Buying French property straight from the owner
Say you’ve found the house of your dreams and you’re ready to buy. This means there’s no more freewheeling around the French countryside, without any obligations. You now have to meet eye to eye with the owner... and talk about the conditions!
The negotiations
Rule of thumb in the real estate market is: haggle. Every seller – unless clearly expressed otherwise because some people just won’t have it – has left some elbowroom in his asking price. Simply because he needs to give the buyer the feeling of having succeeded. This is also the reason you simply have to insist on talking directly with the owner. It happens quite often that the French real estate agent (or his English contact) will bluntly tell you the owner has no intention to lower his price. Even if he does. Usually count on being able to lower the price with 5 to 10%, and - depending on the market situation - even considerably more!
The language problem
If you are dealing with the owner and you are not entirely certain of your command of the language, take something with you who does have his or her French down pat. Preferably someone who is a 100% on your side. Unlike most real estate agents. They are not there to help you find the ideal house for the lowest price. But to land you with a house they are commissioned to sell, as quickly and dearly as possible. They are bound to, by their loyalty to their paying client: the seller.
Your own estate agent
There are several international agents and specialised companies that will gladly defend your interest. You’d have to pay them, of course. We like Mikel de Rooy of 30avendre.nl (a Dutchman with official ‘carte professionelle’ working only for buyers in the South central department around the Gard. And the Dutch based company compromisdevente.info of Wim van Teeffelen. Their intervention can help you save a lot of trouble and money. Also because they check all contracts and deeds with your interest in mind.
Compromis de Vente
This document is often called the ‘preliminary deed’ but in reality it is (or should be) an ironclad buying and selling contract. The CdV is binding for the eventual sale. So make certain to be fully aware of the content and check for any strange clauses (added responsibilities, unclear indication of the plots or the quality of the facilities, like the pool or the waste water disposal).
Signing the official CdV is easy. Just plan an appointment at the notary public, who will organise the entire process for you. These services are included in the normal legal procedure, with no additional costs.
If there is a house broker involved he can edit the CdV as well and you can sign at his offices. The disadvantage being that the agent is one of the beneficiaries of the transaction and therefore not 100% objective. As the notary public should be.
Notary independent and unbiased?
In real life some notaries will turn out to be a bit to involved as well. Especially if they have brought you and the seller together and will be paid an additional fee for the transaction. This engenders the risk that they may want to smooth out any hiccups and cut some corners to get the deal done. There are also cases known of a notary trying to kill a deal because a friend wants to get a shot at the property as well. But most are OK. Just to be on the safe side, you could discreetly ask around about the reputation, and if needed bring you own! At no extra cost, because they will have to split the fee. Which doesn’t make them necessarily happy but well...
Another option is to have the CdV read by an independent specialist, like the aforementioned ‘CompromisdeVente.info’. Have your notary send or fax you a copy of the paperwork so you can have any strange conditioned altered or scratched before confidently striding into the notary’s office.
Getting a mortgage
If you need to get a loan for part of the investment in a French house, ask a specialist. We like IPF - International Private Finance. Do you want to know how much you can afford? IPF have a special online mortgage calculator.
