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10$ deposit - how soon is it due?


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Hi All,

Were off en vacance to the sunny south next week and have spotted a property we are rather keen on buying and have arranged a viewing.  If we like the property and decide to go for it, assuming our offer is excepted, whats the time-line for signing the compromis de vente and paying the 10% deposit?

Thinking that we may well be in France for a good 10 days after viewing I have spoken to my bank and they can arrange a bank transfer over the phone, but I`d  probably rather sort that bit out once back in the UK.

Also, bank can only offer current exchange of 1.08.  Anyone reccommend one of those exchange companies for a better rate?

Thanks, Dan.

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How soon you can sign the compromis depends entirely on how quickly the notaire can be persuaded to prepare the documentation. When I bought, the paperwork was ready in about a fortnight but that was with the seller pushing hard. You don't need to pay the deposit at the same time as the compromis is signed but it has to be received by the notaire withn a short period (2 weeks??) otherwise in theory the compromise is void.
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The 10% is pretty negotiable.

I just sold a property and the agent accepted a ridiculously low figure as a deposit (500 Euros which obviously didn't represent anything like 10% even on one of my 'barrels') without even checking with me

You can always try: the market is not that buoyant at the moment...

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[quote user="andyh4"]..................and it's August so do not expect the notaire to do anything at all.[/quote]

No, andy, there are always exceptions to the rule.  Signed for final Acte Authentique  for our first house on 15 August.  But the notaire did seem more than half asleeep.

And the compromis for the present house was ready from viewing to the signing date in just under 10 days.

Depends how keen the seller, agent, etc are.

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To answer your question, the deposit should be with the notaire before the end of the so-called 'cooling off period' after signing the initial contract (compromis de vente). Some agents may offer to hold the deposit, but most prefer not to, and it's safer to send it to the notaire. If you do give it to the agent, make sure you get a proper receipt.

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The deposit is due to the Notaire at the end of the seven day cooling off period. I paid mine a few days earlier and caused some amusement in the process, as apparently this was unheard of according to the Notaires office involved!

The timing all comes down to the efficiency of the Notaire and if the purchaser and vendor uses their own respective Notaire it can take even longer.

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  • 2 weeks later...

For the foreign exchange register with a number of FX dealers and play them off one against another.

When we bought I phoned around and also registered with one that shows the rates on line. The on-line one was showing the best rates. Phoned one FX company and they quoted me a figure and asked how that was. "Rubbish" I told them and quoted the on-line rate. Was asked if I was just investigating and told them that I would buy that day at the right price. "Hold the line a minute" and a little while later he came back with a rate that was far superior to the on-line rate. He told me and I do not know if it is true, assume it is not, that they can sometimes tag on to a far larger deal and hence get a superior rate. Did the deed and was very happy with the rate.

Paul

 

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  • 5 weeks later...

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