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FRANCE
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Goldberg & Partners Global Real Estate is operating around the world offering you the finest selection of New Construction & Resale Real Estate
Goldberg & Partners Global Real Estate LLC
Edificio Puchol 13, Camino Vell de la Mar 40, Javea, 03730, Alicante, Spain
Telephone: (0034) 966 462 362 / (0034) 647 273 007
Email : info@goldbergglobal.com
WE HAVE A WHOLE WEBSITE AVAILABLE FOR YOU ON FRANCE,
PLEASE REGISTER ABOVE TO GAIN ACCESS
6-7% GUARANTEED YIELD, 80 TO 90% MORTGAGES
FRANCE - THE SAFEST COUNTRY TO OWN REAL ESTATE
Among others, the US government; World Bank; United Nations; the European Union and the IMF, Litigation on real estate transactions at present exceeds 9% in the USA; and average 3.9% thru-out the European Union - AND IS UNDER 0.4% IN FRANCE!
France has a unique system of law for property -
THE NOTAIRES :
As seven years of law are necessary to graduate, the Notaire is the most qualified lawyer of the French legal system. The Notaire is both a Public Officer and a counsel. His qualifications allow him to efficiently advise his clients in specific areas of Law - Real Estate Law, Family Law and Corporate Law. He is able to advise clients on matters all over France. A Notaire from Paris can hence equally deal with an acquisition of a house on the French Riviera he can supervise the purchase of a supermarket in Strasbourg or control an industrial implantation in northern France.
The French State confers to the Notaire an authentic power to legalize certain agreements, such as Real Estate sales, which cannot be enforced by any other means. This monopoly prevents almost any subsequent litigation concerning these contracts. However, the Notaire does not only draft and authenticate deeds. As today's legal transactions are more and more complex, counselling clients is also a major function of a modern Notaire.
The Notaire is deemed a Public Officer with powers delegated by the French State to authenticate the deeds he drafts and to provide complete security to the contracts he supervises. The authenticity of the deeds grants them an undisputable date and content in Court. The law imposes a personal liability on the Notaire for his professional acts which is more extensive than that of any other branch of the legal profession. Not only would the professional mistake be penalized immediately by a judge, but it would also mean that all of the Notaires would be held liable among themselves as they have a common insurance, providing an immediate financial guarantee to the client. The overseas investor is therefore facing a specialized lawyer fully liable for his deeds, both professionally and financially.
The Real Estate Registration system in France is highly efficient. It takes two months for a sale to be registered, and only the authentic deeds settled by the Notaire can be registered. The content of the deeds is controlled both by the Notaire and by the Registration Authority. On the one hand, this procedure may seem long compared to an immediate transaction occuring in some other countries, but on the other hand, it results in a lack of litigation concerning these contracts (0.5% per year on Real Estate transactions). This, the Notaire has the task to both completely satisfy his clients and to impose some limits to their queries according to his Public Officer status.
The fees concerning the deeds and taxes a Notaire can perform are fixed by Law. Neither the Notaire nor the clients may modify these specific fees. The "closing costs on NEW BUILD are fixed at 2.5% - on all property over 5 Years the fees are between 11 and 15%;
Overseas clients undertaking a Real Estate transaction in France should be aware that if there are two Notaires, the fees are shared. Therefore, retaining their own Notaire will not increase the professional "closing costs"
The Notaires have a wonderful website, (also in English) at www.notaires.fr. You will see lots of information plus be able to download free publications. The true knowledge of real estate in France - not written by so-called "experts"; but by the State of France.
(Also view the Ministry of Economy website, (also with English version), on www.insee.fr where you will see the trends in real estate again; from the State, not from the “experts”!
LATEST! By law, every new build has to have a government certificate stating that the building is protected against earthquake, (strange as France does not have them!) and is not built in an area subject to floods or any other hazard – whether man-made or natural. The ONLY country that gives such protection – nationwide!
GUARANTEED RENTAL INCOME!
“Guaranteed rental income” (buy-to-let), began in France in 1964 and is the “prime” investment of the French. Currently, guaranteed rental return on long-term, unfurnished rentals averages 6% per annum (based on total purchase price) 30% on RISK.
“Guaranteed rental income” is for long-term, (3 year contracts), unfurnished properties, (NOT holiday rental), and owners receive the following FOR THE ENTIRE PERIOD YOU RENT OUT YOUR PROPERTY:
Guaranteed initial rental
Guaranteed cover against damage to your property by tenant
Guaranteed cover against rent default, as from first month and for an unlimited period.
