Buying a property in France that needs refurbishing – Lowering of the sale price
Buying property in France: you better be careful before signing any binding agreement.
How to negotiate the sale price when buying property that is to be renovated
Negotiate a lowered price BEFORE the signature of the prelimenary sale agreement (called under the French Law: promesse de vente)
Many buyers negotiate a lowered price taking into account the renovation work. Before buying property for a reduced price, verify if there are no hidden issues.
If an agreement is reached, the price stipulated is fixed (allowing for legal exceptions). It is crucial to carry out an evaluation in order to establish the actual cost of the work to be carried out. The evaluation helps to detect the non-conformities and to establish the actual cost of the work, and the contractor performing the evaluation will be responsible for any fault or omission. Here is some guidance about how to negotiate the price of a renovation project and avoid unpleasant surprises.
Hire an architect or a real estate expert to assess the actual costs
Firstly, we advise you to hire an architect or a real estate expert to carry out a reliable evaluation of the works. Save a lot of money and prevent unpleasant surprises (latent defects). Our second advice is to contact several potential contractors. You can compare them with the evaluation of the expert or the architect.
In this way, you will be able to select the lowest bid. Negotiate the lowering of the price during the seven day-withdrawal period after the agreement has been drafted. The withdrawal period begins with the reception of the agreement by registered mail or delivery to the addressee in person. During that time, the buyer can make a counter-proposal or abandon the sale without incurring legal penalties.
Buying Property : Hire a real estate lawyer in France
First question and first answer are free of charge
We believe that, in the end, our services are an investment to protect you and keep your total costs as low as possible. These costs are not just the initial property price, but later unexpected renovations, and complicated legal issues. Please contact us. We can offer an initial response quickly and free of charge. We hope to earn your trust and become your legal advisors in France.
Our firm believes in a first phone call or email free of charge. It is a good way for the lawyer to prove his client he knows the field. It is the best for both parties to see if the relationship can be successful.
Review the real estate contract
We can review a real estate contract for a few hundred Euros, to insure that you are protected, and to explain your obligations and those of the other party. Our lawyers practice french real estate law on a everyday basis. We know the pitfalls and legal loopholes. However, we understand our client do not want to spend to much on contract review.
Write some new clauses for the real estate contract
When buying property in France you should ask for legal advice.
A lawyer can write some clause in the contract in order to secure your investment. It could help if anything goes wrong.
A lawyer is working for his client, not for the sale
The buyer pays the notary only if the sale is signed. A lawyer is paid for his work. A lawyer works for the client, not for the sale. Feel free to ask us any question related to the French law.
Me Bruno Traesch on radio FRANCE BLEU, in FRENCH: