The French realtors are very smart with their Real Estate listings. They advertise their listings, but hardly ever do you see a physical address. Even if you call them for more information, the exact location remains a secret. They want you to make an appointment and to show the property. In remote areas it happens that the location is even a mystery to the agent, you may spend hours in a car finding the property. Statements like " Please give us the address and we will call you if we're interested" has been tried unsuccessfully.
The study to become a Real Estate agent takes several years in France, when they are licensed they have a " carte professional" to show you. At first contact, the agent may ask you to sign a "Bon de Visite", it simply covers the agent that he is entitled to his commission if he makes the sale and to show the buyer that he has prospects.
A "Mandat de Recherché " goes a lot further, it is a agreement between you and the broker. The broker is entitled to a commission after a successful search. But even if the search is not successful, you may end up with a bill.
The "Mandat de Vente" sets out the agreement between seller and the agency or broker.
The " Promesse d'Achat" or "Bon de Reservation" is a formal offer to buy the property. It is legally binding, if the seller accepts it. The "Promesse" is usually accompanied by a deposit of 10%. If the buyer backs out, he will loose the deposit. The deposit is held by either the broker, if he is legally qualified to do so, or with the "notaire". It should not be held by the seller.
There are two types of documents between buyer and seller:
- A promesse de vente. With this agreement the seller may back out and keep the property, although he may have to compensate the buyer.
- A compromis de vente is a engagement to buy and sell and is legally binding to both parties,
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