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STEP ONE - THE CONTRACT
- Reservation Deposit
When you wish to reserve a particular property in your name, you will need to make a wire transfer deposit in the amount of 5% of the TTC price to the Notaire's escrow bank account. This deposit is fully refundable if we are unable to find sufficient financing for your purchase. At the time of closing, these funds are used towards your closing costs. - Preliminary Contract (Compromis de Vente)
This contract is used when purchasing a resale property (i.e. a property purchased from a private seller). It is a binding sales contract for both parties, conditional upon a mortgage approval from the bank. - Reservation Contract
This contract is used when purchasing a new property (off plan or maximum 5 years old). On the day of reservation, you must sign:- The Reservation Contract
- The Building Specification Sheet
- The Block and Floor Plans
- And for Leaseback, the Lease Contract (Bail Commercial) and Accountant Documents (VAT pack)
STEP TWO - THE SIGNATURE AND FORMAL TRANSFER OF DEED
- The Act of Sale (Acte de Vente), or closing procedure is carried out by a French Notaire who represents the French government as an impartial public officer. It is therefore common practice to have only one Notaire. The Notaire is responsible for checking the origin of the property, the parties identities, all legal and financial aspects related to the property, and preparing the title deed for both seller and buyer.
- If the property being purchased is a resale, you can choose the Notaire if you wish. If it is a new property, a Notaire is assigned to your closing. As a foreigner you are entitled to a certified translator. Please keep in mind that from the day you sign, you must provide a basic insurance policy (fire, water damage and third part liability) to protect the property (paid by management for leaseback properties).
- Following this compulsory deed, a transaction is registered by the Land Registry and Conservation de Hypothèques (if you contract a mortgage), which is a department of the Inland Revenue Service.
COSTS AND FEES
- In the case of a resale property, the Notairial costs and fees (including transfer and stamp duties) amount to about 10% of the purchase price and must be paid by the buyer directly to the Notaire’s bank account. The buyer receives a detailed statement of this transaction.
- In the case of a new property (up to 5 years old) the Notarial fees amount to about 5% of the purchase price and adhere to the same procedures as above.
- If you elect to complete the closing at your nearest French Consulate rather than in France itself, you will have to sign a proxy, which is also an authentic document.
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Knightsbridge Investment group Launches Panama website
Knightsbridge Investment Group are proud to launch there new website dedicated to Panama Real Estate
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By Knightsbridge Investment Group.
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LAW 305-68
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Panama property ripe for investment
Property in By Knightsbridge Investment Group The Dominican Republic is a colorful tapestry of Spanish, French, Haitian, The Panama property market is receiving intense international interest from property developers and investors alike. The general consensus of opinion in the property investor world right now would seem to be that you can’t go wrong with investment real estate in Panama. Panama is a strategically important, stunning, tropical Central American country growing increasingly popular with real estate investors particularly from Northern America and Western Europe. The real estate investment potential in Panama has been growing directly in line with international interest in Panama Royal Caribbean To Offer Southern Caribbean Itineraries From Colón, Panama Here are 8 great attributes to any smart Panama investor. Coming to know a lot of these folks, and with many of them as personal friends, it can be helpful to look at the commonalities of those who truly succeed in the Panama real estate market, to deline Buy a home in Monaco and you'll enjoy iconic beaches, glamorous casinos, a renowned arts and music scene, pulsating nightlife and boutique-packed boulevards. Panamas discount paradise Thanks to Panama’s ‘Law No. 9’, foreign residents can enjoy a first-class lifestyle in a beautiful tropical haven while saving thousands of dollars per year on just about everything, in DFW International Airport Adds Panama, Turks and Caicos Islands to Global Portfolio The World Tourism Organization reports that international tourist arrivals worldwide rose by over 6% from January through April 2007 The Bavaro Open tournament will be held again at the Cocotal Golf & Country Club in Punta Cana. 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Charles Starmer-Smith was initiated into their sport in the warmer waters of the Caribbean. Dominican Republic -- Sitting behind a massive wooden desk, the Dominican Republic's minister of tourism lists the attractions that lure visitors to this Caribbean nation: endless beaches for sun-seekers, white-water rapids for adrenaline junkies,mere The United States and Brazil have chosen the Dominican Republic as one of the four countries where biofuel will be produced with their assistance in financing and technical support. This week I will be in Panama City, Panama for an equipping conference with a number of preachers who work in the Darien Province of Panama. It's the start of a wave of Baby Boomers retiring abroad. 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