Greatsky Consulting LLC: Steps to acquire French realty
Greatsky Consulting LLC: Basic things you need to know about becoming a proud owner of a real estate in France and opportunities it gives to foreigners.
A foreigner who purchases a property in France can apply at the French embassy for a Schengen visa with multiple entries, allowing them to stay in France for up to 6 months. In certain circumstances, it may also be possible to get a residence permit based on a confirmed real estate ownership.
The buyer and seller enter into an agreement called "Compromis de Vente" once the property is selected. The agreement contains information about the parties involved in the transaction, as well the technical description and construction passport of the property. Upon an inspection, the seller is required to provide the summary of construction committee.
The buyer must deposit funds into the designated bank account of the notary who supervises the purchase within 7-10 business days. The deposit must be at least 10% of the price of the property. At this point, the property will be removed from the market, and the buyer will receive the property. The buyer will have a seven-day window in which to cancel their purchase. After that, the deposit is not refundable.
Real estate agent fees are usually already included in a sale's price. If buyers are being asked to pay them in advance, this is probably fraud.
The notary will examine the condition of the property and the source of funding for a period between 1-3 months after the preliminary contract has been signed. The notary will check if any documents are missing, or if there is a pledge on the property. The notary also needs to receive consent from the local administration allowing the transaction.
The notary will then finalize the sale of the property. The buyer will now transfer the remainder of the funds, as well as the transaction fee (which is 6-7% of the property price), to the designated bank account. The notary will then change the owner of the property in the registry after the agreement has been concluded. Insurance is important.
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