What are the average timeframes for completing a real estate sale or purchase in France?
Average Timeframes for Completing a Real Estate Sale or Purchase
Certain timeframes are unavoidable when buying or selling a property. Every real estate transaction requires compliance with specific legal obligations, regardless of the nature or value of the property being sold. Your notary must adhere to these obligations and carry out various legal checks to ensure their clients are fully aware of the legal and financial implications of the transaction. Additionally, beyond these tasks, the notary must comply with certain mandatory deadlines that apply to all real estate transactions.
1. Preliminary Sales Agreement (Compromise or Promise to Sell)
A real estate sale usually begins with the signing of a preliminary sales agreement (compromise or promise to sell). To prepare this document, the notary must collect information about the parties involved and the property being sold. This process requires obtaining various documents from multiple sources (parties, real estate agents, property managers, city hall, other notaries, land registry offices, diagnostic experts, etc.), and the time needed to gather these documents depends on their responsiveness.
Additionally, the analysis of these documents may reveal technical or legal issues, which can further delay the process. While this may postpone the signing of the preliminary sales agreement, this step is crucial to avoid any unexpected issues after the final sale.
As a result, timeframes may vary significantly from one case to another. However, on average, the time required to sign the preliminary sales agreement is between two weeks and one month after the file is submitted to the notary.
2. Timeframe Between the Preliminary Sales Agreement and the Final Sale
Once the preliminary sales agreement is signed, the time required before the final sale deed is executed depends primarily on obtaining specific documents and approvals from third parties.
In most cases, this includes:
- The municipality’s decision not to exercise its pre-emption right on the property.
- The bank’s approval of the mortgage loan for the buyer.
However, in some cases, additional approvals may be required before finalizing the sale.
If only the municipality and the bank need to provide their approvals, the average time between the preliminary agreement and the final sale is approximately three months.
3. Delays and Unexpected Issues
Your notary will keep you informed of any issues or potential delays as soon as they become apparent. Given the unpredictability of real estate transactions, it is strongly advised to anticipate longer timeframes than initially expected.
4. Ensuring Legal Security Over Speed
Finally, remember that your notary, like you, aims to complete your transaction as quickly as possible. However, as a public official, the notary’s priority is to ensure the legal security of the transaction, which may sometimes take precedence over speed.
How We Can Help
Chassaint & Cerclé Notaires assists individuals and professionals with the necessary procedures for buying or selling real estate.
- For more information on real estate acquisition: Click here.
- For more information on property sales: Click here.
