The steps to buying a property
As you will have understood by now, at Immo’Select we pay very special attention to the quality of our expertise in order to offer you the best solutions to make your purchase.
When you come to Immo’Select for help, you are guided step by step through the property purchase process to its optimal conclusion To help in your understanding, the following are the 5 key steps to a successful purchase with Agence Immo’Select.
The letter of intent to purchase or the purchase offer
Signed by both parties, this first mutual commitment enables the buyer and seller to agree on the net price the seller will receive.
The bilateral pre-sale agreement or the unilateral promise to sell
Before signature of the bilateral pre-sale agreement, as a buyer you must:
- Complete the personal details form provided by the agency
- Send a copy of your passport or ID, your birth certificate and, if applicable, your marriage or civil partnership certificate
- Choose your notary. You may choose the same notary as the seller but you are not obliged to. The cost is the same whether there are one or two notaries.
The promise to comes from the seller who commits to sell to a buyer candidate within a limited period. The promise to sell must also be signed by both parties.
Payment of the deposit
When you sign the bilateral pre-sale agreement you must pay a deposit to be held in escrow, usually by the notary, and this will be paid back or deducted from the purchase price when the sale completes.
Important: the buyer benefits from the faculty to retract from the purchase (with no requirement to give reason) for a period of 10 days ( the SRU law) If they retract within this 10 day period, the deposit is paid back.
Provision of the mortgage certificate
In the event that you are taking a mortgage, you have a period of 30 to 90 days (from the date of signature of the bilateral pre-sale agreement) to obtain your mortgage offer from the bank. If the application is refused, the bank must provide written justification which will effectively cancel the bilateral pre-sale agreement or the promise to sell. The deposit will then be reimbursed without penalty.
Signature of the deed of sale.
The signature of the deed of sale generally takes place approximately 3 months after signature of the bilateral pre-sale agreement.
But before this completion signature, several tasks must be completed by the buyer:
- The balance of the purchase price must be transferred
- The property must be insured by the buyer
- You must have a bank account in France (if this is not already the case) in order to pay water and electricity bills.
The signature of the deed of sale will take place with the notary. If the buyer cannot be present on the day of completion, they may be represented via a power of attorney which will be provided by the notary.
And of course, our team will be by your side all the way through the process to help you with your project and facilitate every step.
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