Le Notaire…Après Vente

We often talk about the role of the Notaire up to the purchase or sale, which can take many months, but he has lots to do after the fact, too — what we might call “après vente!”

First and foremost is to ensure that the keys are delivered to the new and rightful owners. While the seller is in possession of them — it’s still the responsibility of the Notaire that they pass over to the buyer…all of them. There are rare times when the buyer can have access to the property before the final sale or even not well after the sale for a variety of reasons, but those provisions must be addressed in the Acte de Vente (deed).

The publication of the sale is an essential formality accomplished by the Notaire within a maximum period of one month after the signing. It officially informs the French government of the existence of the sale. Once the sale is published, a guarantee (such as a mortgage, etc.) can no longer be entered on the property on behalf of the previous owner. On the occasion of this formality, the registration fees and the property advertising taxes are paid, as well as any capital gains tax. Where applicable, the mortgage is also registered.

In the case where the sale relates to condominiums, the Notaire must notify the transfer of title to the “Syndic” (managing entity) by letter with acknowledgement of receipt, within 15 days from the date of sale. The Notaire then releases the funds upon the signing of the final deed to the Syndic the amounts remaining due. In addition, concerning any transfer of ownership of a lot or a fraction of a lot, the Notaire must notify the Syndic that the buyer is then considered as the new co-owner.

When the property is purchased by means of a loan, a notification of the sale is made to the insurance company of the purchaser and the syndicate of co-owners (or homeowner association). In fact, the Insurance Code gives creditors benefiting from a lien (or “hypothèque”) the right to receive the indemnities due by the insurer in the event of a claim. The insurer not informed of the existence of the preferred creditor, and therefore in good faith, could validly make the payment of the indemnity in the hands of the purchaser. Notifying the sale to the insurance companies avoids this risk and reinforces the protection of the creditor.

When all is said and done, many months later, the Notaire sends the purchaser his title deed with the final statement of account…and there’s usually a refund for an overpayment of tax. That’s the nice surprise!

A bientôt,

Adrian Leeds
Adrian Leeds Group

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