The purchase of property in France is usually divided into two steps the initial contract and the final contract:
Initial Contract
First of all an agreement is negotiated between buyer and seller and the initial contract which is called "Compromis de Vente" is then signed by both parties. This is a legal document, binding on both parties and should not be taken lightly. At this stage the buyer pays a deposit of a minimum of 10% of the purchase price which remains `blocked' in a special account at the Notaires office until such time as completion takes place or the purchase is aborted. At this stage the property is taken off the market The period between the two stages of the purchase lasts usually two months.
Final Contract
At the end of this period, which can be extended at the agreement of both parties, the final contract, the "Acte de Vente" is signed at the Notaire's office and the property passes to the buyer, who must pay the balance of the purchase price to the Notaire who then pays the vendor. It should be noted that the balance must be in the Notaire's possession before the contract is signed. It will also be necessary to provide to the Notaire before completion a copy of your birth certificate translated into French and, if applicable, a copy of a Marriage Certificate also in French.
From the signing of the Contract the purchaser is responsible for the insurance of all the buildings on the property.
