During this period, it is forbidden to abandon the sale or offer the property to another buyer. The buyer benefits from the agreement to decide whether he wants to buy or not. A decisive advantage! In return, it pays the seller a containment benefit that theoretically corresponds to 10% of the sale price. If he chooses the acquisition, that compensation is deducted from the amount to be paid. However, if the owner renounces the purchase or does not give consent within the option period, the owner acquires the benefit as compensation. To avoid confusion, it is best to organize an inventory and be attached to the sales contract. When a business is used to purchase the property, the buyer who signed the preliminary contract with his or her own name replaces his business, which means that the contract is tax-exempt. So be warned, while the option may be available for several months, after ten days, you may lose the down payment if you decide not to continue later. The seller can also force the sale. Below is a simple infographic explaining the process of buying real estate in France.
When you scroll down, you can read what each step means. Alternatively, use fast navigation to jump to certain sections. One of the main precautions is to include suspensive conditions (for example) in the offer to purchase. B obtaining a loan) and giving the seller his answer only with a short time (a week or a fortnight). If the buyer is late in the purchase, the down payment must be paid to the seller subject to conditional contractual clauses. Other conditions may relate. B to development authorization, the purchase of adjacent land and easements for the benefit of the land or to third parties through the land. Perhaps the frequency with which sellers and buyers do not talk about what should be included in the sale is perhaps more worrying. If the frames are to be left in the property, an advantage, if you make a separate inventory of these objects in the sales contract, is that their value can be removed from the purchase price of the property, which in turn reduces the amount of fees and taxes payable Although many refer to these fees as ”notary fees” , the notary receives only about 1% of the sale price of the building.
The balance will be paid to the government to pay stamp duty and registration tax payments. Are you about to sign a pre-contract? This is called the ”pre-contract.” The preliminary contract and the sales contract are two contracts with different consequences for the buyer and seller. Note: Notary fees do not take into account the cost of a mortgage or starting a business if you want to buy the property as well (read more in Step 6). The government pays notary fees, which vary according to the sale price of the property. The duration of the option for routine purchases is agreed between the parties, usually about three months. In other cases, it may be a year or more, especially with regard to development real estate.