FRANCE

1. In general a pre contract is signed. These contracts are legally valid. We recommend an arrangement with the notary in advance with regards to the pre contract.
2. Upon signing the pre contract in most cases a deposit of 10% is paid.
3. The pre contract can be cancelled if a loan is not approved by a bank. This could raise an immense problem for any property owner who had reserved the property for a long time.
4. The purchaser has the right to make plans for the notary.
5. The notary must check the ownership of the property and liability if the property is burdened with a mortgage.
6. The agreed amount of money has to be transferred to the notarys account.
7. The official sales contract has a cancellation period of seven days for the purchaser.
8. The land transfer tax in France is 4,8%.
9. There is an annual local tax and a residential tax. The tax value depends upon the area.
10. In cases of inheritance only the French law is valid.