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Questions & answers
How process of purchase of the real estate in France is made?
In France real estate purchase is made out by the notary who represents interests of the State and bears a civil liability for the transaction. In the beginning the preliminary contract between you and the seller (compromise de vente) is made by the notary subscribes. The contract defines terms of sale, specifies a final price, the information on a condition of object of the real estate, and also a duty of two parties. The given contract assigns to you the real estate, guarantees the price and obliges the seller to remove the real estate from the market of sales. To signing of the given contract the buyer pays a guarantee payment at a rate of 10 % from real estate cost into the account of the notary where it is blocked on the special bank account. After signing of the preliminary contract the notary checks cleanliness of object of the real estate, in particular: the real surface of the real estate; absence of asbestos, lead, termites and other; Whether there correspond to the legislation all civil work spent earlier, whether the real estate is burdened with the mortgage etc. This stage takes about 2 months from the moment of signing of the preliminary contract. After all necessary checks the definitive contract is ready to sign. Before signing the buyer should transfer the remained sum into notary account. In day of signing of the contract the buyer receives the certificate on the property, certified by the notary, and also keys and becomes its full owner.
What additional expenses at purchase are?
Notary contribution : usually makes about 6,8 % from the real estate price and it is paid in day of signing of the definitive contract. The given sum is intended on State Tax payment (Duty stamp) on the transaction and payments of notary’s fee.
Whether it is necessary to have documents on «an origin of money» for transaction?
Such necessity is not present, however the notary according to the “against money laundering” law should prove the identity of the buyer and his residency. A money transfer is possible only from the personal account of the buyer opened in any first rank European or Russian bank from which the notary will ask a letter of recommendation.