General Information on France
When buying we strongly recommend you to instruct a local lawyer to ensure that all is in order. If dealing with a new development it must be checked that the plot/land is suitable for building purposes, i.e. zoning restrictions, building regulations, access to an official road, availability of water and electricity supply, telephone lines. In the case of purchase of an apartment or house the lawyer needs to check building planning and other permits, the history, reputation and reliability of a developer and the title to the property.
Notaire
The Notaire is not appointed to act for either party in the transaction but as a public official whose duty is to the State. Their function is to ensure that the transaction is carried out legally and accurately and in accordance with the proper processes and to give the transaction absolute val idity that cannot be contested. However, we recommend that you instruct a lawyer local to the area you are buying to act solely in your interests.
Commission and Fees
The first key question to ask a French estate agent is whether the price includes commission and legal fees. Most French estate agents (immobiliers) include the agent's commission. Some agencies also include the notaire's fees, but for the most part these tend to be applied afterwards - as a rough rule of thumb budget for up to 10% in addition to the asking price to cover legal fees you will not go far wrong. The notaire's fee will include the various local and national government charges and taxes, the French equi val ent of the English stamp duty.
Deposit
After deciding upon the property it is normal to pay a deposit of 10% which is payable to the notaire at the end of a seven-day cooling-off period you get after signing the compromis de vente. Always check the agent does not ask for the 10% deposit to be paid to them before signing the compromis.
When buying a house in the UK or Ireland it is given that you instruct your own conveyance lawyer. We strongly recommend you do this also when buying in France so that you are guided through the process safely by a local legal expert.
Lagunage
There are a large number of languages of France. The French language is by far the most widely spoken and the only official language of France. Several regional languages are also spoken to varying degrees. Other languages are spoken by a substantial percentage of the population due to immigration.
Economy
The government retains considerable influence over key segments of infrastructure sectors, with majority ownership of railway, electricity, aircraft and telecommunication firms however it has been gradually relaxing its control over these sectors since the early 1990s.
The tax burden remains one of the highest in Europe and in spite of improved employment rates, unemployment is close to 9%. After a period of relative success at the end of the 1990s, there has been a recent slowdown in GDP growth. In addition, France, like other western countries, faces the challenge of an ageing population.
Although the reforms necessary to meet this challenge have begun to be implemented, further adjustments are needed to sustain the progress of the French economy and help strengthen its growth potential.
Main industries are machinery, chemicals, automobiles, aircraft, electronics, textiles, food and tourism.
Agricultural production includes wheat, cereals, sugar beets, potatoes, grapes ( wine ), beef, dairy products and fish.
Currency
The national currency is the Euro which was introduced in 1999 ( for accounting purposes ) and 2002 ( coins and banknotes ), previously it was the French Franc. |
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