Existing properties for sale on the French Riviera Côte d’Azur can be a tough journey for many reasons. There are many listings to be found on the Internet and maybe, even more, smaller agents that are local experts in that district. On top of that, every individual can offer an existing apartment or villa for sale on real estate websites like leboncoin.fr and pap.fr. This approach might work out for you if you know the language, you are aware of the local laws, and you know your way around in the French cadastral system. But if you want to buy with the help of a local broker or agent like us, we can advise you about the details. Did the notary check the sizes of the plot and are you sure there are no debts on the property? Was there a certificate on asbestos and termites in the house and garage or annex?
Having your local real estate consultant has many benefits. The best of all is that you don’t have to pay for our services to choose from existing properties. Plus, in France, the costs of selling are for the selling party. The new owner only pays the notary fees and taxes for the new ownership. In France, this is about 7-7,5% of the total purchasing price.
The right price for existing properties
Real estate in France has suffered from the economic crisis that started in 2008. Many people bought their existing properties in the days that prices were high. And if they want to sell after 8-10 years, they for sure would like to have the same price back plus some profit for made investments. Once the property owner has sold it, the French tax office will hit them with an extra tax called Plus Value. This profit tax starts with 30%, and the longer you own property, the lower Plus Value you pay. But for you, being a buyer, the market is open, and everybody is free to negotiate. To get an average idea about the costs per square meter in the South of France, you could use a website like this for an indication, based upon the square meters of the house and the terrain. It does not include the value of a heated infinity pool, a Master Chef kitchen or a jacuzzi with endless sea views. But it will help you to understand the pricing.
Renovation or renovated existing properties
Every individual has a unique style, and your home only feels like home, if it matches your style. Maybe you are lucky, and you will find something that is so utterly magnificent, you won’t need to renovate as the property was already wholly renovated in the style you love. You could find existing properties that need to be finished or refreshed. Ask before you buy some quotes about the work that needs to be done. We can help you with that, so there will be no surprises afterward. Wouldn’t it be nice to enter your existing property with all the work done?
Buying existing properties
When you buy an existing apartment in a residential building, you will take over the rights and obligations of the previous owner. In the residential association, co-owners look after the construction and its maintenance. Check with the owner the work that was done and what needs to be done shortly. If the roof or sewer canals must be renewed, you could face extra costs. Bear also in mind that the insulation rules changed; apartments must comply with new regulations and single glass windows are not today’s standard, not even in the South of France. So if you buy this gorgeous art-deco apartment in its original state, make a list of what needs be done before you can sign the sales contract.
Offre d’achat, Promesse de vente and Compromis de vente
Once you are you happy with the final price, the selling real estate agent will propose an ‘offre d’achat’ for the existing property. The main aspects of the property are in this paper described, such as address, lay-out, size and separately made agreements. This information is signed by both parties and then the notary will use this info to make a provisional purchase agreement. This agreement should be signed within 30 days of the ‘offre d’achat’.
Offre d’achat is a unilateral promise from the buyer to the seller. The potential buyer indicates that he wants to purchase the specified property within a specified period. However, it does not guarantee that the house must also be sold to the buyer. The offre d’achat largely describes what you wish to buy. If the term expires and buyer and seller do not agree, then the offer will expire.
La Promesse de Vente is a unilateral promise by the seller. Seller agrees with this “Promise of Sale” that he agrees to sell the property at a certain price for a given period. The buyer pays 10% and gets a period of 7 days to rethink the decision and stop the buying process. If the notarial deed is on for signing, your 10% of the purchase amount will be deducted and you will pay the remaining amount. If you do not provide a timely notice of cancellation and you have no decisive reasons (such as reserve funding) then you will be in default and the seller may retain your 10% deposit.
The Compromis de vente is a purchase agreement between the two parties. The seller agrees to sell his property, while the buyer agrees to buy the property for an agreed price. After signing the initial purchase agreement, you always have a right of withdrawal of 7 days as a buyer. In addition, it has suspensive terms, which means that the purchase will not continue under certain conditions such as not obtaining a loan. Source
If you want to choose from quality existing properties, you can work with Living on the Côte d’Azur. We’ve been active in French Riviera real estate since 2006 and only work with professionals. Our services to find suitable existing properties, negotiate a fair price and find a notary that talks English are free of costs. Call or WhatsApp with Ab and Jo on +33770186203 or mail us at email@example.com We are open seven days a week to give you the best service available.