PURCHASERS INFORMATION AND CHECKLIST

 

The following is an explanation of who I am and the stages and systems that take place throughout your property purchase from the viewing to the final completion day.

 

MPC Properties is owned and run by Marc Stubley who is with you from the start to the end of the process to provide advice and information and liaise between you, the agency and the Notaire. I am an Independent consultant and negotiator who receives no salary/expenses from any agency involved. This is my price of total freedom and means that I can be flexible. MPC merely shares the agency fees by introducing potential buyers to the agency and marketing the agencies properties via English speaking websites. I am a fully registered company and have also full certification in France to work as a negotiator and consultant for private clients, Agencies, Banking institutions  and Notaires. I have lived and worked in the Vendée since 1992 and have been actively working in the property market since 2002. I am fully bi-lingual and have legal and technical back up in all matters concerning the sale and purchase of French property. I have good relations with a number of local agents and Notaires and tend to stick with those that I trust to provide good information and who are capable of dealing with the demands of foreign clients.

 

Please be aware that the agency fees paid by you are the same as they would be for a local client, there are no hidden extras, translation fees, buyers packages etc. My time with you stretches from first contact to signing at the Notaires office. I am always on hand afterwards for advice etc. I have local contacts who can help you with any other matters concerning gite rental, key holding, garden maintenance, security checks etc. They will charge a reasonable fee.

I can also arrange private contracts for any matters that you need help with such as protracted translation and help for business setting up, confidential matters etc. There are sometimes occasions where properties are for sale privately, I can always provide a full service for you at a rate to be discussed between ourselves. I provide a free property estimation service within 40 minutes of La Roche sur Yon.

 

Viewing: Once I have your search criteria I can use my contacts to find suitable properties, or arrange viewings direct from your enquiries to adverts on websites.

 

Once viewing is completed we reach a verbal agreement between the sellers and the purchasers concerning price and  agree final completion date in principle. We will sometimes use a written “ promesse d’achat “ to give the seller greater confidence in our intentions to purchase.

 

Compromis de Vente: The “ compromis de vente “ is the official agreement of sale and purchase contract that is signed by both parties to secure the deal. The seller may only sign one compromis so this in effect blocks the purchase for you the buyer. The compromis has to state whether or not you will be requiring a loan or not for the purchase. Once the compromis is complete both parties will be sent a copy by us by registered post. The day that you receive this copy is the day that your 7 days “ reflexion period” starts; You must inform us by registered post of your intention to pull out of the purchase before the end of these 7 days, if not you are obliged to continue with the purchase. A “ pink slip “ will arrive with the compromis in the post, you must return this to the agency as soon as possible as the Notaire will not start his work until they have received them. In the case of multiple buyers, a pink slip will be sent to each named person on the compromis, all slips must be returned. This includes people buying as a couple, both slips must be returned to prove that both of you have been notified. A date for proposed completion will be pencilled in as well as an absolute final date if necessary and agreed by both parties.

 

Documents: Before the file is sent to the Notaire we also need copies of the following for all named persons on the compromis -

 

·       passport

·       birth certificate

·       proof of address

·       marriage / death / divorce certificates where appropiate

 

The sooner  we receive these documents the sooner the Notaire can start his work.

 

Deposit: The amount of the deposit will be written into the compromis, the maximum allowed is 10%. Please note that this is 10% of the sellers asking price not 10% of the total. You don’t pay any fees to the agent or notaire until the final completion day. This deposit needs to be paid before the 7 day cooling off period has elapsed and is paid into the Agencies closed client acct. If for any reason you decide to pull out before the end of the 7 day period then the agency by law has 21 days to reimburse your deposit. Please note that once the 7 days have elapsed you are liable for the deposit written in the compromis, if you pull out of the deal before the deposit has been paid the seller can ask for the money to be recovered through the courts.

 

Penal Clause: Once the 7 days have elapsed the penal clause will come into effect if either party pulls out of the deal. If you have stated that you will be needing the financial aid of a mortgage, you have 45 days to contact the relevant institution and apply for a loan. If this loan is refused then you have the legal right to pull out of the contract and have your deposit returned. If the purchaser pulls out of the deal after the 7 days then they are liable for the deposit which will be given to the seller AND the agency fees noted in the compromis. If the seller pulls out of the deal then the deposit is returned to the purchaser and the seller becomes liable for the agency fees.

