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The real estate buying process for a luxury apartment for sale in Paris

Finding a luxury apartment for sale in Paris is most of all a matter of trust. You need a buyer agent that works closely with all selling agents that have confidence in your representant. Only in that way, you will be able to make that extra mile to find the right property. Searching, visiting, negotiations, your agent will do this for you. Buying an apartment in Paris is a simple process if you follow the rules of logic and common sense.

The real estate buying process for a luxury apartment for sale in Paris

The first actual aspect to do with the intention to reach your actual property in Paris task is to outline your price range and the corresponding financing plan. If you select to take out a mortgage to finance your actual property buy, you’ll want to outline your borrowing potential and plan a private contribution between 5% and 10% of the acquisition rate.

This quantity corresponds to the sum your notary will ask you to pay while you signal the initial settlement, with the intention to then be deducted from the promoting rate on the date of the very last signature. Once your price range and financing plan are determined, you could begin considering your seek standards. If you don’t know where you want to buy, use our Paris Property Buying Guide.

Define your street and arrondissement

Our local team know every street and building in Paris. Once you know what streets you would like to buy, we can start to create a long list of properties for you. Our network is connected with the best local agencies, and they will have off-market properties too. Once you have seen the long list, you can define your ultimate choice: Make The Short List. This shortlist will be visited with our senior consultant and buyer advisor Jolanda Kuijer-Marinus.

You found your property for sale in Paris! Now, what to do?

We will help you negotiate a fair price for the property in Paris. Stay calm and be reasonable because it’s always better to keep the previous owner close to you for future questions. If you found a price that works out for both of you, a preliminary sales agreement will be written. This is like a blueprint for the final contract.

Make an offer (Offre d’Achat) or ask for a Promised Sale (Promesse de Vente)

Both first agreements will have the names of the seller and the buyer plus a description of the property. There will be a time limit on these contracts. The content will be used for the draft sales deed, also known as the ‘compromise de vente’.

Bring your own notary

Unless you already have a notary, we can introduce you to our notary. A young and dynamic cabinet with English speaking staff, so you won’t get lost in translations. And if you want to make sure to not miss a thing in the sales contract, the notary can arrange a translator in your mother language.

All information needed to make the preliminary contract

This is actually part of Rule 4 and 5, but it’s good to know that you understand why a notary is such a precise person. They need to collect the information mentioned below.

  • The collective ownership’s general meetings’ reports for the 3 previous years
  • The sum of the building fees (each term you pay for the service charge. The more important the services, the higher the price. Example: elevator, garden, green space, heating system and hot water..)
  • The previous year and current year’s property tax

The technical diagnosis dossier which includes:

  • The apartment’s surface area measurement (the Carrez law)
  • The lead exposure risk report (CREP)
  • The report mentions the presence or absence of materials or products containing asbestos
  • The report regarding the presence of termites and other xylophagous insects (parasite condition report)
  • The energy performance diagnosis (DPE)
  • The state of risks and soil information (ESRIS)
  • The condition of inside installations related to gas and electricity if they are more than 15 years old
  • The condominium’s regulations and its amendments
  • The building’s maintenance booklet (which doesn’t always exist)
  • The dated pre-state: it’s a document stating the co-property and selling owner financial situation

Once all the documents are collected, the notaries can make an appointment to sign the ‘compromis de vente’.

Pay the deposit and sign the compromis de vente

Once the compromis de vente is signed by both parties, you will pay 5 or 10% to the notary. You will still have a legal ten days to withdraw plus agreed restrictions for withdrawal. This will give you another 45-60 days to obtain a loan. If the bank does not approve your loan request, you can withdraw without cost. If you have paid your 5 or 10% deposit, the notary will return the money.

Connect the bank with the notary

When your bank has positive approval for your loan request, you have to connect them with the notary. All loan details in terms of interest rate, type of loan and terms must be in the contract. That’s why the notary fees are a little bit higher than when you don0t need a loan. This can save you up to 0,5% of the buying price. Ask your notary about the pricing.

Previsit before you sign

One day, or half a day before you sign the final sales deed (acte de vente), you will have to inspect the property in Paris. To see if nothing is broken or a tennant is still present. Once you are secured that your desired property is in a good state (like you bought it), you will sign the final acte de vente with the notary and the seller. One day before this happens, the money must be transferred by bank transfer to the escrow account of the notary office. The notary will give you several printed ‘attestations’ that prove you are the owner. Now you can arrange things like water, electricity and the Internet. Our office can help you with this as well with some additional costs.

Finally

Drink champagne!