Buy an apartment in Paris is an important investment, so it is vital that you have all the steps in mind to make your real estate investment as safe as possible. Discover below some tips to help you save time and avoid mistakes during your purchase process.
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Buy an apartment in Paris : Which Paris neighbourhoods or districts should I prioritise?
To determine the location of your future real estate investment in Paris, several criteria must be taken into account: your budget, proximity to your workplace (if you wish to live there), proximity to public transport (metro, bus), the type of neighbourhood (depending on your lifestyle), the presence of local shops, the nearest school (if you have children), etc.
The typology of the apartment you want to buy (studio, 2 rooms, family apartment, duplex, loft, mansion, etc.) and its features (apartment with terrace, balcony, garden, Haussmann style, or more modern, etc.) are also factors that will influence your choice of neighbourhood.
Each neighbourhood has its own specificities, which you must be taken into account during your purchasing process for an apartment in Paris. In addition, the attractiveness and therefore the price of apartments for sale in Paris varies greatly depending on the district where you plan to settle.
In the case of rental property investment, other criteria will also be taken into account. Discover all the stages of a rental investment in our article dedicated to the topic.
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The expert real estate agent, your best ally for the right apartment purchase in Paris
You may well have already said that when you decide to buy an apartment in Paris, you certainly would not use the service of a real estate agency. If this is the case, you are part of the 30 percent of the buyers complete their transaction on an individual to individual basis or the 13 percent who use other channels (family, friends, notary, etc.).
But if you decide to use the services of a real estate agent, as 70 percent of real estate investors in France, you can benefit from the follow-up and support of a real estate expert of the sector where you plan to invest.
Your real estate agent will do the research for you and will offer you properties that meet your criteria, thanks to their professional expertise in the local property market.
An estate agent will also show you any work planned in the residence or neighbourhood you are targeting. They will take care of the legal aspects for the acquisition of your property, and will give you precise and detailed information about the apartment or the house you buy: renovations, energy balance, hidden defects, etc. Most importantly, an estate agent will also ensure the smooth running of the negotiation, the most crucial step in your process of real estate purchasing.
Real estate properties for sale in Paris
Buy an apartment in Paris - The rules to follow
So you've found a property in the district of Paris where you want to live. The next step is to make an offer to purchase, which can be informal, i.e. without any binding commitment on your part. It can also be done in writing and this is when the offer becomes official and unconditional.
You will need to make sure your offer contains an expiration date. The latter allows you to show that you are serious in your proposal. If the seller refuses your offer, you are released from any obligations. If on the other hand, it is accepted, you will be required to sign a sales agreement.
Signing the sales agreement for your apartment purchase
For the establishment of the sales agreement, the buyer and the seller can either choose the same notary or their own. The notary will require you as the buyer to make the payment of a deposit (by transfer) corresponding to 10 percent of the property price. There is a withdrawal period of 7 days following the signing of the sales agreement.
The obligations of the real estate seller
The seller is required to perform several technical diagnoses including:
- The risk of exposure to lead (CREP)
- The technical diagnosis of asbestos
- The technical diagnosis of dry rot
- Parasite status (termites or other insects)
- The energy performance diagnosis (EPD)
- The state of technological risks (ERNMT)
- The state of domestic gas and electricity facilities (over 15 years)
- The certificate issued after the inspection of the non-collective sewerage installation
Moreover, the seller must provide a certain amount of information to the buyer:
- The surface area according to the Carrez law
- The condominium regulations
- The minutes of the general meetings of the co-ownership of the three last years
- The signature of the deed of sale
- The maintenance book of the building
- The summary sheet of the co-ownership (pending the decree that will amend its content)
- The information notice on the rights and obligations of the co-owners
- The multiannual work plan
- The documents relating to the financial situation of the co-ownership and the co-owner seller (the amount of the current expenses of the provisional budget)
When all these documents are assembled, the sales agreement can be signed.
Buy an apartment in Paris - Choosing the right loan offer
It is better to make loan applications to several banks because they often have various conditions for granting credit. In addition, it is wise to compare the different interest rates offered by the various banks.
You will also be advised (by your notary or by your real estate agent) to insert in your sales agreement a "condition precedent clause" which allows you, in case of refusal of one or more credit organisations to recover the deposit of 10 percent paid to your notary when signing the sales agreement.
The buyer has a minimum period of 30 days to deal with the loan application with the banks. If the loan application is accepted, the purchaser has a mandatory period of 10 days before acceptance of the loan offer by the bank.
The signing of the deed of sale
The deed of sale is drawn up. The buyer is given an appointment with the notary, the seller, the seller's notary and the estate agent. The seller delivers the keys to the buyer after reading and signing the deed of sale, in return for the full payment of the sale price to the notary.
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