After your offer on a property in France is accepted, the compromis de vente is signed, and your deposit is paid, the countdown to completion begins. The final steps of the process occur at the notaire’s office, where both the buyer and seller are expected to be present. Importantly, know that you can’t rush when completing on a French property.
However, if you cannot attend in person, you can appoint a legal representative with a valid Power of Attorney to sign on your behalf.
Contents
- Understanding the French property buying process
- Finalising the contract
- Payment and financial transactions when completing on French property
- Costs associated with the property transaction
- Frequently asked questions
Whether you want an apartment, cottage or chateau, you will need to go through the process of completing on French property
Understanding the French property buying process
The timeline between signing the initial contract, known as the compromis de vente, and receiving the keys typically spans two to three months. This duration varies depending on the specific property and circumstances. The final step in the purchasing process is the official signing of the Acte de Vente, during which the keys are handed over to the new owner.
The Acte de Vente serves the same purpose as completion in property transactions in the UK or US. It legally finalises the sale and confirms your ownership of the property.
Finalising the contract
Before signing the Acte de Vente, you must ensure that all funds are available in the notaire’s client account at least three days prior to the signing date. The notaire will confirm that the account is settled and will accept their fee along with any applicable land registry fees, if these were not included in the notaire’s fees. After the sale has been published with the Land Registrar, the notaire will deposit the fees with the relevant authorities.
Your estate agent will assist in transferring the utilities into your name, reading the meters on the day of the signing, and ensuring the safe handover of the keys. Following this process, you will receive an attestation of purchase, which serves as proof of ownership. The actual property deeds will be sent to you several months post-purchase, completing the legal process.
Payment and financial transactions when completing on French property
It’s vital to consider the two types of property taxes applicable in France: the Taxe d’Habitation and the Taxe Foncière. The former is due by the current owner on 1 January each year, meaning if you buy the property at any point after this date, you won’t be accountable for this tax until the following year.
The Taxe Foncière is typically payable around October each year for the upcoming year. Consequently, you will need to reimburse the seller for the tax from the day you purchase the property. The notaire will facilitate this transaction and provide you with a final account for your records.
Costs associated with the property transaction
Several costs combine to form what is known as the notaire fees (or frais de notaire). These include:
- Change of ownership fee (frais de mutation)
- Charges for mortgage security (frais de garantie)
- Land registry fees (droits d’enregistrement)
- Fees for various formalities and administrative acts
It is important to note that in France, the buyer is always responsible for paying the notaire fees. If purchasing a new-build property, a VAT of 20% can be levied on the purchase price, but this should already be included in the agreed price. Existing properties over five years old are generally exempt from VAT.
Understanding these fees and processes ensures that your purchase experience is smooth and that you are well-prepared for the financial implications of buying property in France. By working closely with your appointed notaire and estate agent, you can navigate the complexities of the French property market with confidence.
Next steps after completing on French property
Looking for more guidance on where to buy property in France? Or perhaps you’re ready to take the next step and learn how to buy property in France with confidence? Explore our latest expert guides and location breakdowns to make your move easier.
If you’re considering buying property in France, engaging with knowledgeable local professionals can streamline the process and protect your interests. Start planning your French property purchase today by consulting with experienced estate agents and legal advisers.
Purchase your French dream home with ease!
Still planning your purchase? Browse our listings of Property for sale in France to explore charming cottages, stylish apartments and countryside retreats. Whether you’re just beginning or preparing to complete, we’ll help you find the ideal French home.
Frequently asked questions
How long does it take to complete on a property in France?
It typically takes around two to three months from signing the compromis de vente to receiving the keys, but this can vary depending on individual circumstances.
Can I complete the purchase if I can’t be in France?
Yes. You can appoint a legal representative using a Power of Attorney to act on your behalf if you cannot attend the final signing at the notaire’s office.
What are the main costs involved in completing a property purchase?
You will need to pay notaire fees, which include land registry charges, administrative costs, and in some cases VAT. You may also need to reimburse the seller for property taxes depending on the completion date.
When do I become the legal owner of the French property?
You become the legal owner once the Acte de Vente is signed in the presence of the notaire and all necessary funds have been transferred to their client account in advance.
