House purchase

[Dave Plumb]

This being my first French house purchase I am a little green as to the setup but I am concerned I am being strung along regarding the compromis while the agent tries to find another purchaser at a better price than that they have accepted, Please put my mind at rest by replying to the requests[:)]

 

1.  How long before The document is raised following the acceptance of the price

2.  I havent seen the document as I am told by the agent I cant receive a copy untill it has been signed by her 7 sons dotted around France and Spain

 

[hastobe]

Both times it took a week to two weeks to draft the compromis.  The first compromis we had only took a week for the vendors to sign as they were living together in France.  For that one the vendors signed first.  The second one took weeks (7 or 8 weeks I think) before we had the copy signed by all parties.  The second time we signed first and then the vendors signed - but this time the vendors were in the far flung reaches of the globe - one of them in French Polynesia - hence the delay!

From what you say things are progressing as they should be.  I presume that the agent has removed the property's particulars from their listings? 

Hastobe

[Dave Plumb]

Thanks for that , with the 7 day cooling off period after signing it makes it appear it takes a matter of days to complete but this helps to put my mind at rest,  although they said it would be removed I can still find it on the site after 3 weeks, and I will be contacting them to find out why

[Gardian]

Dave ........

The estate agent business is a bit different over here (or at least in this part of the world). Smaller businesses, lower property turnover, much higher commissions (normally payable by the vendor). There are others who view this site who are in the profession and might correct me, but I don't think that I'm far wrong.

The point is that a serious foreign purchaser who is 'ready to buy' is probably as good if not better than anybody else as far as they are concerned. Do as you would do in the UK: require them to take the property off the market, whilst reassuring them of your bona fides and readiness to proceed, assuming that that is the case, of course. If not, don't: the legal process is happily quite different here.

It may take a little bit of time, but if you're happy with your proposed purchase, then it'll come good faster than in the UK. If not, you'll find out a lot sooner. Let us know the good news. 

[Dotty0]

Dave

Can't quite remember how long it took before we signed the compromise, but I know our agent was very slow to do anything.  Fortunatley for us this also meant we didn't pay a deposit until we completed.  Our understanding was we would have to pay a 10% deposit well in advance of our completing, but we were never asked for it. 

There seems to be so many swings and roundabouts buying a French property, most of the information you read is just a guide and I would recommend you use it only as a guide.

However, I would challenge the agent about the property still being advertised, don't think that's on, but  just maybe an oversight.

Dotty 

[Iceni]

The 10% deposit is usually paid when you sign the compromis but you should NEVER pay the estate agent, only the notaire. AFAIK the 7 day cooling off clock starts ticking when the signed compromis is back with the notaire.

John

not

 

 

[Sunday Driver]

After we'd viewed our house and made the decision to buy, we returned to the immobilier's office and she phoned the vendor with our offer.  After a bit of haggling over the price, the deal was accepted and she sat down and drew up the compromise, putting in the various clauses suspensifs that we wanted.  We signed it and arranged to come back the following morning for the signing by the vendors.

We all met together in the office next day for the signing and afterwards, the immobilier asked us for a cheque for 10% deposit.  We told her we hadn't opened a french bank account yet, but could arrange a funds transfer from the UK.  She said never mind, c'est pas grave.  So no deposit paid.

The copy of our compromise didn't arrive for two weeks.  When we queried the delay, it was because she was waiting for the termite/asbestos reports to arrive.  All three documents arrived in the post by registered mail and our seven day cooling off period began.

Six weeks later, it was off to the notaire's office for the grand signing.  I'd popped in the day before to ask her for a copy of the Acte de vente so I could study it before the meeting.  Everything was straightforward and the signing was very relaxed affair (once the notaire realised we spoke good french, the jokes were flying all round).

The purchase price was already in the notaire's account and she wrote a cheque which Madame vendor put straight in her handbag with a big smile. We got the keys and the house was ours.

To assist us in in process, I'd downloaded a sample compromis which was almost the same as the one we signed. Both agreements were quite straightforward and written in non french legalese. 

