Buying a Property
Buying a home often commits a lifetime's savings. Every step, from the purchase offer to signing the authenticated deed, follows precise rules of the French Civil Code, the French Construction and Housing Code and the French Consumer Code. This Briveo guide answers buyers' most frequent questions: how to make a purchase offer without trapping yourself, secure your financing through the mortgage condition precedent, buy off-plan (VEFA) with the right guarantees, assess the down payment required, mobilize aid such as the zero-rate loan (PTZ), check a co-ownership before committing and understand the cooling-off right. Each answer relies on the texts in force. Since thresholds, ceilings and rates change regularly, always verify the up-to-date amounts with official sources before deciding.
All questions
A purchase offer is a written proposal addressed to the seller, indicating the property, the proposed price and a validity period. As soon as the seller accepts it in writing without reservation, the sale is legally formed (Article 1583 of the French Civil Code). Frame it with conditions precedent and a firm price.
The mortgage condition precedent cancels the sale if your mortgage loan is refused, with no penalty and full refund of the sums paid. Provided for by the French Consumer Code (Article L.313-41), it is a matter of public policy as soon as you finance on credit and lasts at least one month.
VEFA, or off-plan purchase, makes you owner as the construction progresses. The developer must provide a financial completion guarantee and comply with a payment schedule capped by law (35% at the foundations, 70% weathertight, 95% at completion, balance on delivery).
No law imposes a minimum down payment to buy a property. In practice, banks ask for around 10% of the price, to cover the notary and guarantee fees, which do not constitute resellable value. A purchase with no down payment remains possible but is harder to finance.
The main scheme for a first-time buyer is the zero-rate loan (PTZ), an interest-free and arrangement-fee-free credit subject to income and zone conditions. Added to this are the Action Logement loan, the social accession loan (PAS) and the conventioned loan.
Before buying in a co-ownership, examine the co-ownership bylaws, the minutes of the latest meetings, the amount of the charges, the works fund, any works voted and unpaid amounts, as well as the mandatory surveys. The ALUR Act requires these documents to be provided to the buyer.
Yes: the non-professional buyer of a home benefits from a 10-day cooling-off period after signing the preliminary contract (Article L.271-1 of the French Construction and Housing Code), without having to justify it or pay any penalty. The sums paid are refunded to them.
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