Read This Before Buying a Completed Home
Read This Before Buying a Completed Home

Read This Before Buying a Completed Home

Read This Before Buying a Completed Home

Summary

 – Buying a completed new home: what is it?

 – Procedure for buying a completed home

Are you buying a completed home? The procedures are more straightforward than purchasing off-plan.

When you buy a new home, you have the choice between purchasing off-plan and purchasing a completed home.

Buying a completed home: what is it?

The purchase of a completed home, also sometimes called a “turnkey” sale, consists of buying a new home completed on the date of the real estate transaction. The buyers, therefore, have the opportunity to visit the house before they purchase, which is not the case with a purchase on a plan. He can thus detect the possible defects or the defects of construction. He benefits from the guarantee against hidden defects.

However, this type of housing has not been occupied before. A completed house is covered for 10 years by the construction insurance. It benefits from the decennial guarantee.

You can purchase a completed new home either to live in or rent. 

Procedure for purchasing a completed new home

completed home

Here are the different stages of the purchase in brief:

Buying a newly built house

Compromise of sale or unilateral promise of a sale

You sign a preliminary sales agreement:

– What should appear in the document: a precise description of the property, conditions precedent.

– You pay a deposit of about 10% of the sale price: it will be deducted from the total sale price at the time of the final deed of sale, this payment is deposited in an account with your notary.

– the seller gives the buyer the real estate diagnostics of the property.

You sign a unilateral promise of sale:

– the seller reserves the property to the buyer. This reservation is made for a specific period of time. The seller indicates the selling price.

– The buyer pays a down payment corresponding to an amount between 5% and 10% of the sale price. This deposit is deducted from the sale price.

– the buyer can exercise the purchase option. In this case, he buys the property.

Retraction period

– To withdraw from the sale, you have a period of 10 days from the day following the first presentation of the letter notifying the promise to sell: you must notify the seller of your withdrawal by registered mail with acknowledgement of receipt.

– In this case, you will be able to recover the deposit paid. If the buyer withdraws after the withdrawal period, the buyer loses his deposit.

Signature of the final deed of sale

At the notary:

– Payment of the full price of the property (the deposit already paid by the buyer is deducted from this amount).

– Payment of the notary’s fees: fees, taxes (State), mortgage and guarantee fees.

The seller must also provide the buyer with:
– the building permit;
– the certificate of conformity or the declaration of completion of the work;
– the name of the builder;
– the builder’s insurance certificates;
– the report of reception of the housing.

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