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FRANCE BUYING GUIDE
There are no restrictions on foreigners owning property in France.
The French Buying Process has Two Main Stages:
1. The “Compromis de vente”
Once the buyer’s offer has been accepted, they will be asked to sign a preliminary
contract known as a “compromis de vente”. This contract is a legally binding document
which commits both parties to the purchase. The contract contains details of the parties,
a description of the property, the price and the completion date and when signature of the
final deed of sale takes place.
On signature of the compromis de vente, a deposit of between 5 and 10% is paid by the
buyer into an escrow account, ordinarily held by the notaire.
In certain circumstances, the buyer can withdraw from the purchase without losing their
deposit or paying penalties. The most common “clause suspensive” is the right to withdraw
if a mortgage offer is not forthcoming.
The “compromis de vente” will also be accompanied by several survey documents called
“diagnostics techniques” including an energy and natural risks survey. A structural survey
is not mandatory in France but is recommended for older properties.
After signing the “compromis de vente”, the purchaser will receive, via recorded post, a
countersigned copy of the contract, with notification of their right to withdraw within 10
days. After this cooling-off period, the contract will become binding.