Paris Property: Home Buying Guide

Summary: Buying property in France or an apartment in Paris? Diana Morales provides an overview of the agreements involved in buying French property, the notaire's role and more.

When purchasing a home, you will first be asked to sign a preliminary agreement with the owner. There are 3 types:

Compromis de Vente binds both buyer and seller to the agreement absolutely.
Promesse de Vente binds the seller to the agreement absolutely, but the buyer is only bound by certain conditions. Generally it gives the buyer three months in order to find a mortgage.
Promesse d'Achats/Offre d'Achat binds only the buyer absolutely.

Note: the buyer will usually have to put down a deposit at the time of the preliminary agreement. If the buyer does not hold up his/her end of the agreement, the deposit may be forfeited. Various clauses may be written into the agreement so you may negotiate the different options.

Inspection

Property inspection is not mandatory in France as in some countries. However, the buyer can pay for this service if he/she wishes. Though the cost might be high, it may be worth it in the long run if there is a problem.

Notaire

A notaire is a public official who, in France, may often take the place of a lawyer in another country concerning real estate transactions. This person must be present at the signing of a preliminary agreement as well as the closing and is able to draft the necessary documents. He/she can also advise on estate planning and inheritance laws. This can be important if you don't already understand the French laws on this subject. Know that the fees for this service can be rather hefty.