Paris PROPERTY HUNTERS

Searching for a property is no easy task. You have to read through ( pages and pages) of ads (online or printed), which means putting aside those that don’t match your criteria and keep only the ones that could fit you. It is also possible to look through the properties displayed in the real estate agencies’ (shopwindows) or ask your contacts if they know of a property that could match your wants and your needs. Entrusting this step to a property hunter has several advantages. The hunter will be able to use his network, to work in close collaboration with several real estate agencies, or to be directly contacted by sellers before they put their property on the market. In a nutshell, calling upon the services of a property hunter in your search means having access to a larger array of properties, but also avoiding this tedious step of searching, which is highly time consuming.

While searching for a property, you could pick a few that you want to visit. It is extremely important to go on-site to actually see the house or the apartment, rather than through pictures, where some details can be lost. Moreover, with every visit, one’s eye gets trained to see what’s important, and you learn to ask the relevant questions. But visiting properties requires time and availability.  That’s why calling upon a property hunter is an excellent idea. They will take care of establishing pre-visits and will quickly know, through their experience and trained eyes, which property presents more pros than cons, or the other way around. They will write detailed reports on visited properties that caught their attention, and will present them to the buyer to schedule a visit, so that they can see it for themselves. For this critical step, the buyer not only benefits from the property hunter’s expertise, but also saves time by avoiding “useless” visits.

When a buyer falls in love with a particular property, an offer to the seller is to be made.  They can try to negotiate the selling price, especially if the property is close to a noisy area, if there’s no assigned parking space in a neighbourhood where parking spaces are scarce, or if important renovation work is needed. By entrusting the negotiations to a professional such as a property hunter, the buyer knows that they will do their best, as they are on the buyer’s side, not the seller’s. Moreover, they will be able to advise them in the drafting of the purchase offer. It is important to note that “a fixed and unreserved purchase offer binds the one that emits it”. If the offer is accepted by the seller, the buyer has to sign a preliminary contract. But, before that, one has to find a notary. The seller can offer to contact their notary for both parties, or the buyer and the seller can call upon the services of separate notaries. If the buyer does not know any notaries, the property hunter can suggest trusted professionals, schedule an appointment in their stead, and manage all the documents needed to sign the preliminary contract, and then the sale agreement. The property hunter knows many professionals in various lines of work. Their customer can thus benefit from their trusted network. Once the buyer has chosen their notary, it is time to sign the preliminary contract.

There are two types of preliminary contracts: the unilateral promise to sell and the sale agreement. They both need to describe the property in detail, include the conclusions of the mandatory diagnostics, provide information on the financing of the purchase, but also list the conditions precedent such as the approval of the loan or the deliverance of a building permit. Must also be mentioned: the sales fee for the real estate agent, the provision for the registration fees and the notarial charges. The buyer benefits from a withdrawal period of seven days (from the signing of the preliminary contract). At the end of this period, the notary sends the “Declaration of Intent to Waive” (Déclaration d’Intention d’Aliéner or DIA) to the city hall. The notary then needs around two to three months to assemble the documents needed for the sale, and about eleven weeks for the city hall to reply. Here again, a property hunter’s expertise can prove useful. They will guide the buyer through the preliminary signing process, make sure that everything is done according to regulation and will help them take the actions needed on their end (sending a notice to their current landlord, for example), so that nothing is forgotten. They can then help the buyer find the best financing solutions. As soon as you find a property and sign the preliminary, you have 45 days to secure the financing. The property hunter can refer the buyer to several organisations that can help them find solutions. It can take the form of property loans such as the PTZ+, the PAS or the CEL, or a bridge loan. These organisations can also guide them depending on their family status (married, in a civil union…) and find the best answers to any question they might have. Once again, we can see that going calling upon a property hunter has the advantage of benefitting from their extended network and competent advice.

A three-month period is usually needed before the signing of the definitive deed of sale. This delay allows the buyer to contact their bank in order to secure a loan. If the loan is not granted to the buyer, they can proceed with the purchase (they must then find another financing solution) or cancel it. If the buyer does not wish to take out a loan, “they must include a specific, handwritten mention stating so. If the sale agreement is received with an authentic act, this mention is not mandatory.” Once the loan application is made, the buyer’s bank emits a loan offer that the buyer “cannot accept before a delay of 10 days from its reception”. Simultaneously, the notary carries out a background check on the seller’s info (ownership status, former property deeds, situation of the property in regard to regulations…). What is the role of the property hunter during the loan application and the acceptance of the loan offer? They can advise the buyer, but also share the contact info of professionals who would be able to help them in securing a loan. They can also guide the buyer in their decision to accept or refuse the loan offer emitted by their bank. Once the offer is accepted, the deed of sale can be signed.

The notary contacts both parties to inform them that the file is complete, and that they can schedule an appointment to sign the deed of sale. They also ask them to pay a fee equal to the balance of the sale price, plus a provision for charges. The sale then proceeds like this. The buyer and the seller are present, as well as the notary. Likewise, real estate professionals must attend. The notary reads the act to the attending parties. The buyer and the seller can both ask questions. Then, the seller delivers the keys of the property to the buyer “in exchange for the payment of the full price of the sale to the notary”. The property hunter is there to assist their customer during the signing of the deed of sale. It is only then that their fee is due, as they fulfilled their mission and found a property for their customer. But just because the “hunt” is over does not mean that they stop helping their client.

The most awaited step for the buyers, moving in is not always easy. Sometimes, work is needed, or some small issues need to be solved. From full renovation work to finishing touches, but also with the post-purchase administrative process and the actual move, the property hunter does not forget their client once the sale is complete. Most property hunters offer various services (linking with contractors, following up on renovation work, support while moving in…).