Buying an used house

The sale of old houses is usually done either by professionals (real estate agents and notary publics) or directly by the homeowners using advertisements to communicate their offer.

Acquisition is a two-step process

The signature of a preliminary contract (Promise to sell or pre-sale arrangement) binds the parties but does not transfer the ownership of property. It can be done in the presence of a professional ("notaire", real estate agent for example) or directly between the seller and the buyer. A professional beforehand does not usually inspect the premises, but it may be the buyer's interest to have a survey drawn up.

The price of the home is negotiated between the seller and the buyer. A 10 % deposit of the sale price is generally made when the preliminary contract is signed. Should the operation fail, it is reimbursed to the former buyer only if it was included in a provision of the preliminary contract.

The signature of the final deed of sale before the "notaire" occurs after a period freely determined by the parties. It must be sufficient to allow the buyer to find financing and the notary to fulfil the necessary formalities.

The price is paid in full upon signature of the deed at the office of the "notaire", at which date the new owner can take possession of his home.

Expenses incurred by the acquisition of a home include taxes and fees for the "notaire" responsible for drawing up the deed (about 7 to 10 % of the acquisition price) to which may possibly be added fees for the professional (real estate agent or "notaire" intervening between the parties. The amount of theses fees varies from 4 to 10 % of the acquisition price. They are not due when the buyer and seller were in direct contact.