The steps of the acquisition process
Step 1 : The search for a property
Once you have decided on your criteria and budget, you can start looking for your future property.
Step 2 : The offer of purchase
After making a few visits, you decide to position yourself on a specific product. It’s now time to make an offer of purchase to the owner.
An offer to purchase is binding on the seller from the moment it is accepted. Indeed, the French Civil Code states: “the sale is perfect (…) once the thing and the price have been agreed”. This therefore makes it possible to block the property until a sales agreement or a commitment to sell is signed with a notary.
Step 3 : The notary
If the offer of purchase is accepted, it must be confirmed by the signing of a preliminary sales agreement or a commitment to sell with a notary.
– Both parties may choose the same notary
– Each party may choose its own notary
Step 4 : The sales agreement or the commitment to sell
The notary responsible for the sale must bring the two parties together by arranging an appointment to sign the pre-contract. It is during this appointment that a deposit of 5% or 10% of the sale price may be requested from the purchasers. However, this is not mandatory.
Step 5 : After the pre-contract
The withdrawal period :
This is a 10-day period from receipt of the registered letter with acknowledgement of receipt presenting the pre-contract
The deadline for obtaining a loan :
A loan is usually granted within a month and a half.
If credit is not granted, the purchaser can exercise the clause entitled “condition precedent for obtaining loan” and any deposit already paid will have to be refunded by the seller.
Step 6 : The deed of sale
An appointment is made to sign the deed at the office. The signing takes place before the notary and thus allows the sellers to hand over the keys to the purchasers.
French Touch Properties is by your side and offers a proven turnkey Acquisition service.