A Guide to Buying Property in France
France is an extremely popular holiday destination and is one of the most visited countries in the world. Paris is the capital city and is renowned for romance and beautiful views over the River Seine, from balconies of Paris apartments. Of course, Paris is not the only area of France which is popular – the south of France is extremely popular for country homes and holiday homes.
As the south of France is nearer the equator it is the most popular area due to the heat and beautiful sunny weather. Purchasing property, in France, for investment or as a permanent home, is becoming increasingly popular.
The beautiful architecture and art galleries are of superior quality here and the French culture is one of the main reasons people choose to move here.
The French Property Buying Process
Lending in France is based on affordability (like most places), so you will need to ensure you are able to afford a mortgage when applying. Mortgages in France must not exceed 85 percent of the valuation of the property or the purchase price – whichever is lower.
Purchasers are to deposit up to 10 percent on signing the contract and this money is handed over to the estate agent or notaire and is then held in escrow for the purchase. The deposit is not paid to the seller so you must never give money to the seller under any circumstances.
The deposit is not refundable unless there are conditions on the signed contract which are not met. In this case, the deposit has to be refunded within 21 days by law. If the contract is signed and the buyer simply pulls out after the deposit is paid then this money is given to the seller.