A Quick guide for Property Buying in France

Buying a property in any country other than your normal place of domicile is not easy and buying property in France is no exception.

Once you make your mind to go for a property purchase in a foreign country, you may have to know and understand many related factors for a successful completion of your acquisition.

Buying property in France could be a simple and trouble free one provided you have a clear understanding of all the underlying processes.

A little patience and understanding the following basic information can help you in acquiring that great property in France:

• Entering into an Initial Agreement

Buying property overseas can make you anxious and give sleepless nights. Making or entering into an initial agreement with all the protective clauses may ameliorate certain of your problems.

The agreement though provisional can be binding on both the seller and the buyer and the same is enforceable in the court of law.

Any initial agreement or contract is made in three different ways depending upon how you want to put through the transaction.

Read and understand the various clauses made out in the agreement before affixing your signature, as the agreement are enforceable in the court of law and will be binding all the executants.

The main purpose of the agreement is to finalise the contract and make the payment process and transition of title process smooth.

• Preparation and execution of final Sale Deed

Only when the final sale deed is duly signed and executed the actual transfer of title over the property gets changed. Any such transfer in the office of Notary is also known as “Acte Authentique” in France.

In the event of your inability to physically present in the notary office for signing the contract, you can arrange for proxy duly giving power of attorney to the proxy.

The power of attorney given for the purpose should have been accepted by the French Consulate legally after fulfilling certain conditions.

• Acquiring necessary Planning Permissions

For any new construction or for refurbishing the existing home, you have to apply and secure planning permission from the authorities concerned.

As in the case of registration, you can also apply for permission through your appointed representatives after going through few formalities.

At the time of applying for planning permission, you are supposed to furnish details such as applicant’s identification details, location of the land with boundaries and layout plans.

• Tax and other Costs

Any building property, be it in France or other countries, attract taxes and other related costs. Whenever you are planning to buy property, you should take into account all these recurring expenditures at the planning stage itself so as to make your tax paying less taxing.

Be aware that taxes such as property taxes, residential taxes and capital gains taxes are rather high in France and any delayed payment or non-payment will attract stringent punishment.

• Law of Inheritance in France

If you have plans to have a property in France, it is better to get to know the prevailing inheritance law. French Succession Law entitles automatic inheritance a part of the property by the children. However, there is a provision to make out a will subject to a limit for any non-blood relatives.

Before any buying of property, take sufficient time in understanding your needs and consider all factors and make your property buying a successful one.

Copyright - © 2006 - 2019

Privacy Policy - Disclosure






Subscribe for FREE!

Want to Get Latest And Most Relevant Surgery Related Articles & Latest Surgical News Right In To Your Mail Box FREE ? Just Signup Below..



Note : Your privacy is respected & protected.