There are very few countries quite a beautiful as France. Even if you have never been there, I am sure that you have heard people say how romantic Paris is and how they would like to visit it someday.
Now imagine, instead of just wishing you could visit, what about owning a piece of Paris? Imagine having your very own apartment on one of those gorgeous streets? Imagine having a place to go whenever you feel like experiencing a little bit of that Parisian romance: a place of your own.
As beautiful as this sounds, we all know that most of us would only ever buy real estate in France just to rent it out. Frankly speaking, it is the logical financial move for real estate investors such as myself. If you have been bitten by the remote real estate investment bug, here are some tips on how to remotely invest in property in Paris.
What is involved in buying property in France?
Assuming you have taken the time to look around Paris and have finally found a property worth your money. From then on, the process involves the following:
Finding a Notaire or a trusted real estate agent
When buying in France, there are two stages with which any buyer has to contend. To begin, you have to formalise the purchase by having a preliminary contract prepared by a Notaire, or your chosen estate agent. You could also do so privately with the seller.
7-day reflection period
As the buyer, once both parties have signed the preliminary contract, you have a week (7 days) to seriously consider your options. Within these seven days, you can actually back out of the deal without any financial consequences.
Finalising of the sale
The sale is only finalised with the signing of a formal deed of sale, which is called ‘the acte de vente’ in France. Whereas the signing of the preliminary agreement could have been overseen by a Notaire or an estate agent, the final signing of the acte de vente simply must be overseen by a Notaire.
How long does it take to buy property in France?
Assuming everything is in order, the period between the signing of the preliminary agreement to the signing of the acte de vente takes about 2-3 months. During this period, you as the buyer are required to do what is necessary to obtain the required financing. It is also the time that your own Notaire will spend looking at all the legal implications attached to the property in question as well as make sure that there are no legal issues that could further complicate the sale. Your Notaire also uses this time to take care of any administrative requirements associated with the sale of the property to a foreigner.
At the end of all this, once everything is in order, both parties will meet once again at the signing of the acte de vente. Once you sign this, you are required to pay the agreed upon price to the seller plus fees, commissions, and all associated taxes. Once this is done, you are handed the keys and just like that, you now own property in Paris, France.
Last Minute Tips
Often, I find people asking me how they can get better leads abroad, because they are quite hesitant to trust everything they see online (since pictures online can make a property look better than it is). If you feel the same way, then your best bet is to build your network. Start attending networking events because this is the best place to encounter those that have been abroad and have purchased property abroad. Personally, I tend to attend networking events from Rick Otton and Simon Zutshi, since they are the ones who consistently hold meeting events (about 4 a month at least).