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Buying a flat in Paris as a foreigner involves several steps, and the process can take a few months depending on the property and paperwork.

Here’s a guide on how it typically works:

1. Determine Your Budget and Financing

• Budget Assessment: Calculate your overall budget, including property price, notary fees (typically 7-8% of the property value), taxes, and any potential renovation costs.
• Financing: Decide whether you will finance the purchase with cash or a mortgage. If you need a mortgage, start by getting pre-approval from a French bank or a lender that works with international buyers. Foreigners are often eligible for French mortgages, though the loan-to-value ratio may vary.

2. Property Search

• Work with W nd You Expatt who specializes in foreign clients or start browsing French property listing websites such as SeLoger, LeBonCoin, or Bien’ici. In Paris, desirable properties move fast, so having a trusted agent is essential.
• Predefined Criteria: Determine the size, location, and type of property you’re interested in. Popular neighborhoods in Paris vary based on preference for lifestyle, price, and proximity to landmarks or schools. Contact us to find the neighborhood that matches your lifestyle.

3. Making an Offer

• Once you've found a flat, we can help you submit a written offer to the seller. This is called a "promesse d'achat" or offer letter. At this point, negotiation on price is common.
• If your offer is accepted, a preliminary contract (either "promesse de vente" or "compromis de vente") will be signed.

4. Preliminary Contract Signing

• The promesse de vente (promise to sell) or compromis de vente (sales agreement) is the first legally binding document.
  • Promesse de vente: The seller agrees to sell the property to the buyer but gives the buyer the option to withdraw, typically with a forfeiture fee (about 10%).
  • Compromis de vente: This is a more binding contract where both parties commit to the sale. If either backs out without a legal reason, penalties apply.
• A deposit (usually 5-10% of the purchase price) is paid at this stage, and a 10-day cooling-off period begins, allowing the buyer to withdraw from the agreement without any financial penalty.

5. Due Diligence and Legal Checks

• During the time between signing the preliminary contract and the final sale, your notaire (a French public notary) conducts due diligence. The notaire ensures the property is free from legal issues (such as unpaid taxes or unresolved mortgages) and checks property records. We can put you in contact with french notaire if needed.
• The notaire will also draft the final contract and confirm that all documents, such as mandatory property diagnostics (energy performance, asbestos, etc.), are in order.

6. Final Mortgage Approval

• If financing through a mortgage, now is the time to finalize your loan. This includes getting formal approval and signing the mortgage agreement with your lender.
• The notaire needs to be informed about your mortgage approval, as the funds must be available for the final sale.

7. Final Contract (Acte de Vente)

• After the notaire completes their checks and the buyer’s financing is in place, the acte de vente (final deed of sale) is signed. This takes place at the notaire’s office, where the buyer, seller, and notaire gather.
• On signing, the balance of the purchase price is paid (the mortgage and any cash difference), as well as the notary fees and taxes.
• The ownership is officially transferred, and the buyer receives the keys to the property.

8. Registration of Ownership

• The notaire will then register the new ownership with the French land registry. This final step can take a few months to complete, but you become the legal owner as soon as the final contract is signed.

Additional Tips:

• Notary Fees: These are mandatory and typically range from 7-8% of the property’s purchase price for older properties, and slightly lower for new builds.
• Taxes: You'll be subject to French property taxes, such as taxe foncière and taxe d'habitation (though the latter has been partially reduced in recent years).
• Legal Representation: It’s highly recommended to work with a notaire, and you can hire your own independent notaire (or share one with the seller).

The whole process can take 2-3 months from the signing of the preliminary contract to the final sale. With the right planning and advice, investing in Paris real estate can be a rewarding experience.