The French legal system works extremely well and by signing the “compromis de vente” it differs from the English legal system in 2 very distinct ways;
- It prevents a “sale chain” from building up
- Once the compromis de vente is signed by the vendor, they are unable to accept any offer from another party, therefore preventing “Gazumping”
As we are a member of both the FNAIM (National Real Estate Federation) and the Chamber of the Real Estate Experts to France we are able to write the first draft of the Compromis de Vente. This gives you the peace of mind that we are not just handing you straight over to the Notaire once the deal is agreed. We will act in your best interests so that you are completely aware and understand all of the detail within this document. In completing the Compromis de Vente, has to include certain information the salient points being:-
- Details of Purchaser & Vendor
- Description of Property, including all outbuildings, parking spaces etc.
- Whether the sale is to funded through a bank loan and if so the proposed loan terms and timescales
- Agreed price
- Notaires fees and taxes (Government tax) to be paid
- Value of the deposit required
- Presence of servitudes or rights of way over the property
- Any “get out” clauses (clauses suspensives) which would enable the purchaser to drop out of the contract without incurring any penalty. i.e. planning permission required or bank financing (mortgage)
- Provisional completion date and “final date” in which the purchase has to be concluded (usually we will leave ample of time so that this date will not cause concern)
There are also a number of reports which have to be attached, known as a diagnostic file. Morzine Immobilier will compile this information so will immediately notify any purchaser if we believe there is an issue. These are;
- An Asbestos survey
- A Lead survey
- An energy report
- An electricity report (informs purchaser whether any of the electrics need repairing or replacing)
- Any potential natural risks in the area ie flood or avalanche zone
- A termite survey (not required in this area due to non existence of termites)
At this point a purchaser will be required to pay their deposit which is held by the Notaire. The deposit is generally between 5 – 10%
It is imperative that if you are serious about purchasing the property and do not want it to be sold to anyone else that the compromis de vente is signed ASAP.