Guaranteed regular income: if your property becomes vacant, or remains vacant for more than one month, you will receive a regular monthly income corresponding with the market value, (excluding rental charges), for an unlimited period.
These guarantees are fully backed by the French Government program "Loi Robien". Robien’s Law was introduced by the Government to encourage buy-to-let (own-2-invest) rental investment in France!
Maximum Growth :
As all experienced investors agree; you can talk about interest rates; “feel good” factors; etc etc – even the weather; but the ONLY thing that “truly” moves real estate is SUPPLY and DEMAND.
Well, France certainly has H U G E problems in that area with a government reported 1.5 million people short of adequate homes – of which over 1 million are renters!
Since 2001 and the introduction of “Loi Robien”, capital growth in the main metropolitan city areas has grown at average of 22% per annum. 2007 had seen a slow down in the market, by the French, in anticipation of the May and June Presidential and National Assembly/Senate elections. This was especially so as the outcome depended on the tax concessions to be given by Nicolas Sarkozy.
(Prices have only risen slightly while the French waited. Overseas investment has broken records so far!) Well he won!! Good for France!
Non-Recourse Mortgages
French mortgages are totally NON-RECOURSE!! (You are not personally liable for any default – the ONLY collateral is the property) Each property in France is its own entity; in respect of tax; mortgage and inheritance.
Does not effect your credit rating/points in your home country!
80% mortgages obtainable through all the major banks/lenders. (90% is now being offered by some banks; but only on full amortisization (capital repayment) – in which case you will not cover the repayments with the rental – therefore, it is not recommended for investors)
Interest rate between 4.2% and 5.2%
Interest only mortgages available (80%).
ALL FRENCH BANKS USE A SIMPLE SYSTEM. YOU MAY NOT BE ABLE TO OBTAIN A FRENCH MORTGAGE IF YOU CANNOT PROVIDE THE INFORMATION BELOW.
NOTE : FRENCH BANKS DO NOT LEND ON ANY TYPE OF BUSINESS ENTITY, (EXCEPT A FRENCH SCI); “TRUSTS”, OR ANY PROFESSIONAL OR SEMI-PROFESSIONAL PROPERTY INVESTOR OR COMPANY;
MORTGAGE BANKS CHECK LIST
About the property: (provided by developer)
A signed and completed copy of the preliminary contract (contract de reservation)
Attestation de valeur locative permanente. (Document from developer and management company that the property will be let under the French Civil Code).
About yourself : MUST BE PROVIDED BY YOU!!!!!
Completed and signed application form.
Filled in bilingual insurance form.
Photocopy of your passport clearly showing your personal details (for each applicant)
Marriage/ divorce certificate.
Copy of RIB (Relevé d’Identité Bancaire) from your French bank account. (this will be opened for you at later date if you do not have one – so leave blank)
Copies of loan agreements relating to any bank loans, car loans, or other loans.
Latest annual mortgage statements.
If property rental income is part of your total income, a copy of tenancy agreement and proof of rental income.
Last 3 consecutive months’ bank statement (for each applicant if not joint).
Evidence of where your personal contribution is coming from (eg copy of saving account statement).
If you are salaried (for each applicant):
Last 3 consecutive months’ salary slips
Last P60.
Confirmation of income and employment signed by your employer. An existing one will do.
If you are self-employed or a company owner (for each applicant):
Last 2 years’ accounts.
Last 2 tax returns.
FISCAL
France has double-taxation treaties with every country – and therefore you will not pay tax twice!
Tax on rental income is very low, in most cases zero after all decusctions. Capital gains tax in France is on a sliding scale from 16% to zero over a maximum 15 years, (approx. 11 years after deductions).
We are more than willing to pass on our knowledge and experience; however we are not tax advisers or accountants and therefore strongly advise you to take personal advise from an international tax professional before investing. The notaire can also advise as it is part of his profession.
CLOSING COSTS
On new build and property up to 5 years old : 2.5% fixed.
Over 5 years old between 11 and 15%.
When selling, ALL costs are for the purchaser – non for the seller. The seller appoints realtor; notaire etc., but BUYER PAYS ALL.
French Property Investment Guide and Timeline
Requirements to acquire all new build/”off-plan” under French Property Acquisition Law :
For Residential/vacation/retirement : You must visit the property/development site first with a French licensed real estate professional expert.
For Investment (income producing/buy-to-let) : Either above, or attend meeting or seminar with a French licensed real estate expert.
