Buying a new home can be both exciting and stressful, and if you’re buying an overseas property, it can also be a complex and daunting process. Following the recent spike in interest among U.S. residents looking to buy property overseas, particularly in France, it is important to familiarize yourself with the property buying process of your chosen country.

This guide will give you an overview of the buying process in France, outline the importance of finding a property agent who will work on your behalf, and highlight three of the top locations in France that are currently popular with U.S residents looking to buy a luxury property overseas.

Overview of Buying Property in France

The property buying process in France is difficult to navigate because it adheres to strict regulations that are much different from those in the U.S. Let’s take a look at the basic process and steps involved.

The Process

Beginning to end, buying property in France takes approximately three months. Once you’ve found the property you wish to buy, you’ll make an offer in writing. If the seller accepts this offer, you’ll sign the ‘Compromis de Vente,’ which is a legal document that includes details about the property and sale. You’re required to put a deposit down between 5 and 10 percent of the purchase price. The signing of the Compromis de Vente is followed by a week-long “cooling off” period, during which you’ll have the option to pull out of the sale without losing your deposit. Next is the conveyancing process, which is the longest step of the process and culminates with the buyer making the final payment to a notaire.

The notaire is a public official who is highly qualified in the French legal system and is able to advise about property; family and succession; and corporate laws. The notaire's job is to oversee and legalize property purchase transactions.

Once the notaire has received the final payment, the buyer and seller both sign the ‘Acte de Vente,’ which completes the purchase.

The Mortgage

When buying property in France, it’s necessary to have a solid understanding of how much you can afford, and the reason for this goes beyond basic budgeting. The Banque de France has strict rules for French banks and mortgage lenders regarding how much a person can spend for their mortgage on a monthly basis. You’ll also want to consult with a mortgage broker and a currency exchange specialist.

The amount you’ll be putting down as a deposit for your mortgage is based on your nationality, where you live, and where you pay income tax. French tax payers can arrange a 100% mortgage, but non-French nationals often have to put down a minimum of 25 to 30 percent of the purchase price.

Upfront Costs and Taxes

It’s common for legal fees and taxes to equal approximately 7% of the purchase price. The notaire’s fees must be funded by a mortgage for French tax payers, but if you pay tax in the U.S., you’ll need to provide the funding yourself. While you can choose your notaire, there’s no such thing as price-shopping for notaire fees, as they’re always calculated in the same way.

France’s tax laws differ from those of the U.S., and it’s advisable to contact a tax specialist when buying French property. There are a variety of taxes and charges to take into consideration, including land and local taxes; communal charges; succession tax; capital gains tax; wealth tax; and life insurance.

Benefits of Using a Buyer’s Agent

As you can see, the process of buying property in France is not straightforward. For this reason, it is recommended that you work with a buyer’s agent. A quality buyer’s agent will have worked with clients from all over the world, guiding them through the entire buying process so that they can purchase their dream home.

The property agent you work with should be bilingual in English and French so they can expertly navigate the sophisticated French property market. They’ll spend weeks or even months searching for the right property for you, researching every detail to make sure you get exactly what you want. Their advice and support will go beyond the initial property search, too. The agent will accompany you on visits and help you with any questions you may have. Once you’ve chosen a property, they’ll work to negotiate the best deal possible, and continue to assist you through the closing of the purchase.

These sorts of services are sometimes free to the buyer, but it is very important that you check first. Tim Swannie from luxury buyer’s agency Home Hunts says, “Working with a buyer’s agent, who is there to safeguard your interests and guide you through the entire buying process, is a no-brainer for most of our clients. Our service is free to the buyer because we work with all of the selling agents, cover the entire market, and, once we are successful, take a percentage of the selling agent’s fees. This percentage is the same with all agents, so our advice to our clients is completely impartial. The most important thing for a buyer’s agent is to find the best property, under the best conditions, and at the best price to suit the client. We rely on client referrals and recommendations, so the quality of service and advice we offer is paramount.”

Popular Locations in France for U.S. Buyers

Before you even begin your journey, you’ll first need to decide on the location in France where you wish to buy. This is not straightforward, as France is a big country and one that has a diverse array of different landscapes and settings. Choosing an area that is suitable for your needs can be a challenge in itself, but this is where the buyer’s agent can help.

Here are three areas in France that are always popular with U.S. buyers.

French Riviera

Stretching from Menton to Nice, Antibes, Cannes, Saint-Tropez and Cassis, the French Riviera has it all: distinguished events, like Antibes’ summer jazz festival and the Cannes Film Festival; dazzling nightlife, including casinos, concerts and theatre; relaxing beaches and adventurous water sports; plus museums, gourmet dining and designer shopping. For nature lovers, Cassis has prime snorkeling and a picturesque kayaking excursion to the private Calanque d’En-Vau beach. For more lavish surroundings, Monaco has world-renowned golf courses, luxury shopping and the prince’s vintage car collection. With swaying palm trees, water more blue than you’ve ever seen and traces of European royalty from centuries ago, the French Riviera is the epitome of both leisure and grandeur.

“The Riviera has attracted international visitors for centuries. It is such a varied destination with something for everyone, from relaxing, tucked-away hilltop villages to the glitz and glamour of Cannes, Saint Tropez and Monaco,” Swannie says. “The Riviera also has wonderful beaches, stunning scenery, amazing cuisine, and, of course, the weather. With over 300 days of sunshine a year, it is hard not to be happy here. It is also a year-round destination, and with the Alps just behind and the sea at your feet, it really is possible to have your breakfast on the ski slopes and then have lunch on the beach. There are very few places in the world that offer such variety.”

Paris

There’s no place quite like Paris, a city that’s washed with equal parts enchantment and sophistication. It seems that everything Paris does, it does perfectly: the restaurants are leaders in the gastronomical world; people travel from all over the globe to see its treasured landmarks; and the city is at the center of the fashion industry. With 20 arrondissements to choose from, you can have the ideal combination of city buzz and calm, choosing just the right mixture of urban and suburban life. Apartments in Paris are exactly like the city itself ­– intoxicating and elegant.

“What can I say about Paris that hasn’t been said already? The bustling French capital never goes out of fashion. We work with clients from all over the world and help them find their dream homes in Paris. If you are looking for culture, excitement, glamour, stunning architecture, beautiful parks, and world famous landmarks, as well as an amazing restaurant and nightlife scene, then Paris is always at the top of your list.”

Provence

While homes in Provence are primarily set in the countryside, you’ll still have easy access to entertainment and culture. Hop from natural landscapes to buzzing cities in the same afternoon; browse a museum for a few hours; and then dine out, choosing from menu items that are heavily influenced by the local olive trees. Provence is ideal for people who love history and tradition, and you’ll be able to take advantage of nearby monuments, Roman ruins and seasonal celebrations.

“Provence is a huge and varied region, but the majority of our clients look here for the quality of life. It is the perfect place to escape and relax whilst not being totally isolated. Come here to enjoy the weather and lazy afternoons by the pool, or to explore local villages and towns, sampling the food and wines of the region. There are some world-class cities in Provence, such as Marseille and Aix en Provence, although our clients tend to buy in slightly more rural locations of the Var, the Luberon or the Alpilles, all of which offer a more laid-back pace of life whilst still being close to the action if you want it. Other clients focus more on the stunning Provence Coast, where you can find wonderful beach resorts ­– it’s a little quieter here and there’s slightly better value for your money than the neighbouring Riviera.”

If you’re searching for a new home in France, it’s best to find a buyers agent with extensive experience sourcing luxury property in France’s most popular locations.