Quick guide for Property Buying in France
property in any country other than your normal place of domicile is not
easy and buying property in France is no exception.
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.
in France could be a simple and trouble free one provided you have a clear
understanding of all the underlying processes.
patience and understanding the following basic information can help you
in acquiring that great property in France:
Entering into an Initial Agreement
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.
though provisional can be binding on both the seller and the buyer and
the same is enforceable in the court of law.
agreement or contract is made in three different ways depending upon how
you want to put through the transaction.
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.
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
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.
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 applicants identification details, location of the land
with boundaries and layout plans.
Tax and other Costs
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.
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.
buying of property, take sufficient time in understanding your needs and
consider all factors and make your property buying a successful one.