FAQ PARIS

How does the purchasing process work in France?

Once you find a property that you are interested in, the seller is required by law to give you the dossiers technique / diagnostique. These documents are essentially the inspection; they provide details of the syndic (HOA), as well as about the technicalities of the flat which include :

  • Size of the property

  • Presence of lead, asbestos, termites, or any natural/environmental risks (if any)

  • Condition of the electricity, natural gas (if any)

  • Assessment of the quality of insulation, gas emissions, etc.

  • Règlement de copropriété (HOA) - these are building by-laws which includes rental rules

  • Last 3 years of the copropriété (HOA) meeting notes - this includes any potential work or construction that has been voted for by the owners and the cost which is split amongst them

After reviewing these documents carefully, an offer is made. If the offer is accepted, there is a preliminary contract prepared by a notaire (notary) called the promesse de vente (promise to sell) or compromis de vente (contract of sale). The difference between the two is that the seller is not committed with the promesse de vente, but they are committed with the compromis de vente. Once this pre-sale agreement is signed, a deposit of 10% or more is usually put down. With the promesse de vente, the buyer has 10 days to withdraw without any penalty if they have a change of heart.

The next step after signing the preliminary contract is the closing period, which takes up to three months on average. During this period, the buyer needs to obtain the financing and the buyer’s notaire will take care of all the title, legal, and administrative paperwork. Once this period is over, the acte de vente (final purchase agreement) is signed. 

What is a notaire ? What do they do?

French law requires that property sales are prepared and signed by a notaire. A notaire is a public legal official similar to a lawyer, who takes care of the sale and property transfers, and in theory, should have your best interests at heart. There can be one or two notaires involved in the sale/purchase of a property. Fortunately, the total fee is set by French law and paid by the seller regardless of how many are involved, though it is in your best interest to have your own notaire. Here are a few examples of their responsibilities:

  • Verifies that all the information on the title and registry documents match that of the property

  • Identity verification of buyers and sellers, and ensuring a legitimate transaction

  • Verifies there are no other mortgages, liens, etc. other than what is already mentioned

  • Verifies that the down payment and financing is correct and enough to cover the purchase price completely

  • Obtains a planning certificate from the local town hall showing the property's planning rules

  • Provides a breakdown of all financials, including broker's fees, taxes, and notaire fees. The notaire fee is set by law and paid by the seller.

It’s important to note that most, if not all, documents will be in French. However, we work with bilingual notaires who can answer all your questions. Official translations can also be purchased online, though they are very expensive.

What if I can't be there to sign the contracts of the property?

You can give procuration pour acquerir (power of attorney) to your notaire, or someone else you know in France.

What are the notaire’s fees and closing costs?

You can expect to have around 7% - 8% in notaire fees, in addition to the purchase price. You can check the Chambre de Notaires de Paris website to get an accurate estimate on their fees.

Agency fees

A frais d'agence (an agency fee) is typically a 5% fee already added into the purchase price. This is paid by the seller. This is separate from a consulting fee, which is charged for property search and closing the deal.

Can I apply for a mortgage in France?

Yes! Banks in France provide mortgages to foreigners. We can connect you to brokers who work specifically with foreigners. Another useful tool is France Home Finance's mortgage calculator.

What other taxes should I be aware of as a non-resident?

The other taxes that non-residents need to be aware of are the following :

  • Property ownership tax (taxe foncière) : this tax is dependent on property size, condition, amenities, and neighbourhood.

  • Residency taxes (taxe d’habitation) : this tax is dependent on the local council (commune), and is based on property size, condition, and the estimated rent that the property might be expected to have in the open market.

  • Income tax on rental income generally runs around 19%.

We can refer you to a bilingual French tax accountant if you have further inquiries.

What are building charges?

Building charges are equivalent to HOA fees in the United States. A syndic / assemblée générale de copropriété (HOA association / general assembly of the co-owner association) mails out any updates or new work being voted on for any repairs or renovations suggested for the building and community. These charges are usually billed once a quarter and run pretty low compared to HOA fees found in major cities in the United States. The average cost in Paris is around 40€/m² per year. Check out Meilleure Copro for an estimation.

What are the current short-term rental laws in Paris?

The city of Paris allows homeowners to rent for 120 days per year with an obligatory registration with the city (primary residences only). There are some exceptions to rent longer than 120 days for those that are away from their primary residence in France due to work in another country. There are other short-term rental contracts for a rental period of one to ten months (bail mobilité). There is also the option of designating your property for commercial use so you can rent it short-term with no limitations, however that process can be long and tedious. If short-term rental is not your plan, there are a myriad of long-term rental agencies in Paris that we can also connect you with.

What else should I know about purchasing property in Paris?

We want to be very transparent here—no one deal is the same. The average closing time is about 3 months from the signing of the preliminary contract, but closing periods can vary depending on the seller (we’ve experienced closing periods of up to 6+ months before).

The process, communication, sense of urgency (the French are infamous for being slow-paced), and ways of thinking here in France are very different—if not the opposite—than what you might be used to. Encountering cultural differences is inevitable and that’s why we’re here to help you navigate these experiences abroad.

Our advice: be patient, accept, and enjoy the process…the journey to your new life in Paris will be an adventure in itself!