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For those looking to purchase a property in France here are some titbits to take account of. The French property market is highly attractive to expatriates. Foreigners can buy property without any rerstrictions but the laws governing the purchase and re-sale can actually depend on the type of real estate and the location of real estate. For example the laws relating to the purchase of farmland will differ to the rules governing the purchase of a freehold house. It is advisable to always seek the advice of an independent notary when buying any real estate- especially if buying in a different country. The buying process France is usually as follows:- The seller and purchaser agree on a purchase price. A notary will write up a legally binding contract which both parties then sign. A ten percent deposit is paid at this point. This deposit should be held in escrow until the purchase completion. Due diligence then begin and the property is withdrawn from the market. If the purchaser pulls out of the contract at this stage the deposit would be forfeited. When due diligence have been completed satisfactorily, a contract will be signed by both the seller and purchaser at the Lawyer's office. The deeds will pass to the buyer, the land registry will be updated and the remainder of the purchase price is paid. The fees you can expect to pay are as follows:- 1) The Lawyer fee will be around three percent of the property price. 2) Transfer tax seven point five percent (less than 1% for new builds) 3) Registration fees will be about another 6%. 3) Estate agents fees can be as much as fifteen percent, but are normally between seven and eight percent - please check whether you are liable for these before you go forward with buying a property.
Article Source: http://www.realestateinvestmentarticles.net
For more information on buying a property in France please visit www.hauteviennehideaways.com The French Property Guru www.hauteviennehideaways.com
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