Estate Agents Tip: Buying Real Estate in the South West of France
Imagine living in a village cottage West of Gars in in Gascony. Wrought iron gates welcome you, lush green gardens yearn for you to take a mid-afternoon stroll and only five minutes away the town of Piaisance invites you to local cuisine and wine. It is a dream that can become a reality.
Barely touched by economic downturns, the South of France is a place of perfect bliss to purchase a holiday home. With banks offering little interest on cash deposits, buying a home can be a better investment than renting a property. Some rentals can be up to 10% of the value of the property per year. As the purchaser, the benefits are endless, including the ability to rent your property to those seeking the perfect holiday.
Formalities of purchasing property in the South of France can be different from your home country, and as a traveler you know that you must “speak the language”. This applies in purchasing real estate.
Most properties are sold via estate agents; although, it is possible to purchase privately via notaires. It is suggested that the expertise of an estate agent is utilized. Knowledgeable about regions, availability and realities of the properties, they can take your ideals and budget into consideration. Most groups have English-speaking estate agents as well. An estate agent may ask you to sign a “Bon de visite” which confirms that the property was shown by the particular agent.
The internet has given us the capability to search quickly, find the desired property and skip a formal meeting. It is suggested that you schedule an appointment with the estate agent in their offices to view their environment. Assure that they are registered to a group such as SNPI, UNPI or FNAIM. These credentials should be viewable within the office.
The estate agent’s fees should be included in the asking price for the property; however, when considering a property it is advised that you ask the agent what is included in the price. In addition, consider VAT on any extra fees.
It is acceptable to make an offer on a property, and discuss it with your estate agent. The estate agent’s knowledge of the property’s history and vendor’s behaviors will give you great insight on the possibility of the owner lowering the price.
Binding the sale happens much earlier within the process than most countries. After finding the desired property, it can be secured without the worry that another purchaser can claim it; however, gazumping, has become a recent problem due to the vendor having more negotiation options with a variety of buyers. If the vendor has not signed the compromis de vente then it is impossible to prove that your offer was accepted first.
The notaire is the only persons by French law that can conduct the signing process of the compromis de vente and clauses suspensives. Usually a 10% deposit is expected at signing, and the notaire holds the deposit.
* Compromis de vente-Outlines the general guidelines of the agreement between the vendor and buyer. In addition, it will contain the date that the Acte Authentique (the actual contract) will be signed.
* Clauses suspensives-A document that allows you to withdraw from the agreement without penalty. Of course these are clauses that have been agreed upon by the vendor and the buyer.
The process of purchasing real estate should take about four months from the offer to the signing of the contract. Not much time to wait for an investment of a lifetime.
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