How much is the droit de mutation on French real estate?

The droit de mutation is essentially a French property transfer tax. The amount of the tax depends on the purchase price of the French real estate you are buying since the tax is a percentage of the sale price.

If you read French there is a comprehensive graph in this article that helps explain the current percentage ‘droit de mutation’ in France. It also indicates the potential increase of this tax that will take place sometime in the early part of 2014.

So if you plan on buying French real estate it is important you speak to an English speaking French notary to determine the impact on the cost of your purchase.

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What is droit de mutation in french real estate?

When you buy French property at this time you pay a fee to the notary and this fee includes what is call the ‘droit de mutation’ to the French Fiscal Adminstration.

The simplest explanation in English of the ‘droit de mutation’ is a French property transfer tax.

To find out the exact amount of this tax and how it can impact you contact an English speaking French notary

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Cost of French Real Estate Purchase Going Up French Value Added Tax Increase January 1st 2014

When you buy a French real estate property you pay Notary fees. As with many sales of services in France the service rendered by a notary has tax applied to it. The current Value Added Tax called the TVA in France is 19.6 percent.

As of January 1st 2014 the French government has increased this tax to 20 percent.

This means that your purchase of French real estate will go up by this percentage amount as applied to the notary fees.

For the official announcement in French on the French Government site click here

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What is Viager in a French Real Estate Ad?

In France, an elderly French property owner can increase his or her retirement revenue by using a system of Viager where they sell their property via a down payment and monthly revenue for life paid by the buyer.

The payment of the monthly payment from the buyer to the seller typically ends with the death of the seller, however, the buyer does not know when the seller will die, therefore the buyer could be paying for a long time into the future.

There are several forms of Viager one is called Viager Occupé and this is when the seller of the French property remains in the property until his or her death.

If you are interested in learning more about Viager we recommend you speak with an English speaking French notary.

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French Property Owners Debt is on the Rise

French property owners debt is approximately 85 percent of the household debt according to a new study done by Credit Foncier and le cabinet Asterès.

Nicolas Pécourt of Credit Foncier quoted in French in Le Monde and we translate into English “That since 2004 French real estate owners are increasing their debt about one percent per year”.

These results are part of a large study that looked at the indebtness of Europeans. Four countries, France, Germany, UK and Spain account for two thirds of the mortgages taken out by individuals in Europe.

The study also found that Northern Europe counties like Germany, UK, and Netherlands, have real estate owners more in debt than their southern Neighbors like France, Spain, Portugal and Italy.

If you read French you can read the full article here

If you would like assistance locating an English speaking French mortgage  broker we can assist you. Contact us here.

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