The time it takes to find an apartment depends on several factors.
The first factor is the rarity of the property. Certain districts are more sought-after, such as the 6th, 7th, 16th and Marais. Finding an apartment that meets all your qualitative criteria will make the search more difficult. Depending on the opportunity, this can take from a few weeks to a few months. Hence the importance of prioritizing your criteria.
The second equally important factor is your ability to react and make an offer. A rare and coveted property won’t stay on the market for long.
The high-end real estate market in Paris is indeed a very responsive market. High-end properties, located in sought-after neighborhoods, are highly sought-after and quickly find buyers. Hence the importance of having good support and being ready to react at the right time
Between the purchase offer and the promise of sale: approximately 3 weeks, provided all required documents are in place. It is advisable to contact a notary as soon as possible.
Between the promise of sale and the authentic deed: approximately 3 months, considering any unavoidable delays (cooling-off period, preparation of the application, any pre-emption period at the town hall, and viewing of the property before signing).
The acquisition costs of a property in an old building in Paris without a mortgage are approximately 8%.
The buyer pays these costs. They represent:
– Transfer fees, which your notary is responsible for collecting and remitting to the Treasury
– Costs related to registering the sale (land registration)
– Disbursements (amounts the notary must pay to prepare the file)
– Notary fees
Co-ownership costs:
– General common charges as defined at general meetings. These relate to maintenance
costs, caretaker’s fees, and any heating and hot water costs. One of the mandatory
documents to be provided to a potential buyer is the latest statement of charges.
– Exceptional charges related to renovations, also approved at the general meeting. Reading
the minutes of the general meeting can provide valuable information about planned work.
Taxes:
– Property tax,
– Residence tax for second homes.
This information and documents are provided either by the owner or requested by the notary when preparing the application. It is recommended to analyze them carefully.
Information on the condition of the property:
– The technical diagnostics file, including the surface area and energy performance. This file must be prepared by an impartial professional with the required certified skills and professional risk insurance.
Financial information:
– The latest property tax notice
If the property is co-owned:
– The co-ownership regulations and the descriptive division statement, as well as any amendments,
– The minutes for the last three years,
– The amount of current expenses in the forecast budget and expenses outside the forecast budget,
– Various documents concerning the building.
The co-ownership status is the legal regime (law of July 10, 1967) that applies to buildings when they are divided into lots belonging to several owners, called co-owners.
Each lot includes a private portion (apartment, cellar, parking, etc.) and a share of the shared areas (entrance, roof, staircase, load-bearing walls, vertical pipes, etc.).
– The condominium association: This association is composed of all the co-owners. They managed the building.
– The condominium manager: This association can be professional or volunteer (less common). This association is responsible for implementing the decisions made by the general meeting. It is responsible for the administrative and financial management and maintenance of the building. It represents the condominium association in court. It enforces the condominium regulations.
– The condominium regulations: This is the mandatory document that sets out the rules of community life and the distribution of expenses. – The General Assembly: This is the meeting, at least annually, where important decisions (construction, budget, etc.) are voted on. If you cannot attend, it is important to be represented.
We will answer them!