However, you do not have to visit the property(s) if ONLY for investment purposes.
Following is a helpful guide to give you a general idea of the timeframe for the process of purchasing investment property in France :
Reservation documents will be emailed to you 3 days after choosing property(s).
After receipt and 3 days to read; you then have 7 days to sign and *return documents to head office and transfer the 5% reservation deposit to notaire. Either fax or scan tracking and bank receipt to this office. If the tracking and bank receipt is not received on time – reservation is automatically cancelled.
Approx. 3 weeks after receipt, the head office/notaire signs contract and returns to you by registered mail and gives you another 7 days to cancel. If you cancel the deposit is immediately refunded by notaire to your account.
You have 15 days to apply for mortgage from day you send deposit. The process is very slow, so it is very important you start process immediately. A mortgage takes approx. 3 to 4 months to secure.
If you are refused French finance, your deposit is refunded.
IMPORTANT! After 6 months, unless the financing is completed and "deeds" are signed, the developer has the right to increase the price of the property(s) to current market value, or to cancel the contract and retain the deposit!
* NOTE : Send all documents requested by courier, ie DHL, UPS, or FEDEX
RESERVATION (earnest money deposit) = 5%
CASH PURCHASE : After 3 months (or to where building completed - whichever is higher); another 25% plus "closing costs" for notaire/tax fixed on new build at 2.5%, (allow 10/15% plus agent's fees of 7% on old build). Then stage payments of approx. 10% to 15% every 2 to 3 months until completion.
FINANCED PURCHASE : If you take mortgage, you invest the reservation 5%; then the 15% plus "closing costs". During construction, the banks give you a choice that either you pay a small part of the interest they have paid out, (approx. 50 euros per month for each 100.000 euros borrowed) or pay nothing until completion. However, in this method, repayments will be slightly higher for "using" banks funds. (Mortgage insurance is compulsory if taking higher than 50% mortgage)
IMPORTANT NOTE : ONLY make payments direct to a French state notaire, or direct into the State Treasury Bank controlled by a notaire - never to any individual, company or entity! (French licensed real estate experts only use this method only).
ABOUT CLOSING COSTS :
On new build and property up to 5 years old : 2.5% fixed.
On property over 5 years old closing costs are between 11% and 15%.
When selling, ALL costs are for the purchaser – none for the seller. The seller appoints realtor; notaire etc., but BUYER PAYS ALL CLOSING COSTS
Les Jardins de Montlery - New Apartments
Paris Ile-de-France, Essonne, Palaiseau €205,000
Highlights - South of Paris - Excellent Transport Links - Full Security
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About this Property
ALL PRICES ON THIS DEVELOPMENT INCLUDE CLOSING COSTS!!!!!
(Notaire & Mortgage fees & taxes – PLUS the developer refunds 50% of your loan interest paid during construction – a saving of approx.10%! Just enquire on the form below to receive further information.)
To the south of Paris and near Orly Airport, Monthlery is ideal for living and working. Superb train, bus and tgv connections.
A development of traditional architecture; the apartments are in three buildings surrounded by gardens. All amenites. Full security. Parking included
Completion : November 2009
Residence L'Iliade - New Apartments
Provence-Alpes-Côte d'Azur, Alpes-Maritimes, Vallauris €190,000
IDEAL INVESTMENT OPPORTUNITY!!!!
Set in the village of Vallauris, between Cannes and Antibes; near autoroute and only 25 minutes from Nice airport. Ideal location for long-term rental due to very close proximity to the renowned high-tech centre of Sophia Antipolis.
This elegant development consists of one to three bedroom apartments all with either terraces or spacious balconies.
The development comprises three lovely interior gardens, which is an oasis in the centre of the town.
Air conditioned/full security:underground parking included.
Completion : December 2007
Residence Firenze (Toulouse) - New Apartments
Midi-Pyrénées, Haute-Garonne, Toulouse €209,000
Highlights - Ideally Situated - 2 parking spaces
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About this Property
ALL PRICES ON THIS DEVELOPMENT INCLUDE CLOSING COSTS!!!!!
(Notaire & Mortgage fees & taxes – PLUS the developer refunds 50% of your loan interest paid during construction – a saving of approx.10%! Just enquire on the form below to recieve further information.)
Le Salvetat Saint-Gilles is ideally situated on the outskirts of Toulouse; and close to the International Airport, Airbus and affiliated industries.
A superb development of two bedroom apartments by architects Xavier Belliure & Alain Simon. Set in lovely gardens.
