Buying property in France

France is a current hot destination for foreign property buyers, especially UK, due to proximity and easy access. Some of the most sought after regions in France are the Brittany or the Cote d'Azur, with Midi Pyrenees, Paris and Provence also seeing high demand.

Due to the very nature of the country, the French property market is very diverse. There are also properties available for all price ranges. You can chose from the mountains, the country, or the shore. You can buy restored farmhouses, sprawling vineyards, apartments or family villas just to give a few examples.

If you are looking to buy a property in France, and by property I mean a home with under 1 acre of land, than the whole process is also relatively straight forward.

Once the seller and buyer agree on the terms of the sale, there is an initial contract called Compromis de Vente, drawn up by the French Estate Agent or by the Notaire (an equivalent to a public notary/solicitor). The Compromis de Vente contains all the details pertaining to the sale and is signed by both parties. The method of payment will also have to be stated in the contract.

At the time of the signing of this agreement, it is expected that the buyer deposit at least 10% of the price, with this money being held in escrow until the sale is complete.

There are other possible pre-sale agreements you can sign, but this is surely the most recommended route to safeguard your interests.

You should also have the property, roof, plumbing and electrical analyzed by local experts. These are usually regular people that work in their respective fields. In France it is not customary to have "surveyors" analyze a property before a sale.

Just remember to make sure you have these items checked before you sign the initial agreement.

During the weeks that follow, usually less then two months, during which the searches are carried out by the Notaire, the buyer is expected to work on the financing of the property.

If the buyers backs out of the sale without a valid reason, the seller gets to keep the deposit amount.

After everything discussed above has been done, the final contract, called the Acte de Vente is signed at the Notaire´s office.

At his time the buyer has to pay the remaining balance to the seller. The buyer should also provide copies of birth and marriage certificates translated into French.

In France, the property buyer pay the fees associated with the sale to the Notaire, usually 7.5% of the sale amount. There is also a value added tax (VAT) of 19.6% that is applicable to most fees and taxes.

The commission of the broker is paid by the seller unless otherwise noted on the pre-sale contract. This fees varies widely, usually from 5% to 15% of the price.

If the property is resold withing 2 years, a capital gain tax of 33% will also have to be paid.

Aside from France, buying property in Bansko (Bulgaria) is also in high demand.