What steps are to be taken when buying real estate?

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What steps are to be taken when buying real estate?

You are about to make your first real estate purchase and it can be stressful. Therefore, it is important to know the different steps to follow when acquiring a property.

1.Set a budget, a personal contribution and learn about a potential mortgage.

2. Finding housing.
This step can be done through the consultation of online ads on specialized sites, support through a real estate agency, word of mouth, etc.
If you are visiting a property, it is important to learn about a number of elements:
  • The area of the property. This information will make it possible to calculate the selling price per m² and to compare this price with previous transactions concluded within the same perimeter.
  • Consult the real estate diagnosis to be informed about the risk of flooding for example.
  • Request the amount of condominium fees
  • Find out about the amount of local taxes (property tax in particular).
Make a list of your needs and desires:
  • Number of rooms;
  • Number of rooms;
  • Comfort;
  • Neighbourhood, borough and surrounding services;
  • Transport;
  • Parking, local;
  • Old or new housing;
  • The exposure, the view, the exteriors (terrace, balcony, courtyard, garden, land + area);

3. Offer to purchase.
Make a written offer to the seller to purchase. In order for it to be valid and to facilitate exchanges with the seller, certain elements must appear:
  • Your identity and that of the seller
  • The period of validity of the offer
  • The purchase price
In common use, the validity period of the offer is one to two weeks. In case of rejection of your offer, the seller can make you a counter-offer, which you are free to accept or refuse.

4. Sign the sales agreement
The compromise recalls the sale price, the lots purchased, the surfaces, the diagnoses and all the elements related to the housing while specifying the terms of purchase: long sale, conditions precedent, etc.

A withdrawal period of 10 days is provided for by law without justification. This period allows the purchaser to think before committing. Withdrawal is still possible after these 10 days but entails the payment of penalties: payment of agency fees for example.

It is a commitment where the seller undertakes to sell his property and where the buyer undertakes to acquire it.

If it is a promise to sell, then it only binds the seller. In return, the future buyer must pay 10% of the sale price.

5. Sign the authentic deed of sale
The deed of sale must take the form of an authentic deed drawn up by a notary.

If you use two notaries (one for the seller and a second for the buyer), the National Agency for Housing Information (ANIL) indicates that the notaries of the seller and the buyer "share the fees, without the cost incurred being higher. ".

At the end of the signing of the deed of sale, the notary will hand over certificates of ownership allowing administrative procedures to begin (subscription of gas, water, electricity, insurance contract, etc.). 
Indeed, the notary must register the deed of sale with the land registration service. Then, the notary receives in return the copy of the authentic deed stamped by the tax authorities. This document constitutes your title deed and is kept for 100 years by the notary office before being entrusted to the departmental archives service.

What are the pitfalls to avoid?

  • Do not read the promise of sale beforehand 
The promise of sale must mention the following information: Address of the property, origin of the property (date of the previous deed of sale, name of the previous owner, notarial deed ...), complete description of the property, its equipment and annexes. It is always good to read beforehand what is mentioned there in order to know the ancillary costs as a future owner.
Namely that the promise of sale can contain 250 pages if it is an apartment.
> Check that the conditions precedent are mentioned in the deed, in accordance with your requirements. 

> Notary fees, which include notary fees but especially transfer taxes (taxes and other standard registration and management fees) payable to the State. 
🖊 Also note that notary fees on the acquisition of an old property are valued at approximately 7 or 8% of the price against 2 to 3% of the sale price for new real estate!
> Real estate agency fees (if you go through a real estate agency). Agency fees represent a significant sum that will inflate the overall cost of your transaction from 1 to 7% of the selling price, approximately. 

> Moving expenses, which are ancillary costs not to be neglected when completing your real estate purchase budget.
The DDT (Technical Diagnostics File) is an important element in order to get an idea of the strengths and weaknesses of the property.
There will be a total of 9 diagnoses that will be mandatory and that you must protect yourself upstream.
1)Energy performance diagnosis (DPE), except in the case of the sale of a dwelling in the future state of completion (Véfa) 
2)Finding of risk of exposure to lead (Crep) 
3)State mentioning the presence or absence of asbestos  
4)State of the indoor electricity installation if the installation is more than 15 years old 
5)State of the indoor gas installation if the installation is more than 15 years old 
6)Condition of the non-collective sanitation facility (only for single-family houses)  
7)Termite status
8) State of risks and pollution (natural, mining, technological, seismic, radon...) 
9)Noise diagnosis 
  • Do not anticipate resale or rental
To easily find a potential buyer or tenant, it is important to go around the neighborhood, the districts of Paris. Location is the number 1 criterion, and so are nearby amenities.

Get closer to the town hall to learn about urban projects likely to impact the district but also the local urban plan (PLU) which conditions the construction of an extension for example.
This would make it possible to acquire a real estate capital gain.  

> Real estate capital gain is the fact that you sell a property for more than you bought it. More specifically, it is the remaining difference between the final sale price and the purchase price of the real estate transaction.
Ce qu’il faut retenir :
The different steps are: 
1.Se set a budget, a personal contribution and inquire about a potential mortgage.
2. Finding housing.
3. Offer to purchase.
4. Sign the sales agreement
5. Sign the authentic deed of sale

Be careful, however, some pitfalls are to be avoided: 
  • Underestimating ancillary costs
  • Do not look at documents concerning technical diagnostics
  • Do not read the promise of sale beforehand
  • Do not anticipate resale or rental

You want to
to sell in Paris or its surroundings ?


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