Includes 2 parkings (i x underground & 1 x open) .
Completion : April 2009
Patio St. Just - New apartments
Provence-Alpes-Côte d'Azur, Bouches-du-Rhône, Marseille €193,000
Highlights
Close to the amenities
Lovely gardens
Underground parking
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About this Property
The vicinity of St. Just offers all the amenities that make life easier; including schools, commerce, outdoor recreational facilities and yet near the centre of the city.
A small development of just 20 one and two apartments, with terraces, is ideally situated and has lovely interior gardens.
Full security. Underground parking, (garage), included.
Completion : March 2009
Residence Villa Alexia - New apartments
Aquitaine, Gironde, Bordeaux €234,000
Located just to the west of the of Bordeaux, the town of Haillan is the gateway to the ocean beaches. The council of this town favours a harmonious balance between green spaces, agriculture, business activities and habitation. Le Haillan has 39 m² of public green space per inhabitant (25 m² in 1999), compared with a national average of 10 m². This confirms Le Haillan's "green" character.
Villa Alexia consists of only 18 homes. Each 2 or 3 bedroom and duplex apartments have a loggia, balcony or terrace, measuring up to 40 m² in certain cases, together with one or two basement parking spaces
Competion : March 2009
SPECIAL OFFER APPLIES!
Le Clos Revement - New Apartments; Villas
Rhône-Alpes, Rhône, Lyon €152,000
DYNAMIC INVESTMENT!!!!
Ceyzériat is a village near Bourg-en-Bresse. A major economic centre between Lyon and Geneva, Bourg-en-Bresse is marked out by its dynamism! 4000 companies are located here in a wide variety of sectors. Bourg-en-Bresse took fourth place in the most recent national survey of the most attractive towns in France. Within the Bourg-en-Bresse orbit, Ceyzériat benefits directly from this power of attraction.
The up-to-date architecture of the 16 x 3 bedroom houses and 30 2 & 3 bedroom apartments emphasises pure lines and noble materials such as wood and tiles. The ensemble fits perfectly into its environment. Underground parking included.
Completion : December 2008
SPECIAL OFFER APPLIES!!!!
Domaine de l'Angeleys - New apartments
Rhône-Alpes, Rhône, Lyon €195,000
Just 7 miles south-west of Lyon City Centre, in the heart of the Garon valley, Vourles has successfully preserved the authenticity and charm of a village known for its tradition of tree cultivation. Vourles is also renowned for its market, whose wares come exclusively from local producers.
The Domaine de l'Angelys is fully enclosed. It consists of 4 elegant 4-storey buildings. The 82 flats, from 1 to 4 bedrooms, all benefit from private gardens or terraces. The estate pool provides entertainment for children and parents alike.
Underground parking included
Completion : March 2009
SPECIAL OFFER APPLIES!
Les Jardins de l'Ambassadeurs - New Apartments
Paris Ile-de-France, Yvelines, Conflans-Sainte-Honorine €210,000
Highlights - Just West of Paris - Full Security
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About this Property
ALL PRICES ON THIS DEVELOPMENT INCLUDE CLOSING COSTS!!!!!
(Notaire & Mortgage fees & taxes – PLUS the developer refunds 50% of your loan interest paid during construction – a saving of approx.10%! Just enquire on the form below to receive further information.)
Ideally situated; Conflans Sainte Honorine is a charming town between Cergy Pontoise, Versailles and St-Germain-en-lay; just to the west of Paris. Close ro autoroute and excellent train service into Paris.
A lovely development set in its own grounds. Near to all the shops and amenities.
Full security. Underground & open parkings included.
Completion ; October 2009
Villa Camille - New Apartments
Paris Ile-de-France, Essonne, Evry €210,000
Highlights - Excellent Transport Links - Every Apartment has a Balcony - Full Security
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About this Property
ALL PRICES ON THIS DEVELOPMENT INCLUDE CLOSING COSTS!!!!!
(Notaire & Mortgage fees & taxes – PLUS the developer refunds 50% of your loan interest paid during construction – a saving of approx.10%! Just enquire on the form below to recieve further information.)
A modern town, wonderfully located to the south of Paris: Evry is near to Orly and has great transport and autoroute services into Paris!!
The development has a nice location near to the centre ville and the boutiques; restaurents and cafe's. All apartments have balconies overlooking the gardens.
Full security. Parking included.
Completion : October 2008
INVESTMENT PRODUCTS - FOR MORE PLEASE CALL US
