Author: The ESREA France Team

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2014 French Notary Fees Going Up in Some Areas

Buying a French property will be a little bit more expensive beginning on March 1st 2014 in at least four French departments. This is not caused by an increase in property prices but because of an increase in the French government transfer tax.

This tax is paid as part of the notary fees paid by buyers in France.

The French tax paid to the Treasury will increase in certain areas from 3.8 to 4.5 percent of the sale price. This will apply to ‘actes passés et des conventions conclues’ between the first of March 2014 and the 29 February 2016 as authorized by the French budget for 2014. The purpose is to bring needed money to communities who are struggling financially. This is because overall the transfer tax obtained by the Treasury has gone down 50 million euros between 2012 and 2013 according to Eric Ciotti, President of the General Council.

For example, if the sale price of a French property is 100 000 euros the amount will increase from 3800 euros to 4500 euros.

Original article in French here

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2014 French Real Estate Prices May Go Down More

According to the President of FNAIM, the biggest real estate association in France 2014 may be a year where French real estate prices will continue to decline.

Mr Buet on behalf of FNAIM estimates a 3 to 4 percent decline in prices and a reduction again in the number of sales taking place year over year.

Number of French real estate sales for 2013 where down 5.1 compared to 2012.

Real estate: prices are expected to decline further in 2014 about 3 to 4 percent.

The cause of the declining market is linked to rising unemployment and negative consumer sentiment.

Worth noting when the French real estate market is like this it is a great opportunity to buy in France and negotiate a deal that you will not get when the market turns around.

It is also a great time to sell and buy upwards in the market since the difference between your lower priced home and the higher priced property will be reduced.

With the potential of saving a lot of money it is an excellent time for you to contact your English speaking real estate professional in your area of choice and get help to find a great investment while other people are waiting to see what happens.

Original source of article in French here

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What is a contrat de bail in French real estate?

In French real estate a contrat de bail is a lease, in which one party called ‘le bailleur’ (typically called the Lessor in English) grants the right to another party called ‘le Locataire’ in French (typically called the Lessor in English) the right of use of a piece of real estate property for a certain period of time for a payment of money called loyer in French (or rent in English).

Important: Make sure you get proper legal advice before you sign a contrat de bail in France to make sure you fully understand your rights and obligations.

Click to read MUST know tips when renting in France

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At which French notary’s office do you sign the compromise de vente in France?

In France, all parties to the sale of a French residential real estate property sale typically sign the compromise de vente at the buyer’s notary’s office.

Unless, parties to the contract have given their notary a power of attorney.

Or unless, the same notary is working for the buyer and the seller.

Confirm where the signing will take place with your notary.

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Dangers of An Offre D’Achat in France

Buying a French property is, like in any country, a very big commitment.

Once you find a French property you wish to buy and you decide to make an offer in the form of An ‘Offre d’Achat’ it is extremely important that you have professional assistance so you understand the commitment you are making before you sign this document.

The Dangers of signing an ‘Offre d’Achat’ is that sometimes buyers make mistakes in the creation of the document  because they have not sought professional assistance. Mistakes made by buyers include giving money to the French property owner when making the Offre d’Achat. This should not be done at this time according to Notaries we have spoken too.

Another mistake is not having a proper time line set up in the document so you know how long you have to wait for acceptance by the French property owner and how long before engagement in the Compromis de Vente.

There are many more potential errors a buyer can make.

Regardless of what you heard from friends and family make sure you have expert professional legal advice when you are offering to buy a property in France

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