It's a waltz that includes much preparation, a little seduction, and a hint of swiftness. In France, the time to take out a property loan is during the acquisition process, but it depends on your real estate project. Here’s some info for you to lead the dance.
Loan offer: to go on or not?
This is a key moment in the acquisition process. A past offer to buy, negotiated by your BARNES real estate agent (your welcome), the signature on the promise or compromise of sale with the help of your notary, comes the delicate moment of the loan offer (if you need to take out one).
Why delicate? Because it's quits or double. After the promise of sale, it takes about 3 months before the final deed of sale is signed. This is when you need to contact your bank or lender and seek a home loan.
A loan offer, kezako?
The lender will send you, as well as your guarantors, a fixed or floating rate or adjustable loan offer. It can be accompanied by insurance, and you do have the right to request several from different organizations. Prepare your printer, the list of the supporting documents is long ... So let’s just say that it’s better to work on it while the ink of your signature on the compromise is not yet dry.
In addition to identity documents (identity card or passport, family record books, pregnancy certificate, marriage contract, etc.), you must provide proof of residence and income. The bank will also ask for information about your real estate project (estimate of works, the promise of sale, etc.).
Protect yourself in case of refusal: Condition precedent
As with everything, any offer is accompanied by an acceptance or refusal. On your part, yes, but upstream, it’s never certain that the lender will accept your request! Stay on the safe side, and anticipate a possible refusal, and think of inserting a condition precedent with mortgage obtention in your compromise. If you don’t get it, you’re protected and can freely and easily renounce your real estate purchase.
The contrary is also expected: you don’t want to buy anymore? Rest assured, you’ll no longer have to borrow either.
Do I say yes or no? Acceptance (or not) of loan offer
Once the loan offer is sent to the buyer and its guarantors, it must be maintained for 30 calendar days from the date of receipt. If you and your guarantors agree, you must wait until the end of the 10-day cooling-off period days after the receipt of offer.
Meanwhile, your notary plays an important role; it examines a lot of information and ensures that the process runs smoothly. Verification of previous titles of ownership, possible easements, mortgages ...
If you accept the loan offer, it turns into a loan contract, which your notary will add in the notarial deed. Funds are then generally released in one turn, or sometimes in several if it’s a construction, in which funds are unblocked according to the progress of the work.
This means you will be an owner (very) soon! The last step? The deed of sale ... But that’s another chapter.
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