It is always hot on the French Riviera, and during summer, things go crazy. The summer sales season starts in a traditional way in which the south goes to the north to avoid the hustle and bustle. And on the other hand, the North comes to the South to enjoy that hectic bustle. And the sea. And the restaurants, the museums, the fireworks and so on. Not so crazy that every year more people decide to buy a second home on the Côte d’Azur.
Côte d’Azur real estate: what you need to know to buy a property
Unlike Italy and Spain, France’s overall infrastructure is well organized, and there’s also high-quality medical care (if necessary). And so we welcome families big and small every year to the Côte d’Azur. There is a lot for sale in Côte d’Azur real estate. People that want to live carefreely prefer a newly constructed building. There you will get a ten-year guarantee, and for the first two years, you can still complain about a beeping garage door or a leaking bathroom faucet. But maybe you want to buy an existing apartment or a villa. For all buyers goes that August is a particular month. But, every season to buy on the French Riviera has its advantages.
Summertime for many local real estate agents
August is also a holiday for many real estate agents in southern France: local sales offices are manned by temporary forces sitting and sweating their hours in a small cabin. If you plan to buy Côte d’Azur real estate, you can take the lucky route (bon voyage!) and face many dense offices. Or you discover a project under construction, with 80% already sold. And you wanted to buy that penthouse. Or property in the Gulf of Saint Tropez.
It is, therefore, much more efficient to enable our search service for your second home on the French Riviera for your new residence on the Côte d’Azur. We will provide you with a selection of potentially exciting homes in advance and give you the exact address so that you can explore the area on Google Maps already. Then we shortlist 3 to 4 apartments or villas and ensure the doors are open for you.
When you buy an existing property in Côte d’Azur real estate
Upon arrival on the French Riviera, we have already provided you with the Côte d’Azur real estate PDFs and links to Google Maps. And so we visit different addresses in 1 morning, and you can have lunch in the afternoon and jump in the sea to make up your mind. The next day we will look again at the location you liked best. For existing villas, you can bid, and we’ll guide and negotiate with you to the final agreement on the buying price.
Are you happy with the price? The selling broker will propose an ‘offre d’achat’ for an existing property. The main aspects of the property are in this paper, such as an address, layout, size, and separately made agreements. Both parties sign this information, and then the notary will use this info to make a provisional purchase agreement. This agreement should be signed within 30 days of the ‘offre d’achat’. Reading tip! An article about Existing properties for sale on the French Riviera Côte d’Azur.
Paperwork explained Côte d’Azur real estate
Offre d’achat is a unilateral promise from the buyer to the seller. The potential buyer indicates that he wants to purchase the specified property within a specified period. However, it does not guarantee that the house must be sold to the buyer. The offre d’achat essentially describes what you wish to buy. The offer will expire if the term expires and the buyer and seller disagree.
La Promesse de Vente is a unilateral promise by the seller. The seller agrees with this “Promise of Sale” that he decides to sell the property at a specific price for a given period. After both parties sign this document, which the notary writes, the buyer gets ten days to rethink the decision and step out of the buying process. If the buyer wants to buy, he pays 5% to an escrow bank account with the notary. Now both parties wait for the signature of the final deed. When you sign the ‘acte de vente’ for your Côte d’Azur real estate, 5% of the purchase amount will be deducted, and you will pay the remaining amount at least three days before signing. If you do not provide timely notice of cancellation and have no decisive reasons (such as reserve funding), then you will default, and the seller will receive 10% of the buying price. After all, they have to start the sales all over again.
The Compromis de vente is a purchase agreement between the two parties. The seller agrees to sell his property, while the buyer agrees to buy the property for an agreed price. After signing the initial purchase agreement, you always have a right to withdraw of 10 days as a buyer. In addition, it has suspensive terms, meaning the purchase will not continue under certain conditions, such as not obtaining a loan.
Purchase newly built apartment
When buying a new apartment on the French Riviera, you will receive a preliminary purchase agreement with the developer and the notary’s bank account. You must have paid a 5% deposit within one week. You have an additional ten days’ notice after signing the provisional agreement. And after signing by both parties, you have another month to complete your funding.
Cost notary for new construction
Did you know that the notarial fees for a newly built property are significantly cheaper? You pay a max 2.6% transfer tax versus 7.8% for existing construction. And if you do not need funding, the fee will only be 2% because the dossier is simpler. You will receive a notary’s invitation to sign the final purchase agreement within three months. We are present at that time and can also sign on your behalf. After that, you pay 10-20% in tranches until the construction is complete. That money is born into a National Building Guarantee Fund to ensure your purchased apartment is always delivered if the developer goes bankrupt.
Living on the Côte d’Azur only works with the best and largest project developers and top-class brokers we fully trust. This assures you that your search for Côte d’Azur real estate is in professional hands.
We look forward to welcoming you to the French Riviera!
Ab and Jo
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