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The property market in France couldn’t be in a healthier state than it is in today. There is a lot of optimism about the real estate scenario in France. French properties are in great demand from rich, high net worth individuals from across the world, especially from emerging nations such as China and Russia.
France is one of the hottest overseas property destinations in the world. However, selling a holiday home in France is not as easy as, say, in the UK or Ireland. There is a certain bureaucratic process that you will need to go through. Here, you will find very useful tips to sell property in France fast.
First, it is important to understand why there is such a major demand for overseas property in France from cash rich foreign investors from China, Russia, the Middle East, Brazil, Malaysia, Singapore and other emerging nations.
Fact is mortgage rates in France are at the lowest they have been in several years. This coupled with the weakness of the Euro, means that this is as good a time as any to buy a home in France.
Also, France is considered to be the epitome of cool, for many rich people in emerging nations, owning a home in France is a dream come true, the ultimate status symbol and a sign that they had arrived.
Estate agents in France are called agents immobiliers. The problem with the local estate agents in France is that they have no clue as to how to market the property overseas, to potential buyers in China, Russia and other emerging markets, where the demand for French properties is at its highest.
That’s why the best tip we could give you is to get in touch with UK and Irish based estate agents specializing in the sale of overseas property online. That’s where you will have your best chances of getting the property off your hands as quickly as possible.
That’s because these estate agents specialize in marketing your property overseas, on Russian and Chinese property portals, online forums, websites, classifieds, international property expos and so on. This is where you will have your best chances of getting an all cash offer for your overseas property in the shortest possible time.
Once you agree to the sale, you will be required to visit the notary along with the buyer. The notary remains neutral and acts on behalf of both parties – the buyer and the seller. The notary’s fees are divided equally between the buyer and the seller.
Then, an oral document called ‘compromis de vente’ is made and a week is given to the buyer to make sure that all the terms of transaction are strictly followed by the seller (you) and that the house is exactly as advertised.
The buyer has a cooling period of 7 days during which he can get the property professionally inspected and seek expert opinion on its true value. If fully satisfied at the end of the 7 day period, he can go through with the purchase of the property, else the transaction is cancelled.
If the buyer decides to go through with the purchase, he will need to pay a deposit of 10 percent of the purchase price. Once the seller (you) receives the deposit, he cannot change his mind and sell the property to someone else. The buyer completes the transaction, usually in a month’s time and once the paperwork is exchanged, the balance amount in transferred to your account.
Please note that all the paperwork will be in French, so you may need to hire a translator to help you with the transaction. It is also recommended that you should hire a lawyer who specializes in overseas property transactions for valuable legal assistance.
Finally, taxes in France are very complicated, so talk to a tax consultant about the capital gains tax that you will need to pay over the proceeds of the sale. The capital gains tax has to be paid if the overseas property is not your primary residence. If you need to sell property in France fast and free from hassle contact us today.