Buy & Sell For the buying and selling of luxury villas, our brand is specialized in luxury real estate. Our expert team do research and create a list of properties matching your criteria. We carefully review & examine each property with you to get a crystal-clear idea for your preferences. Do you have a real estate investment project, but the acquisition process seems complex? We explain everything to you. The Pradeep team stand by your side throughout the purchasing process and provide you with their expertise to help you make the best decisions. Once you have found your dream house, the procedure are as follows:
The buyer sends an offer letter to the seller.
Negotiation arrangements are managed to come to a price that suits both parties (buyer and seller).
The seller and the buyer sign the “Compromis de Vente”.
A 5 to 10% deposit is made by the buyer and the seller has to sell the property under the agreed conditions.
A notary prepares the final contract under 12 weeks.
The “Acte de Vente” is singed after the 12 weeks and the remaining transaction is made.
With the property acquired you can now happily pop the champagne bottle.
The acquisition processes:
Most of the time (although this is optional) your acquisition will begin with a promise to purchase, a written proposal addressed to the seller, which will mention the amount of your offer.
In a second step comes the stage of the “compromise of sale”. The latter defines the terms of the sale, generally constitutes a fixed and firm contract between the seller and the buyer, and is accompanied by the "immobilization indemnity", a deposit corresponding more or less to 10% of the price of purchase. The sales agreement is signed by the two actors once the terms have been mutually accepted.
The third stage corresponds to the “retraction period” of a duration of seven days during which the buyer can freely terminate the contract by registered letter with acknowledgment of receipt. The seller can no longer withdraw without valid reason. After the expiry of the withdrawal period, the buyer can no longer withdraw without losing his deposit. However, it is possible that the compromise contains suspensive conditions on which the validity of the contract will depend. Generally, these conditions relate to the ability of the buyer to obtain financing - a mortgage from a bank, or even obtaining a building permit. However, if this condition is not met, the buyer has the right to refrain from the acquisition without contractual penalty.
Finally, the signing of the "deed of sale" also called "authentic deed" will take place before a notary who will ensure that the sale complies with all legal requirements.
In France, the published selling price includes the real estate agent's commission which is - unless there is a counter-order always mentioned on commercial media - paid by the seller. In addition to the purchase price, the buyer pays the notary's fees as well as the registration fees (transfer duties, registration fees, etc.) which generally represent approximately 10% of the purchase price.
The sales process in France: The choice of the real estate agent in France.
The activities of the real estate agent are framed and governed by law 70-9 of January 2, 1970, known as the "Hoguet law" and by its implementing decree of July 20, 1972. The real estate agent must in particular:
- take out professional liability insurance.
- hold a professional card, subject to conditions of professional aptitude and morality, issued by the prefect and renewed each year.
- have a financial guarantee with a bank or a professional organization (article 17 of the decree of July 20, 1972).
- hold a written mandate authorizing him to negotiate or make a commitment on behalf of the owner or the lessor.
The sales mandate is mandatory and this contract must be signed by the principal (the seller) and by the agent (the real estate agent): it indicates in particular the limits of the mission entrusted to the real estate agent and the amount of his remuneration.Each mandate is numbered and entered in a register. In the event of signature following a door-to-door canvassing, a reflection period of 7 days must be respected before starting to market the property. The mandate, limited in time, can be simple or exclusive. The simple mandate allows the principal to entrust the case to other professionals or to carry out the search for a possible buyer himself. In an exclusive mandate, the negotiation is entrusted to a single real estate agent who has exclusive rights.
The visit voucher is a document drawn up by the real estate agency by which the client acknowledges having visited a property to be acquired or rented through the intermediary of the said agency. This visit voucher must be dated and signed by the client.
Rights and Obligations:
The real estate agent is subject to the general consumer information provisions provided for in the Consumer Code,and specified by the decree of 29 June 1990 relating to the advertising of prices charged by professionals involved in real estate transactions.
Find out more: https://www.economie.gouv.fr/dgccrf/Publications/Vie-pratique/Fiches-pratiques/Agent-immobilier
Other disclosure and transparency obligations:
- the number of the professional card;
- the amount of the financial guarantee in the event of receipt of funds for its customers;
- the name and address of the organization guaranteeing the agent;
- the name of the credit institution and the account number where the funds must be paid; any payment of money must give rise to a receipt conforming to a regulatory model specifying the reason for the payment and its amount.