Avoid mistakes. Understand how the French real estate buying process works with ESREA France
In a French real estate transaction both the buyer and the seller can use separate notaries or the buyer and seller can decide to use the same notaries. As a buyer you are not obliged in any way to use the seller’s notary.
Date of posting September 2013, note rules are subject to change confirm with a notary today about your rights in a French real estate transaction.
When you are buying or selling real estate in France you need to use a French Notaire (Notary). The notaire (notary) is a legal specialist who is responsible for creating authenticated contracts on behalf of his clients. He is not paid by the state but he is obliged to follow the rules of French property law. The notary is in fact self employed and receives his income from the billing of his services to clients.
In general,
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The French notary is responsible for making sure the proceedings are performed according to French Property law and for securing every step of the process of sale of immovable property.
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Two
The French notary is responsible for creating and signing the preliminary contract of sale and the final deed of sale.
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The French notary is responsible for locating and checking all documents for their authenticity including but not limited to checking pre-emption rights relating to the property.
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The French notary is also responsible for calculating and collecting specific taxes related to a real estate property transaction in France including but not limited to the calculation, collection and payment of capital gains tax on a property. The notary is responsible to collect tax money from you from the proceeds of the sale and pay the tax authorities for you.
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The notary is responsible for checking dozens of legal and tax points during the creation of the contract of sale of property.
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All property transactions are reviewed by a French notary even if you have an agent immobilier write the Compromis de Vente.
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Your French notary will ask for the parties to the contract to prove their identities and marital status.
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In addition, the notary will check the vender’s title, the property’s mortgage status, the presence of agreed on easements, local town planning regulations and pre-emption rights and more.
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French notaries are responsible for having legal knowledge and awareness of any amendments to legislation so they can effectively prepare the preliminary contract of purchase and sale (compromis de vente).
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Ten
French notaries are also responsible for recording the legal status of a property at the land registry. This is to keep record of the rights of owners and the presence of any mortgage on the property. Only French notaries have access to these files at the land registry.
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Eleven
The French notary keeps the title deeds to your property for 100 years in his office and then it is stored in the national records office.
Date of Article September 2013
Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.
Currently, the buyer pays for the notary fees in a French real estate transaction. If there are two notaries involved one for the buyer and one for the seller, the fee is the same for the buyer, the notaries each receive a portion of the fee paid.
Continue reading “Who pays the notary fees in a French real estate transaction?”
Buying a home in the French Riviera or any area of France is a complicated process when you don’t know how it works. You can make your purchase of a French home less stressful by reading over the following guidelines.
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Location of your French property
Reduce your stress as you search for your property in France by deciding on the location that suits your needs best. If you are buying a French vacation property you need to consider carefully the location so you have easy access and less travel time (and more time to relax). Some areas are more isolated that they may first appear on a map. In essence, the first step is for you to decide which of the 22 regions in France you wish to buy in. Is it the French Riviera? Do you like the Sun or do you prefer a cooler climate? Will you be driving or flying to where your new French home is located? Think of the location of airports or the auto route for access. Are there shops and restaurants close by?
Continue reading “Ten steps on How to buy an apartment or house on the French Rivera France”
We just learned about a new French law being drafted that will increase the amount of tax Non Residents will pay for real estate they own in France.
Continue reading “Non Residents and New French Real Estate Tax Law”