Steps to buying a property

The three steps to buying a property. 

 

Because buying a house or an apartment is a significant milestone in life, our experts offer a brief summary of the steps that mark the purchase of a property. For both the future buyer and the seller, steps are necessary before the long-awaited handover of the keys and the signing of the deed of sale, in front of a notary.

 

The offer to purchase, the starting point of a real estate transaction

 

 

Valid for an average of two weeks, it allows a potential buyer to make a purchase proposal to the current owner of a property. The latter may refuse the offer or make a counter-proposal. Note that if the offer matches the sale price, the owner is obliged to accept the sale.

 

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Formalizing the sale: the preliminary agreement and the promise of sale

 

 

If the seller has accepted your offer, each party must sign a preliminary contract that commits them to complete the sale. There are two types of preliminary contracts:

 

• the promise of sale is probably the most widespread. The owner commits to selling the property to the potential buyer, thus giving them exclusivity over it. In return, the buyer pays 10% of the total sale amount, which will be deducted from the sale or kept by the owner if they back out of the sale.

 

• the sales agreement, commits both parties to conclude the sale. If one party backs out, the other can force them to complete the sale through the courts. The signing of the agreement is accompanied by the payment of 5% to 10% of the sale price by the future buyer.

 

 

After the signing of the contract, an average of three months passes before the final signature. This time allows both parties to complete various administrative tasks, especially for the buyer who must arrange loan authorization.

 

 

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The final step of a real estate purchase: the deed of sale

 

Signed in front of a notary, the final deed of sale concludes with the handover of the keys in exchange for full payment. The owner definitively relinquishes their property rights and transfers them to the buyer.

 

Generally, this final step concludes on average three months after the signing of the preliminary contract.

 

Do not hesitate to approach our Metier Immobilier agency, specialized for 18 years in real estate transactions in the South Bugey area: Culoz,

Updated date : 01/12/23
Creation date : 04/04/18