Buying new construction like a house or an apartment on the Côte d’Azur can sometimes cause some healthy stress. Primarily if you have found precisely that wonderful apartment but are only in the area six weeks later to view the location. Without making a sales blabla story, it is a fact that 80% of new construction in Paris and the South of France is sold before the first excavator arrives. It is therefore essential to be able to make a quick decision. You can find the latest new constructions on the Côte d’Azur here.
Nothing to see what you buy in the future
Buying a new apartment on the French Riviera or in Paris might seem a risky adventure. Today, you will find an old building or a terrain, but nothing is being constructed. This is the ‘silence before the storm’ phase. The developer first must sell 40% with pre-reservation, and then he will start the works. In general, 18 months later, the building and your apartment are delivered.
Your first money and down payment never goes to the developer: you pay to the notary and he/she activates the dossier and paperwork. With every step approved by the architect, the developer will ask another share to continue the work. All new projects that we represent come with a VEFA guarantee. The developer has put a bank guarantee in a fund that is your security that the construction will always be delivered, no matter what. You will always get your apartment, even if the developer stops. Reading tip! An article about the Best reasons to buy a property in Nice French Riviera.
Buying new construction on the Côte d’Azur starts with a remote reservation
If you are not familiar with the region or neighbourhood, you prefer to come and have a look first. After all, it’s not a baguette you buy. Fortunately, Google Earth and Street View let you scroll around the neighbourhood. And after that, you can do two things: wait until you arrive. Or start the reservation process in advance and reserve the best apartment!
We have often experienced that when customers arrive, hopefully a few months later, the sought-after apartment has been sold or, at best, is under option. By initiating the purchase reservation process in the South of France, you save essential time and block sales by other agents and brokers. You do not run any risk because you are protected by law as a prospective buyer. This is also clearly described in the reservation contract.
How to save time when buying a new construction apartment in France from abroad
First, as with any purchase, ‘money talks’ applies. We will transfer your details in a KYC (Know Your Customer) form from the developer. They will create a reservation contract that you can sign via email. Using secured technology, you will receive an AR-24 email or similar. Once you open this, you confirm the reception of the contract and your ten days of reflection start. You can still decline the reservation without penalty. After ten days, you must pay the notary the 5% reservation fee. If you signed in the ‘ Avant-premiere ‘ period, this could be just 1500 euros.
The bank details for the deposit in a third-party account managed by the notary. The notary in France is like a tax officer who ensures that your file is in order and that the transfer tax on your purchase is properly paid. A notary will only receive a fraction of the amount you pay in notary fees; enough to cover the file and office costs.
Down payment
You will first transfer the required 3 or 5% as a down payment on your apartment. Do not forget to mention your name, the program name and the apartment number. With a screenshot as proof, we report to the notary and the project developer that the payment is done.
Arriving at the location
What if you made the reservation with suspensive bank conditions but didn’t like the area? Or you did not get the financing. You can withdraw the reservation and get your reservation back from the notary.
New construction purchases and reservation from abroad
If you need a mortgage, you will have another 60 to 70 days to arrange financing. Once the bank has agreed to finance the new apartment or villa, you can make an appointment with the notary. We will organise this for you and be present. If you need a translator, the notary will book one for you; he or she will explain all the details in your mother language. This also protects you from understanding what you buy and with what conditions.
On the day you will sign the ‘acte de vente’, you must have paid 30% of the total price at the notary. Or more, following the building progress. Make sure you do this on time. During construction, you will receive reminders of the progress and the next payment instalment. About three months before delivery, you are invited for a first inspection. On the day of delivery, we inspected the apartment, looking for malfunctions. If a window doesn’t open smoothly, or a joint is broken, this will be noted and repaired within two weeks. You must pay the last 5% before you get your keys, beep and the badges.
You can contact us for more questions about a remote reservation for new construction on the French Riviera.
If you want to buy an existing villa or apartment and understand what a ‘compromis de vente’ or ‘promesse de vente’ means, you can find all answers here.