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French Real Estate: Legal Fees to Increase

French real estate market prices have adjusted slightly downwards in recent times and well priced property has been sold but the cost of buying a French property maybe about to go up.

In France when you buy real estate you pay notary fees. At this moment the fees are approximately 7 percent of the purchase price of your property. This means if you buy a 500 000 euro property you pay 35 000 euros in addition as ‘Notary fees’. However, a portion of these notary fees are in fact government taxes and the amount of these taxes is potentially about to adjust upwards.

According to local notaries this increase may happen in September this year (2013), however, the amount of the increase has not been defined by those who decide on the amount of tax to be charged. So we will have to wait to find out exactly how much and if it will in fact happen.

If you want to be really up to date and you want more details on why this is happening please contact your English speaking French notary.

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French Property Mortgage Rates on the Rise

According to Meilleurtaux.com at the beginning of August 2013 70 percent of French banks have decided to increase their interest rates on mortgages, the amount on average is an increase of 0.1 percentage points, not a lot, but it increases the cost of buying a French property and it goes against the trend of stable low interest rates.

However, French lending rates are still at historically low levels making the opportunity to invest at this time with the use of a low interest long term loan still very interesting.

Samples of current interest rates, according to Meilleurtaux.com are 2.98% for 15 years, 3.29 % for 20 years and 3.64 % for 25 years.

We recommend you speak to a French banker or mortgage broker to get current information.

If you would like to speak to an English speaking French banker or mortgage broker we can put you in contact with one . Just contact us today with your request.

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In a French compromis de vente what personal details are included?

When you buy or sell a French property as an individual there are certain personal details that may be included in the French contract of purchase and sale called the Compromis de vente, this document becomes the basis of the final act of sale.

At this time of writing , the Compromise de vente typically includes the following information. You need to speak to your notary to confirm that all these details will be presnt.

One

Full names of buyer and seller

*

Two

Contact details of buyer and seller

*

Three

Details of ex-husbands and wives of the buyer and seller

*

Four

Professions or absence of profession of the buyer and seller

*

Five

Citizenship of the buyer and seller

As mentioned these details are present in the contract but may not always be. In addition, if the seller or buyer are not individuals but are, for example, a company details will be different. So to make sure you know what details are included about you in a French ‘compromis de vente’ please consult with your French notary.

Article Date August 2013

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Does an agency’s fees in a French Compromis de vente show as a percentage or as a fee?

Real Estate Agency Fees

French real estate agencies may state their fee for services on a listing agreement as a percentage of the sale price of a French property or as a fee.

However, it appears that according to the French agents we know French contracts of purchase and sale (called the compromis de vente) typicallly show the French agency fees as a sum of money and not as a percentage.

We understand this fee may be calculated based on an agreed percentage in the listing (mandat de vente) but it may also be a fee agreed to by the agency during the negotiation of the sale of the property. As always, the answer is never a general rule. If you are looking for an exact answer it is best to speak with a French notary who deals with a lot of real estate transactions.

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Does an agency’s fees appear in a French Compromis de vente Contract of Purchase and sale?

In the French contract of purchase and sale called a compromis de vente if there is a fee payable by the buyer or the seller to a French real estate agency it is typically noted under the section Négociation. Confirm this detail with your French Notary.

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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