Finally, we'd called round to the house the day before to make sure everything was ready for the handover and everything was spick and span with nothing missing from the inventory.  We were also introduced to the neighbours who were very welcoming.

[Monika]

Our Compromis took five weeks to arrive in England and we had exactly the same thoughts especially as the property was still advertised. But as it is a Buyers Market now you don't  have to worry not like in 2003 when prospective purchasers seem to queue up

[Nick Trollope]

[quote user="Dave Plumb"]

This being my first French house purchase I am a little green as to the setup but I am concerned I am being strung along regarding the compromis while the agent tries to find another purchaser at a better price than that they have accepted, Please put my mind at rest by replying to the requests[:)]

 

1.  How long before The document is raised following the acceptance of the price

2.  I havent seen the document as I am told by the agent I cant receive a copy untill it has been signed by her 7 sons dotted around France and Spain

 

[/quote]

Compromis are frequently (normally) written by Agents. There is no specific time limit for the creation of the Compromis. If you have offered the asking price, the Agent is obliged to sell the house to you (in these circumstances, you cannot be outbid). If you had a lower offer accepted, then you have few rights until the signed compromis arrives with you.

It is normal for the Vendors to sign the Compromis first (they don't have a cooling-off period). If that means posting it all over the world, the that is what will happen (our first one took 9 weeks to get around 11 people). Once you have the compromis for signature, you have 7 days to withdraw after you have signed and returned it (not before you sign it). If you change your mind before you sign, simply don't sign!

Your Agent works for you (in theory), so ask him/her/them what the delay is likely to be.

 

[Dave Plumb]

Whot can I say, Thanks for all your replies It so happens the agent has e-mailed tonight to say all have now signed and the comprimis is on its way to me,       I never thought there was a problem,            no not me

 

Dave,         soon to be near Parthenay

[Gardian]

Dave ......

Good news.  Worried to death last Thurs, all (more or less) sorted within 2 - 3 working days.  Pretty much a world record I'd say.

Very much hope all continues well - sure it will. 

[Dave Plumb]

Glad U feel better now Ian, mine has taken 5 weeks    [:(]   he tels me all the family have now signed and it's on the way to me but I still as yet not seen it, I still have the inviting noose hanging over the tree branch[:'(]

[Dave Plumb]

[:$] Update------ the comprimis has now arived and I have taken down the gallows, now signed and returned should now following the acte de vente be the owner at the end of July.  Due to the delay it has cost me a few grey hairs, but they will not be noticed when I am sitting with my [B] outside my new property, finally chilled out laughing about all the worries over the time taken to get to the comprimis.

 

Hope you all end up with your own dream[8-|]

 

Dave

[Sunday Driver]

So, it's a barbie at your house, then......[B][B][B][B]

[JulesB]

Hi, saw your note about the deposit.  We have been asked to pay the Agent.  They are organising the Notaire and we don't have details of this.  Do you think I should contact the agent for the Notaires details for sending the deposit?  We have signed the CdV.

[WendyG]

Not totally sure but thought that deposit should be paid to notaire, in UK deposit paid to solicitor and not estate agent.

[Will]

Take a look at this topic, which discusses the deposit question pretty thoroughly http://www.completefrance.com/cs/forums/727405/ShowPost.aspx

[KenB]

I paid my deposit to my agent. He was never in a great hurry to get the money, I thought. The cooling-off period started when the vendor signed the Compromis, several weeks after I had signed it. All went smoothly.

[Dave Plumb]

Hi All

Been away for a bit to go over to sign and pick up the keys to the place at last

I sent my deposit direct to the Notaire through my French account bank to his followed by the balance by RIB over the net ,  the bank details were given to me by the agent, I had not met the Notaire before the passing of the money but checked him out on the net to make sure he existed as I didnt want to be passing money to neverland.

I had masses of problems trying to open a French account from England, all to do with lourndering or so they said, gave up and poped over and opened an account with a local Bank in half an hour.

Now I have the house the real work begins

 

Dave