Buying, step by step
Paying for a French property from abroad, safely.
The money is where buyers from abroad worry most. In France, it follows a simple path. Here it is.
Contents
In a French purchase, you never pay the seller directly. The deposit and the balance go to the notaire, who pays everyone at the signing. A few precautions make this path completely safe.
The path of the money
- With the compromis, the deposit is paid to the notaire.
- A few days before the final deed, you transfer the balance and the costs to the notaire's account, held at the Caisse des Dépôts.
- At the signing, the notaire pays the seller, the taxes and the agency, and returns any surplus to you.
The fraud to avoid
Fraudsters send fake emails that look like the notaire's, with new bank details. Before any transfer, call the notaire's office on a number you found yourself, and confirm the details by voice. Never trust a change of bank details received by email.
The origin of your funds
Anti-money-laundering rules require the notaire, the bank and the agency to check who you are and where the money comes from. Prepare your bank statements, the deed of a property you sold, a loan offer or the proof of a gift or an inheritance. The funds must come from an account in your name. Cash is not accepted for a property purchase.
Currency exchange
If your money is in pounds, dollars, francs or dirhams, the exchange rate can change your budget by thousands of euros between the offer and the deed. Compare your bank's rate with specialist currency providers, and ask whether you can fix a rate in advance. Transfer in time: an international transfer can take several days.
Do you need a French bank account?
Not to buy. For the running costs afterwards, such as the property tax, insurance and energy, a French or euro account is practical. I work in English and French every day. I also speak Hindi, Urdu and Punjabi fluently, Persian (Farsi) very well, and good Greek and Arabic.
Frequently asked questions
Do I pay the seller directly?
No. In France, the money goes through the notaire, who pays the seller at the signing.
How do I avoid payment fraud?
Always confirm the notaire's bank details by phone, on a number you found yourself, before any transfer.
Which documents prove the origin of my funds?
Bank statements, the deed of a property you sold, a loan offer, or proof of a gift or an inheritance.
Can I pay in cash?
No. The funds must arrive by bank transfer from an account in your name.