France is one of the most popular real estate investment destinations in the world. Surveys have shown that a majority of French property buyers are foreign nationals. The real estate market in France has been booming in the last few years. Alongside French apartments and newly constructed houses in major cities, investors are also opting for older and larger properties in Southern France.
Identifying a good investment option
It is worth considering a property that appeals to you if it has a Cannes property for sale signpost. Cannes is one of the country’s most well-known tourist destinations. You don’t have to worry about the Euro Zone debt woes. Financial experts predict that the real estate market in the country will remain stable over the next decade. There have also been no major fluctuations in the real estate market despite the economic environment.
To start off, decide the type of property you want to buy. If you are unsure about it, seek the advice of a reliable real estate agent. Just communicate your needs to the company, and it will present you with investment options that best suit your needs.
The buying process
After deciding on a property, convey to the seller that you are buying the property and have it taken off the market. A preliminary agreement, compromis de vente as it is known in France, will be drawn out. It will contain the terms and conditions outlining the steps to be taken before the final contract is drawn out. On a lighter note, ask the buyer to remove the Cannes property for sale sign outside the house since you will be buying it!
You must obtain the details of the financing that you need. Similarly, the seller must have all the documents that show that the title of the property is free to be transferred to you.
The legal aspects
It is advisable that you hire a solicitor or a designated notary during the purchase process. Consider a situation where you want to back out due to some reasons. The initial 10% deposit that you are required to pay at the compromis de vente may not be returned by the seller. But if it is done through a notary or a solicitor, they will hold the money until the final settlement is done. He will ensure that all the legal aspects of the deal are fulfilled before handing out your money to the seller.
The solicitor’s fee might be anything from 5% to 10%. You might feel the sum is a bit high, but it is a worthwhile investment. You will have a professional taking care of the legal aspects of the purchase process, and you can keep roadblocks at bay.
Magic View are a property estate agent who specialise in providing french property for sale in Cannes and the surrounding French Riviera including St Tropez, Grasse and Perpignon areas.