The new French housing act (Loi Alur) that came into effect at the end of March this year 2014 has had a big impact on the sale of ‘co-property’ residences in France.
The impact is negative for sellers because this new French housing act requires a number of documents that must be given to the buyer before the seven days of reflection period can start.
The problem is that the owners, the owner’s notary and the syndic for the residence may not have the documents on hand and have to search for the needed documents and this can be costly.
Currently according to some notaries the signing of the ‘compromis de vente‘ has been delayed by up to four weeks while documents are being requested.
The good news is that as of January 2015 French property management companies are to create ‘an extranet’ where owners can access the documents directly to speed up the sale process.
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