So you have decided to sell your property. Congratulations! You have already accomplished the first step. Next is to decide how and with whom you are willing to sell your property. The team at Nice Homes are more than happy to guide and help you through the whole process. The following is a general run-through of what to expect each step of the way and how our Nice Homes agents can provide you with a seamless experience.
Visiting Your Property
Following your first contact with Nice Homes, a Nice Homes agent will introduce him/herself and discuss your expectations regarding selling your property. S/He will request to visit your property to get a sense of its’ condition, market value and evaluate it according to your own thoughts. In order to sell your property through an agency in France, you must sign a mandate, which will stipulate the terms and conditions of your agreement.
Signing a Mandate
Once you have decided to sell your property with your Nice Homes agent, s/he will present you with both an exclusive and a simple mandate for you to choose from. These two types of mandates differ in various areas as explained below. When signing an exclusive mandate, you are giving your Nice Homes agent sole responsibility to advertise, promote and sell your property. This is an advantage on several levels. As Nice Homes is part of the Multi-Listing Service (MLS), a service only for exclusive mandates, your property will be visible to 450+ agencies locally. This increases drastically your chances of finding the right buyer at the right price. Furthermore, you will need only communicate with one agent, rendering your life that much easier. From experience, we highly recommend signing exclusive mandates. It is key that you trust your Nice Homes agent’s professionalism to successfully sell your property. With regards to signing a simple mandate, you can provide as many agencies with your property to sell as you wish. This often sounds like a better option. However, in practice, this can become more stressful for you as you will be required to follow up with as many agencies as you have signed simple mandates. Also, a simple mandate may not be included on the Multi-Listing Service (MLS) as it is a service for exclusive mandates, therefore reducing your property’s visibility with the 450+ local agencies. At Nice Homes, we have invested to be part of the Multi-Listing Service (MLS) as we believe this is a great way to increase our chances to sell your property. 450+ local agencies use this service on a daily basis to find properties for their clients. Once you have signed a mandate with your Nice Homes agent, s/he may begin marketing your property.
Collecting the Documentation
In addition to your signed mandate, you will need to provide your Nice Homes agent with obligatory documentation required to legally sell your property. This information includes a copy of your title deeds, of your passport, recent diagnostics of your property, your property tax, your monthly costs, the last three year’s official reports and the maintenance log known as the “carnet d’entretien”, from the building management company known as the “syndic” and their contact details. Your Nice Homes agent can help and advise you on obtaining these documents.
Marketing your Property
Your Nice Homes agent will take photographs of your property, which will be used to advertise it online and through our local and international networks. If you have signed an exclusive mandate, your property will also be advertised on the Multi-Listing Service (MLS). When taking photographs of your property, we highly recommend property owners to remove any personal items and to make the rooms presentable in order to show them in their best light. It is important to note that each Nice Homes agent has received training in professional photography. At Nice Homes, we work diligently to find and strengthen collaborations with some of the top international networks and locally with fellow agencies with the objective to continuously increase your property’s visibility and therefore amount of potential buyers.
Doing Viewings of Your Property
Each time we attract a potential buyer interested in your property, your Nice Homes agent will organise a viewing. If you are currently living in your property, your Nice Homes agent will ring you to inform you of the visit. If you are away or not living in your property, then your Nice Homes agent will request you provide him/her with a set of keys to do the visit independently. During each viewing, your Nice Homes agent will guide potential buyers around the property whilst giving them a complete description, showing all of its’ features and answering any questions. As mentioned above, we highly recommend property owners keep their property presentable to show it in its best light.
Negotiating an Offer
Once a potential buyer wishes to purchase your property, s/he will make an offer. In return, you have three choices. You can accept, refuse or provide a counter-offer. Your Nice Homes agent will be able to advise you on how to respond to the offer and will negotiate on your behalf following your recommendations.
Once you have accepted an offer, your Nice Homes agent will contact a “notaire” with all the legal documents required to draw up the preliminary contract, known as “le Compromis de Vente”. In France, a notaire must be used when a property or land is sold. The notaire is a property lawyer employed by the French government to ensure a sale is above board and that all taxes are paid. If you cannot be present at the signing of the preliminary contract, you can agree to sign a power of attorney with the notaire. Your Nice Homes agent can advise you here if you have any questions.
Cooling Off Period and Deposit
Once the preliminary contract has been signed, you are automatically locked into the sale. The buyer is provided with a ten day cooling off period during which s/he may retract without any penalty in the unlikely case they no longer want the property. Otherwise, the buyer is required to pay a deposit into the notaire’s account. Usually, the deposit represents between 5% and 10% of the agreed sale price. It is important to underline that the sale only becomes legally binding for the buyer once the preliminary contract has been signed and the ten day cooling off period has passed.
Once the cooling off period has passed, the buyer is also locked into the sale. As it will have been stipulated in the preliminary contract, the buyer will have been given a deadline to transfer the funds to purchase the property by. The transfer goes directly from their bank to the notaire’s secure account. Once the funds have been transferred and the notaire has done the necessary legal work, you will be invited to the notaire’s office for the final signing along with the buyer. If you cannot be present at the final signing, you can agree to sign a power of attorney with the notaire. Your Nice Homes agent can advise you here if you have any questions. The buyer receives the keys to their new property and the balance of the sale price is paid into your account. You will also receive a legal certificate of sale known as an “attestation de vente” proving you have successfully sold your property. The notaire will send the buyer the official title deeds of the property approximately six months later once he has registered the property with the land registry known as the “cadastre”. Your Nice Homes agent will enable the buyer to view the property again just before the final signing as it is sold as seen.
Time to Celebrate
Congratulations to you! You have successfully sold your property in France! Please feel free to share any kind words you may have for our Nice Homes agents. They do a great job helping you throughout the whole process. We are very proud of them and hope you enjoyed working with us!
At Nice Homes, we pride ourselves on working with a selection of who we consider to be the best and most qualified people, companies and services in the Nice area, complementing our clients with the answers to their legal, financial, renovation, holiday letting, long-term renting, professional set up and everyday life inquiries whilst we focus on our clients’ priorities, finding the home or apartment they are looking for and guiding them through the successful purchase or sale of their property. This is absolutely to our clients’ advantage as traditionally, one-stop shop real estate agencies usually demand commission from their collaborators, therefore incurring on our clients’ costs. We do not. We believe in transparency and excellent service. To check out who we recommend, please click here.