How to buy an apartment in Paris? Let yourself be led...

Step 1: Clearly define your project

The very first thing to do in order to succeed in your real estate project is to clearly define your budget and the corresponding financing plan.

If you choose to take a loan to finance your real estate purchase, you will need to define your borrowing capacity and plan a personal contribution between 5% and 10% of the purchase price. This amount corresponds to the sum your notary will ask you to pay when you sign the preliminary contract, which will then be deducted from the selling price at the date of final signature.

Once your budget and financing plan are determinated, you can start thinking about your search criteria.

Lodgis can help you through this first step of your real estate project. Our team of specialists is at your service (you can reach them by e-mail or phone), to create your scope statement and find properties corresponding to your expectations (location, surface area, number of rooms, price, etc.).

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We can also put you through our partner, Artemis Courtage, to help you define your financing plan.

Step 2: Apartments' tour

After defining your needs and your budget, you can start your search. Having a precise idea of the property you are looking for will allow you to be ready to make an offer the day you find the ideal apartment.

On Lodgis' website, you will have access to numerous criteria in order to refine your search (budget, district, property type, surface area, etc.). Each apartment's listing provides you with a detailed presentation of the property (pictures, interactive map, Geo-tracking, presentation text, 3D virtual tour, etc..). You can request to visit each apartment by clicking on “Visit”: a consultant will contact you to make an appointment.

If you couldn't find any property matching your criteria, we invite you to subscribe to the email alert which will keep you updated on the arrival of new apartments put on the market by Lodgis.

Step 3: You found a property

After visiting the selected property, your Lodgis' consultant will send you all the necessary documentation for the apartment so that you can make a purchase offer with full knowledge of the facts. You will find the documents' list in Step 5.

Step 4: Make a purchase offer

If you would like to make an offer to purchase a property, you can send a purchase offer to your Lodgis consultant by e-mail or handwritten letter.

This document will have to contain the following information:

  • Your first and last name
  • Your main residence's address
  • The purchase's price offered (including fees)
  • The financing details (personal contribution and loan)
  • The address of the property you'd like to buy
  • Your offer's duration

You can also add your notary's contact details. If you want, Lodgis will provide you with our partner notary's contact details.

Step 5: Sending the dossier to the notaries

Your Lodgis' consultant will send your entire dossier to your notary and to the seller's, so that they can draw up the preliminary contract (agreement to sell or preliminary sale agreement).

This isn't a mandatory step, however Lodgis chooses to send each of its “sale” dossier to the notary in order to reassure both sides. Either side is free to choose their own notary but it's also possible to share one.

If you don't have or don't know a notary, Lodgis is happy to suggest one.

Step 6: Information to get before signing the preliminary contract

In order to sign the preliminary contract with total peace of mind and avoid surprises, it's important to be in possession of all the information related to the property and to the collective ownership where it is located. The law states that certain issues should be brought to the attention of the future owner such as:

  • The collective ownership's general meetings' reports for the 3 previous years
  • The sum of the building fees (each term you pay for the service charge. The more important the services, the higher the price. Example: elevator, garden, green space, heating system and hot water..)
  • The previous year and current year's property tax

The technical diagnosis dossier which includes:

  • The apartment's surface area measurement (law Carrez)
  • The lead exposure risk report (CREP)
  • The report mentioning the presence or absence of materials or products containing asbestos
  • The report regarding the presence of termites and other xylophagous insects (parasite condition report)
  • The energy performance's diagnosis (DPE)
  • The state of natural, mining and technological risks (ERNMT)
  • The condition of inside installations related to gas and electricity if they are more than 15 years old
  • The condominium's reglementation and its amendings
  • The building's maintenance booklet (which doesn't always exist)
  • The dated pre-state: it's a document stating the co-property and selling co-owner's financial situation

Once all the documents are collected, the notaries can make an appointment to sign the agreement to sell or preliminary sale agreement. Your Lodgis consultant will accompany you to that appointment.

Step 7: Signature of the preliminary contract

At the time of the preliminary contract's signature (agreement to sell or preliminary sale agreement), you will be required to deposit 10% (usually) of the selling price to the notary (sometimes 5% is approved). In principle, the transaction is made through bank transfer, before the appointment. It corresponds to a deposit (acompte) on the selling price.

Once the preliminary contract is signed, the seller is firmly and definitively committed. As buyer, you get a 10 day withdrawal period, during which you can revoke without justification nor fees.

After this deadline, if you refuse to sign the definitive deed of sale while all the aforementioned conditions were met, you will lose the deposit you provided (it will be remitted to the seller as a compensation).

Step 8: Financing with a loan

Whether you resort to using a loan or not, the deed of sale has to mention how you are financing your purchase.

When the deed states that the amount is paid through a mortgage, the latter has to include a legal condition precedent of the loan procurement. You have a minimum period of 30 days, generally increased to 45 days, to obtain a loan conformed to the planned conditions in the preliminary contract (amount, time, rate). This period can go up to 60 days according to the time of the year.

Once the loan offer is communicated by the bank, you won't be allowed to accept it before the end of the 10 days period following its reception. You will have to send it back to the bank from the 11th day. The sale can't be signed before this term.

If you don't obtain your loan before the indicated date in the agreement to sell or preliminary sale agreement, you will have the choice between continuing the sale (if you have another financial resource) or to withdraw. In this last case, you will get your deposit back except case of insincerity (offer exceeding the financial capacity or not conforming to the preliminary contract's estimates).

Step 9: Revisiting the apartment before the final sale

Once the final date has been decided, your Lodgis consultant will reach you in order to plan a new visit of the property. According to everyone's availabilities, this appointment will be planned few days before, or the same day of the final signature.

This appointment will allow you to check that the apartment as well as its outbuildings (basement, chambre de bonne...) were emptied by the seller.

It will also allow you to check and write down the meter readings (EDF- GDF) and thus simplify the subscription transfer.

Don't forget to subscribe to a home multi-risk insurance for your acquisition.

Step 10: Final sale

The appointment is hosted at the notary's office and runs as following:

  • Sale project's proofreading
  • Closing of the accounts on a pro rata basis (co-property charges, property tax and potential building's construction)
  • Payment (the notary will call for funds the days preceding the appointment)
  • Handing over the keys

After this appointment you will have to think of the subscriptions' shift (EDF, GDF, etc.).