 

Agency fees: The estate agency fees are set at the time that we agree with the seller to put the property on the market. A contract is signed between the seller and the agent with these fees clearly marked. The compromis will also have these fees clearly marked before you sign, and the Notaire can check both documents to verify that there has been no increase. Our fees vary depending on the asking price of the property and conform with industry regulations. MPC Properties works directly with the agencies involved and agrees a fee with the agency for introducing the client. Either the Notaire pays MPC out of the total agency fees on day of signing OR the client pays one part to MPC via registered bill and one part to the agency on day of signing. You never spend a penny before you have become the rightful owner of the property.

 

Survey: Once the compromis has been signed the seller has to provide the Notaire with a survey carried out by a registered professional who checks for asbestos, lead poisoning, woodworm/fungi and termites, septic tank status, energy report, electrics overview. A report will be written which will be checked by the Notaire and of course the purchaser.  This report will be provided and signed by the buyer before the compromis is signed or at worst before the end of the 7 day cooling off period.  Please be aware that the seller is under no legal obligation to remedy any problems that are found, the reports are for your information only so that you are aware of any elements considered to be at risk or in need of attention in the near or distant future.

 

The Notaire: All property sales must go through a Notaire. They are regulated by  the Government and are there to protect both parties during the sale of a property or land. The Notaire carries out the conveyancing which includes checking the identities of all concerned, whether the house is actually owned by the sellers, planning issues, rights of passage, common ownership of boundaries and tenancy issues. It is not standard practice for the Notaire to keep the purchaser up to date with the results of the the conveyancy which can be frustrating. The average length of time that passes between the signing of the compromis and the final act is 3 months but it can be more depending on such things as land disputes, postal delays, holidays and the Notaires individual workload so do be prepared for a bit of a wait just in case.

 

Notaires Fees: The agent will give you an approximate figure ( usually within 250 euros ) that will be noted in the compromis to cover the notaires fees. The fees are set at an average of 7%. The exact figure will not be known until the completion signature but doesn’t tend to vary that much. The agent can only give you the figure that the Notaire gives them so we cannot be held responsible for any increase.The following two cases can however increase these notaires fees by a considerable amount.

 

Case 1- The setting up of an extra clause to cover the rights of unmarried couples or couples where one or the other, or both, has been married before. ( The Notaire needs to be informed of this a.s.a.p )

 

Case 2 – If a mortgage has been used with a French banking institution then the bank will inform the Notaire who will include mortgage clauses in the act. The sum depends on the size of mortgage and it can be high. This is normal in France but for foreign buyers it can be a bit of a shock so make sure that your bank has made you aware of these costs. If you ask, they can normally be added to your mortgage amount but this has to be done from the start as it cannot be rectified at a later date. The bank and the Notaire are not at liberty to inform the agent of these costs and have a bit of a reputation for not being the best communicators between themselves, so please double check this with your bank.

 

Completion: Once we near the approximate completion date we can discuss between the Notaire and the seller and buyer which particular day and time would suit all parties. Obviously the foreign buyer needs more say in this matter due to flights/ferries/holidays. Once the final date is set, it is up to the purchaser to ensure that the necessary funds are given to the Notaire before they can complete the deal. Obviously the agent can help during this time. In the case of a mortgage being used then the Notaire should notify the bank to transfer the funds to the Notaires acct. It is always worth double checking this operation to ensure that necessary funds have been sent. If it is a “ cash “ purchase then the easiest way to transfer the funds is by electronic transfer straight into the Notaires acct. which the agent can give you the details of. To be on the safe side please allow at least a fortnight for this transaction, and allow for slight variations in the exchange rate. It is

better to send a little too much as the Notaire will refund the difference on the day. If a deposit is being held in the agents acct. then this will be transferred ready for signing.

 

Final act signing: The Notaire will read through the contract and make sure that you understand the relevant points. The agent can help you with the translations but if you have any doubt thenyou are advised to have a copy of the final act sent to you by the Notaire prior to signing, which you can have translated. Once the contract has been signed and the total funds paid then you will be declared the legal owner and have a certifcate of ownership to prove it. You must ensure that the property is insured as soon as you are the owner.  All that’s left then is the exchange of keys!!!!

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