Once you have visited a property and made up your mind, you sign a binding offer to purchase, setting out the essential conditions of sale. The file is then entrusted to a notary for signature of a promise to sell (“compromis de vente” or “promesse unilatérale de vente”). The notary then carries out a number of checks to provide the necessary legal security for the transaction, before signing the final deed of sale.
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Although each case is different, not least because of the notarial considerations involved, it generally takes 3 to 4 months from the signing of the offer to purchase to the handover of the keys.
Agency fees are included in the sale price.
Conversely, notary fees are payable by the buyer in addition to the sale price. The calculation of notary fees depends on a number of parameters (geographical location of the property, whether or not the property has furniture already been sold, whether or not the buyer has taken out a bank loan, etc.), but they are generally around 7% of the purchase price. Reduced notary fees may apply to new properties sold by professionals.
A security deposit, usually set at 10% of the sale price, must be paid into the notary's account at the same time as the promesse de vente is signed.
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