Owning a property in France is great, isn't it? You have a place to stay here and since the country is a popular tourist destination, you can easily rent it out to earn extra cash. However, there comes a time when you have to let it go. And in this situation, you owe it to yourself to sell it to the right person. Someone you can trust will properly manage the property as you did. Selling a property in France is not easy but it's also not impossible. Let this guide show you the ropes on how to do it properly.
What Are The Costs of Selling Your Property in France?
Don't think that you'll only be earning money when you sell your
property in France. Sure, you'll likely get millions in Euros, but you'll also be spending some of that on various fees and
taxes. For example, if you hire a real estate agent, you'll likely have to pay them around 4% to 10% commission. Those are the standard figures. And as far as taxes go, you will have to pay the capital gains tax too. It's from the profit you earn as you sell your property in France. It's commonly the only tax you, as the seller, will have to pay throughout this entire process.
Should You Sell Your Property Privately in France?
You can take away one of those costs—real estate commission—if you choose to
sell your property on your own. Though it's become the norm, selling property through real estate isn't a requirement. It's up to you if you want to avail such services or just do it on your own. Just like
real estate, there are actually a few pros and cons to it. Selling your property on your own gives you full control of the sale, lets you keep more of the money, and lessens the risk of getting scammed. However, this also means you'll have to do more work and you might also find it difficult to look for a good buyer.
How Do You Make a Property Valuation in France?
If, for instance, you decided to sell your property in France on your own, you can still avail of a few real estate services from various agencies. Particularly, property valuation. Putting your property for sale in France means you'll also have to set how much it is. Or at least, an initial asking price. But how do you do that? As already mentioned, local real estate agencies, like
A1 Real Estate, can help you with that. Free of charge too! Local notaries can also help since they'll likely know the property prices in the area. And when all else fails, you can always look it up online!
How Do You Survey Your Property for Selling?
There's one prerequisite you have to fulfill when you want to sell your property in France: the
Dossier de Diagnostic Technique (DDT). The DDT is a series of statutory surveys you need to conduct to ensure that your place is in tip-top shape before the sale is finished. They cover a full range of tests, including checking on lead and asbestos, gas installations, electrical wiring, termites, the septic tank (if applicable), industrial risks, and more! Out of all of them, you need to carry out the energy efficiency test first—it should be done before you even put your property up for sale in France.
How Do You Market Your Property in France?
Now, once all the DDT surveys are done and your place is ready to be bought, it's time to market. And no, this doesn't pertain to social media! Although that is becoming more common nowadays, you're still better off submitting your property to any of
France's top property listing websites. The likes of
LeBonCoin,
SeLoger, and
Bienici get thousands, even millions of visitors every month. And since some of them are available in English, even foreign buyers can check out your property on them. Don't worry! Even if you plan to sell your property on your own, you can still access some of these property listing websites without a real estate agent!
What is The Process of Notarizing Your Property in France?
While you may have the option of selling your property in France on your own or hiring a real estate agent, what you absolutely should
hire is a notary. Not only will the notary act as your representative just like a real estate agent, but they will also serve as your legal advisor. If you're not all too familiar with the legal issues in buying and selling property in France, especially as a foreigner, your notary will be your best guide. They will ensure that the process runs smoothly, down to when the final contract is signed!
What Documents Do You Need To Sell Your Property?
Real estate in France is pretty meticulous. Before you can put your property for sale in France, you'll need to prepare a few documents. Firstly, you need to show proof that you do, indeed, own the property. Mortgage statements, property tax receipts, and the like would suffice. If your property has had many renovations over the past decade, you have to include a
l'attestation de Garantie Décennale as proof. And once you've found a buyer, your notaire will require you to show these documents: the last 2 annual meeting reports of the owners (if the property is under multiple ownership, the bylaws of the building, the latest association dues receipt, the latest property tax receipts, and the
Dossier de Diagnostic Technique (DDT) surveys.
How Do You Set Up the Sale & Purchase Contract?
When you set an initial asking price for your property in France, expect that the buyer will negotiate with you. They'll likely offer up a lower price that's near to what you set. This is normal and thus, begins your negotiating the price. Once you've settled on a final price, it's time to draw up and sign the
Compromis de Vente. This will serve as your pre-sales contract which binds both parties to the purchase. It stands as proof that the buyer has every intention to purchase the property. And it legally obliges you to sell the property to the buyer and no one else.
What are The Legal Issues in Selling Your Property in France?
When you sell your property in France, you'll be faced with a few legal issues. As already mentioned, you need to undergo the DDT statutory surveys to legally ensure that your property is good for purchase. Also, be sure to abide by all the legally binding contracts and documents as they can affect you just as much as
the buyer. A good example is when the
Compromis de Vente is not followed. If you decide not to sell your property after you've signed this pre-sales agreement, you'll be penalized by paying twice the amount the deposit paid by the buyer, which is 10% of the final set price.
How Long is The Process of Selling Your Property?
As already mentioned, real estate in France can be a meticulous process. However, selling your property here won't take a whole year. Especially if you hired a real estate agent. More often than not, from your first meeting with the buyer to when you sign the final purchase contract,
Acte de Vente, the entire process can take around three to four months. Of course, this depends on how prepared you are at the start. Have you already done the DDT surveys? Have you prepared all the important documents? It's better to do all of these before you start looking for potential buyers.
What are The Best Tips for Selling Property in France?
Finally, for
some helpful tips in selling your property in France. Although marketing it properly will help you reach more views and, in turn, a lot of potential buyers, it'll help more if you dress up the place better. Especially if what you're selling is an apartment in Paris, a villa in Cannes, or anything glamorous like that. Once you're done with that, take clear and high-quality images and video clips of the place. Remember that potential buyers from other countries will only have digital media to rely on when examining properties in France. The clearer your images and video clips are, the better!
Are you putting up your property in France for sale? Then you're in for a bumpy ride. The process is more complex and complicated than you probably realize. But at the end of it all, you'll earn a lot of money and leave your property in good hands!
