HOW TSL CAN HELP YOU ?
TSL has over 20 years real estate experience. We of course focus on properties in Tourrettes sur Loup and surrounding areas which include Menton to St Tropez. However we have been selling throughout the French Riviera and we are able to go further if you so require.
Looking for a property in France is different from other countries. One property can be listed concurrently with different estate agents and sometimes at different prices! To make the experience easy, we suggest you put your trust in one single agent who not only speaks your language, but who is also familiar with both the area and the French processes and customs as well as yours. TSL will lead the full property search on your behalf.
We offer support and teamwork ! Once we have discussed your requirements and needs, we will send you details of properties that correspond to your criteria. To save time, a schedule and an itinerary of visits will be drawn for you. We will repeat the process until we succeed! Of course if in the meantime you have come across a property that seems interesting we will look into it for you, and we will work together on this.
THE BUYING PROCESS STEP BY STEP
We work with you from the beginning to the end and often beyond. We offer our support and services until you are fully installed in your new home. .TSL has excellent relationships with numerous companies that are experts in building, renovating and finance. We can guide you through the financial process up to finding a caterer for your house warming party!
THE BUYING PROCESS in 3 Steps: it takes 8 to 12 weeks
First : Purchase price negotiation
Most of the time the sale’s price includes the agent’s commission: there are no hidden fees.
Can the price be negotiated?
There are times when the seller will reduce the price and sometimes not: it depends also on the buyers ‘different circumstances. We will offer you our best advice and will negotiate on your behalf. Should you need financing we will also help you (if a loan is required ‘clauses suspensives’ - will be inserted in the contract). It is always advisable to confirm your offer in writing ! It avoids misunderstandings and it is part of our services.
Second: The Purchase agreement “ Compromis de Vente”, Signing the initial contract
The parties usually sign an agreement to purchase, the compromis de vente also known as the promesse de vente within about seven days of the purchase agreed. At this stage you will be obliged to pay a deposit of 10 percent of the purchase price that will be held by the agent or notaire as stakeholder.
The purchase agreement can be prepared by your legal advisor, the estate agent or a French notaire. It is of course part of TSL Services.
If a notaire is involved at this stage, as the purchaser you have the right to choose the notaire you wish to act. If the seller already has a notaire involved in the sale you are not obliged to instruct him and, if you choose another, he will assist your notaire and share the fee with him.
Remember: it is not simply a question of the purchase of a property that you should consider; there are important taxation and inheritance issues that you should deal with at the time. If these issues are addressed at this early stage you can save money and worry in the long term.
The Effect of the Purchase Agreement
The compromis de vente is a binding agreement between the buyer and the seller that may be subject to the satisfaction of a number of conditions,(see below). A deposit of between 5 and 10% of the agreed purchase price is required and paid usually to the appointed Notaire
Under French law the buyer has an eight-day “cooling off” period after signature of the agreement in which you can withdraw from the agreement and the deposit will be returned to you in full. However, if after the “cooling off” period you change your mind and withdraw from the agreement, you will loose your deposit, which will be paid to the seller. After the seller has signed the compromis they are effectively committed to sell the property to you.
If the seller pulls out, the deposit is reimbursed with an additional same amount from the seller Beyond this date the buyer can only pull out if he cannot get a loan( this means that the clauses suspensives are not met) . If for any other reasons the buyer pulls out the deposit will be lost! If the seller pulls out, the deposit is reimbursed with an additional same amount from the seller. If you are buying a new property "off plan" the agreement may be in the form of a contrat de reservation or contrat préliminaire which will provide details of the property to be constructed and a timetable for completion.
The usual conditions in the contract :
The document must contain the following:
the seller’s, buyer’s and property’s details, purchase price, commissions,
Financial: if the buyer requires a loan, the agreement will be made subject to a mortgage being offered to him. Satisfactory certificat d’urbanisme: confirmation of planning approval and confirmation of developments in the area of the property. Properties constructed after a certain date and in specified areas must be inspected and a report prepared by an expert company to confirm the absence of termites, lead and asbestos, condition of electrical installations, energy performance. There is not such a thing as a survey in France. If you need to check the construction etc we will organize this for you with an architect or a building engineer, and it will be done at your own cost.
It is important you discuss with your legal advisor or notaire any terms that you wish to see incorporated into the purchase agreement before signature - after you have signed and paid the deposit may be too late. Make certain that all the items you think are included in the sale. There must be an accurate description of the property being sold in the agreement and you may wish to agree an inventory of small items with the seller. There is no equivalent to the fixtures and fittings questionnaire as used in the UK. It is best to be clear at this stage and avoid disagreement later. TSL will help and advise you on all this.
Third and Final: Completion - “Acte Authentique!” Signing the initial contract
It takes about 8 to 10 weeks for the Notary to carry out all the necessary searches
After the conditions to the agreement have been met the parties attend in person (the buyer can nominate the agent in his place)at the notaire’s office to go through the documents, in French, before the transfer document, the acte authentique, is signed.
The balance of the purchase price (after deduction of the deposit) is paid plus the tax and notarial fees. You will receive a receipt for the purchase price and a document confirming your purchase attestation de propriété plus the keys to what is now your property. Later you will receive an exemplified copy of the purchase deed and the original will be held by the notaire.
FEES AND TAXES ON A PURCHASE
Tax distribution :
You will have to pay tax on the purchase price of about 5% of the value of the property, which will be collected by the notaire. The notaire’s fee plus other minor expenses will be about a further 2% plus a further fee is payable to the notaire of 1% of the value of any mortgage you will take.
Generally, you should assume that taxes and fees will be about 7% to 8% of the purchase price of the property, for example on a property costing ?300,000 you should allow about 21,000 to 24,000 to cover tax and fees.