French Riviera Buying Guide

Step 1: Your budget

We recommend firstly evaluating your budget before helping you search for property. We will then be able to give you an idea of how much you will be able to borrow - if indeed you do want to take out a mortgage. If you wish to take out one of France’s advantageous mortgage deals your monthly payments cannot exceed 33% of your income for that month. Therefore, if you earn 3 000 Euros a month you cannot take a mortgage that demands a payment of more than 1 000 Euros a month.

Banks will lend for periods of 10 to 25 years (and even beyond). You are free to resell before the end of the period stipulated in your package if you pay off the remaining debt.

Step 2: Assess the options

Once we have a budget in mind we will advise on areas that are of interest. This will obviously depend on how specific your requirements and goals are and if it is an investment or residential purchase. In our experience clients will often take into account other areas beyond their initial choice – our aim is to find you a property that satisfies all criteria to the maximum.  We can perform a full analysis of transport links, proximity to shops etc and area suitability.

Step 3: The search

We will then keep sending you up-to-date available properties that match your requirements.  We are confident that we can locate the best-suited property for you in a short time period. We recommend coming to the Riviera for a site visit once you have a property in mind.

Step 4: What we look out for when finding you a property in Paris

Buying in a foreign country can be daunting. Before you buy we will do our own checks on the property.  These include, checking the type of boiler, noise insulation, humidity, amount of payable ground rent and also details on the owners’ association (le syndic). If you are looking to invest we will do rental comparables in the immediate area so best to calculate potential returns on investment.

Step 5: Offers

With resale property in France, it is of course possible to negotiate on price. If the apartment is ideal in terms of type, location, character etc and is correctly valued then do not attempt to lower the price at all costs. Many regret following this line and ultimately losing out on the perfect apartment.

On the other hand, if the property appears to be floating above what is the researched market price then you can perform a contre-proposition (offer). In France, there is very little point in talking down the property, but rather stating that your budget allows you to make a serious offer of X Euros.

The offer must be sent in writing to be taken seriously. We will assist you with this and also ask you to state the time period for the validity of any offer (e.g. 10 days).

Step 6: Concluding the sale

When you and the buyer have reached agreement on the price and move date, you must sign the Compromis de Vente. This confirms that the seller will place the property off the market until the final exchange. This contract is signed in front of an independent solicitor who acts on behalf of the buyer and seller.  (We can arrange to have this signed by power of attorney).

In conjunction with the signing of this document you will be asked to transfer a deposit of 5-10%. The deposit is transferred to the solicitor and under no circumstances to the seller. There is the délai de retraction which is a 7 day “cooling off” period post signature where you can change your mind and ask for the deposit back in its entirety. Furthermore, should you be refused a mortgage, you will receive a full refund – even if it is no longer within the 7 day period.

The reason behind the Compromis de Vente is in most part to protect the buyer. Once signed the seller cannot withdraw the offer while the solicitor performs all the due diligence and acquires the correct documentation on the property. Furthermore, it means you have enough time to seek a mortgage without the fear of the deal collapsing from under your feet.

Usually three months later buyer and seller can sign the Acte Definitive de Vente  (again to be signed in front of the solicitor or by power of attorney), which concludes the purchase process.