Buying new construction like a house or an apartment on the Côte d’Azur can sometimes cause some healthy stress, primarily if you have found precisely that good apartment through our site and service but are only in the area six weeks later to view the location. Without making a sales story, it is a fact that 80% of new construction in Paris and the South of France is sold before the first excavator arrives. It is therefore essential to be able to make a quick decision. You can find the latest new constructions on the Côte d’Azur here.
Nothing to see what you buy in the future
Buying a new apartment on the French Riviera or in Paris might seem a risky adventure. Today, you will see an old building or a terrain, but nothing is being constructed. This is the ‘silence before the storm’ phase. The developer first must sell 40% with pre-reservation, and then he will start the works. In general, 18 months later, the building and your apartment are delivered.
Your money and down payment never go to the developer: every euro you pay is to the notary and placed in a building fund. The notary, a state employee, manages this fund. With every step approved by the architect and the city council, the developer gets another share to continue the work. All new projects that we represent come with a VEFA guarantee. You will always get your apartment, even if the developer stops. Reading tip! An article about the Best reasons to buy a property in Nice French Riviera.
Buying new construction on the Côte d’Azur starts with a remote reservation
Anyone who is insufficiently familiar with the region or neighbourhood would, of course, prefer to come and have a look for themselves first. After all, it’s not a baguette you buy. Fortunately, Google Earth and Street View let you scroll around the neighbourhood. And after that, you can do two things: wait until you get there. Or start the reservation process in advance and reserve the best apartment!
We have often experienced that when customers arrive hopefully a few months later, the sought-after apartment has been sold or, at best, is under option. By initiating the purchase reservation process in the South of France, you save essential time and block sales by other agents and brokers. You do not run any risk because you are protected by law as a prospective buyer. This is also clearly described in the reservation contract.
How to save time when buying a new construction apartment in France from abroad
First, as with any purchase, ‘money talks’ applies. We will transfer your details in a KYC (Know Your Customer) form from the developer. They will create a reservation contract that you can sign via email. Or via old-style printed paper. Using secured technology, you will receive an AR-24 email or similar. Once you open this, you confirm reception and your ten days of reflection start. You can still decline the reservation without penalty. After ten days, you are invited to make the down payment to the notary. This could be 3 or 5% and sometimes just 1500 euros if you signed in the ‘Avant-premiere’ period.
The bank details for the deposit in a third-party account managed by the notary. The notary in France is like a tax officer who ensures that your file is in order and that the transfer tax on your purchase is properly paid. A notary will only receive a fraction of the amount you pay in notary fees. It is just enough to cover the file and office costs.
You will be the first to transfer the required 3 or 5% as a down payment on your apartment. Do not forget to mention your name, the program name and the apartment number. With a screenshot as proof, we report to the notary and the project developer that the payment is done.
New construction purchases and reservation from abroad
If you need a mortgage, you will have another 60 to 70 days to arrange the financing. When the bank has agreed to finance the new apartment or villa, you can make an appointment with the notary. We will organise this for you and be present. If you need a translator, the notary will book one for you that will explain all details in your mother language. This is also to protect you from understanding what you buy and with what conditions.
On the day you will sign the ‘acte de vente’, you must have paid 30% of the total price at the notary. Make sure you do this on time. During the construction work, you will receive reminders of the progress and the next payment instalment. About three months before delivery, you are invited for a first inspection. On the day of delivery, we inspect the apartment looking for malfunctions. If a window doesn’t open smoothly, or a joint is broken, this will be noted and repaired within two weeks. You will have to pay the last 5% before you get your keys, beep and the badges.
You can always contact us for more questions about a remote reservation for new construction on the French Riviera.
If you want to buy an existing villa or apartment and understand what a ‘compromis de vente’ or ‘promesse de vente’ means, you can find all answers here.