How does the property buying process differ between the U.S. and France?

If you’re considering a move from the U.S. to Europe then France is likely to be pretty high on the list of possible destinations.

France has it all; a relaxed pace of life, a warm climate, wonderful scenery and, of course, fantastic food and wine. When people realise that property in France tends to be at least 50% cheaper than in the U.S. then it prompts the question, what’s the catch?

Well, quite simply, there isn’t one.

 As a U.S. citizen can I buy a house in France?

Yes, absolutely.

The process of buying a home in France is relatively simple but there are of course some fundamental differences between the American and the French system, not least the language! The process for buying a house in France is the same, irrespective of what nationality you are.  This diagram just illustrates the key stages and approximate time you might expect to reach each milestone:

Here’s a summary of some of the main differences in the buying process between the U.S. and France:

 The first step

Unlike the U.S., in France there’s no Multiple Listing Service. For most people therefore, the first step in this process is a property search, normally via a property portal (such as French-Property.com or A Place in the Sun). Enquiries are then be directed to agents who will provide further information on the property and will be able to schedule viewings (either in person or virtually).

A good agent will also take the time to find out more about your plans and your search criteria so that they can help focus your search and perhaps suggest properties or locations that you may not have considered.

 How to make an offer on a house in France

Once you’ve identified the house you want to buy then the next step is to make an offer. This is normally done via the agent. As a general guide, most sellers would be willing to accept a reduction of around 5% of the advertised price.

 What is the difference between an American attorney and a French Notaire

When it comes to buying a house, one of the main differences between the U.S. and France, is the legal professional who handles the administration. In the U.S. you might be used to using a private attorney. In France it’s a Government-appointed Notaire that would formalise the property transaction. Their role is more of a neutral intermediary, rather than someone who is specifically looking after your interests.

Generally speaking, estate agents in France are not as involved as Realtors in the U.S. and many may not speak English. That’s where we come in. Our bi-lingual team are very ‘hands-on’ and we will manage the entire process for you.

 What inspections & surveys are carried out when buying a house in France

U.S. buyers often arrange their own inspections or surveys and this is usually done after your offer is accepted but before you close.

In France, sellers are required to provide a suite of diagnostic reports that cover the following areas: electrics, asbestos, lead, drainage, energy efficiency, gas installation, parasites and local environment.

Where a buyer has any concerns about the structure of a building, or if they are considering a property that will need some work, they usually employ the services of a builder to advise.

 Contracts and deposit

The French purchase process is defined by two contracts. Buyers first sign a preliminary contract (Compromis de Vente) and will also pay a deposit to the Notaire (usually 10%). The second and final contract (Acte de Vente) is signed 6-8 weeks later, once the balance of funds have been received by the Notaire.

Both contracts can be signed remotely so there’s no need to travel back and forth to France.

 Cold feet?

In France, as the buyer, once you’ve signed the initial contract you’ve got a 10-day ‘cooling-off’ period during which you can withdraw from the sale, without any penalty.

 What are the costs associated with buying a house in France

Agency fees are generally included in the advertised price and can be anywhere between 4-8% of the purchase price. Legal fees and taxes are not included in the advertised price and these are usually around 7-8% of the purchase price.

 Currency

You will of course have to use Euros to purchase the property in France. If you’re UK or US based then this will involve a currency transfer from USD/GBP into Euros. The most cost efficient way of doing this is via a currency broker. Please let us know if you’d like a recommendation of who to use. A currency broker will also be well placed to advise on the various rules and regulations that each State has around moving money out of the U.S.

 How long does it take to buy a house in France?

In France the process is slower and feels more formal than in the U.S. but, in some ways, that’s quite reassuring. Expect the process to take around 3 months, from ‘offer accepted’ through to close.

La Residence is a UK-based French property consultancy. Our bi-lingual team has been helping US and UK buyers find their dream french home for over 30 years. We guide you every step of the way from your very first enquiry, right up until you’re comfortably settled into your new home (carefully avoiding any pitfalls in between). In short, we do everything possible to ensure that buying and selling property in France is as transparent and stress-free as possible.

We specialise in older properties that are full of character.  Please do feel free to have a look through our carefully curated selection of properties across France.  Simply click here