A Complete Guide to Purchasing Real Estate in Haute Savoie
The important steps of a property purchase
Using a well-regarded local real estate agency has several advantages:
The signing of the preliminary contract is generally accompanied by the payment of a deposit (security deposit) representing a maximum of 10% of the property's sale price. After signing the preliminary contract, you will have a ten-day cooling-off period during which you can withdraw from the purchase for any reason.
When a mortgage is required, a financing contingency clause will be included in the preliminary contract, stipulating that if the loan is not obtained within the agreed timeframe, you will be released from all obligations and can recover your security deposit.
The overall process takes approximately three months, although sometimes longer, and during this time it is necessary to obtain the relevant information and documents from the appropriate authorities: civil status documents, mortgage statement, cadastral extract, planning certificate, technical survey, managing agent questionnaire, etc. During this period, the notary prepares the sales file.
Preparing your loan application:
While it's advisable to consult your bank before starting property viewings, you can only focus on structuring the final financing for your project once the preliminary sales agreement is signed. Once your application is accepted, the bank will issue a preliminary approval and await validation from the insurance company (and possibly a guarantor) before sending you a mortgage offer once the loan is approved.
Upon receiving the mortgage offers, which summarise the loan terms, you have a ten-day cooling-off period to accept or reject them. On the eleventh day, and not before, you can return your signed offer by mail. The bank will then need a few days to transfer the funds directly to the notary.
The financing contingency clause stipulated in the preliminary sales agreement is generally valid for between 30 to 60 days from the date of signing.
Signing the Deed of Sale :
Once the funds are available and the notary has all the necessary documents, it's time to sign the deed of sale and become the owner.
The deed of sale reiterates all the conditions stipulated in the preliminary contract and formalises the transfer of ownership. All funds (sale price + deed fees) must be held by the notary for the sale to proceed.
You will generally receive the keys to your new home at the signing appointment, as well as a copy of the documents that have been signed. The notaire will also provide to you an ‘Attestation’ which will allow you to prove ownership while awaiting receipt of your copy of the deed of sale.
Post-Sale Formalities: After the sale is signed, the notary sends the signed act of sale (acte de vente) to the land registry office where it is recorded in the property register. The notary will then receive an "authentic copy" bearing the tax authority's stamps, which is in effect the deed and this will be kept in their office's archives, and they should then send to you a complete copy of the deed of sale. Between signing the deed and receiving your title deed, it took approximately 10 months in Haute-Savoie in 2017
In the days following the sale, you will also need to set up various utility contracts, such as electricity, water, and telephone, but your advisor at Transactel will be happy to provide advice to assist you with all of these tasks.
All that remains is for you to enjoy your new home in this beautiful mountain setting. We are available to answer any further questions you may have regarding the overall process and the steps involved in buying a property.
- Firstly, a range properties will be presented to you, allowing you to compare the properties for sale and get a clear idea of the market.
- From the moment the property is listed, even before you schedule viewings, the agency will verify the qualities of the property, its compliance with regulations (certificates and assessments), the validity of the title deeds, and any potential easements. We can also advise you on structuring the financing for your project.
- Calculating Costs:
- Before you begin, take the time to use the tools on our site to calculate the overall project budget, including completion costs, commonly known as "notary fees" (on average around 2.5% of the purchase price for a new property, 7.5% for an existing one), and also remember to estimate any potential renovation work.
- Signing the Preliminary Contract - The Compromis de Vente:
- the civil status of the parties;
- the designation of the property;
- all mandatory diagnostics;
- the selling price;
- the time frame for completing the sale;
- the suspensive conditions;
- the notaries in charge of formalising the sale;
The signing of the preliminary contract is generally accompanied by the payment of a deposit (security deposit) representing a maximum of 10% of the property's sale price. After signing the preliminary contract, you will have a ten-day cooling-off period during which you can withdraw from the purchase for any reason.
When a mortgage is required, a financing contingency clause will be included in the preliminary contract, stipulating that if the loan is not obtained within the agreed timeframe, you will be released from all obligations and can recover your security deposit.
The overall process takes approximately three months, although sometimes longer, and during this time it is necessary to obtain the relevant information and documents from the appropriate authorities: civil status documents, mortgage statement, cadastral extract, planning certificate, technical survey, managing agent questionnaire, etc. During this period, the notary prepares the sales file.
Preparing your loan application:
While it's advisable to consult your bank before starting property viewings, you can only focus on structuring the final financing for your project once the preliminary sales agreement is signed. Once your application is accepted, the bank will issue a preliminary approval and await validation from the insurance company (and possibly a guarantor) before sending you a mortgage offer once the loan is approved.
Upon receiving the mortgage offers, which summarise the loan terms, you have a ten-day cooling-off period to accept or reject them. On the eleventh day, and not before, you can return your signed offer by mail. The bank will then need a few days to transfer the funds directly to the notary.
The financing contingency clause stipulated in the preliminary sales agreement is generally valid for between 30 to 60 days from the date of signing.
Signing the Deed of Sale :
Once the funds are available and the notary has all the necessary documents, it's time to sign the deed of sale and become the owner.
The deed of sale reiterates all the conditions stipulated in the preliminary contract and formalises the transfer of ownership. All funds (sale price + deed fees) must be held by the notary for the sale to proceed.
You will generally receive the keys to your new home at the signing appointment, as well as a copy of the documents that have been signed. The notaire will also provide to you an ‘Attestation’ which will allow you to prove ownership while awaiting receipt of your copy of the deed of sale.
Post-Sale Formalities: After the sale is signed, the notary sends the signed act of sale (acte de vente) to the land registry office where it is recorded in the property register. The notary will then receive an "authentic copy" bearing the tax authority's stamps, which is in effect the deed and this will be kept in their office's archives, and they should then send to you a complete copy of the deed of sale. Between signing the deed and receiving your title deed, it took approximately 10 months in Haute-Savoie in 2017
In the days following the sale, you will also need to set up various utility contracts, such as electricity, water, and telephone, but your advisor at Transactel will be happy to provide advice to assist you with all of these tasks.
All that remains is for you to enjoy your new home in this beautiful mountain setting. We are available to answer any further questions you may have regarding the overall process and the steps involved in buying a property.