’habitation is paid entirely by the vendors with no reimbursement.