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Your Easy-To-Follow Guide To Changes In French Real Estate Law

Your Easy-to-follow Guide to Changes in French Real Estate Law


PARLER PARIS: PARIS PROPERTY INSIDER


Enhanced web-edition online at:
/parlerparis/property


October 10, 2002


Dear Paris Property Insider Reader,


Solidarité et Renouvellement Urbain (SRU), became effective June 1,
2001. This ambitious law modified eight government codes in order to
organize the development of French cities, towns, and villages based on
habitat, planning and transportation. With the help of Samina Arnoult,
we outline for you below the ways this law affects real estate
purchases.


* Period for Cancellation (délai de rétractation) Prior to SRU, a 7-day
period to cancel a purchase contract existed only for new buildings.
The period now applies also to older property as well. This is a major
development, as it allows you to go back on a decision made too
quickly… under pressure from hard selling, because other buyers were
lined up and you were afraid the property would sell out from under
you, or because you didn’t get time to do proper checks.


Regardless of the age of the property, you can use this time to get
proper information before finalizing the deal. Talk to the neighbors to
find out if other neighbors are noisy. Visit the neighborhood at
different times of the day. Contact the "syndic" (the organization in
charge of the upkeep of the building) to find out if any future repairs
are in the air, or if any co-owners are behind in the payment of their
maintenance charges (in which case you would end up paying for them).


If you change your mind within the 7 days you must send a registered
letter with acknowledgment of reception (lettre recommandé avec avis de
réception). When done following the proper procedure, you can then walk
away from the transaction.


* Down Payment to Close the Sale (versement d’argent) It is common
practice to put down a check for 10% of the buying price to close the
sale. Your check will normally be deposited straight away. The new law
states that there should be no payment before the 7 day cancellation
period is over. However, there is an exception for new buildings and
houses.


If you are going through a real estate agent (agent immobilier) and he
or she has professional insurance ("garantie financière"), they are
allowed to accept a down payment. The deposit must be refunded within
21 days if you change your mind. A private owner or "notaire" may ask
you for the down payment only after the 7 days are up.


* Promise to Buy (promesse d’achat) The document binding the buyer and
the seller is called the "promesse de vente" (promise to sell). It has
been common practice amongst real estate agents to ask the buyer to
sign a "promesse d’achat" (promise to buy), binding only the buyer who
agrees to buy at a certain price. This is usually done when the price
the buyer is agreeing to is different than that proposed by the real
estate agent. The agent then must see if the seller will agree to the
new price. Under SRU, no payment is allowed in this case. If any
payment is made, the contract will be considered null.


* Certificate of Asbestos Check (certificat d’absence d’amiante) SRU
mandates that the "promesse de vente" must have the certificate of
asbestos check attached to it, showing if there is any material in the
property containing asbestos. It is obvious you should refuse to buy
the property if there is any asbestos, or, if you choose, put a written
condition (condition suspensive) in the promesse de vente asking for
the replacement of the contaminated objects.


* Technical Diagnosis and History of Work and Repairs Done on Buildings
(établissement d’un diagnostic technique et carnet d’entretien) Any
building over 15 years of age should have a technical diagnosis
certifying that the building is in good condition. It is one of the
notaire’s responsibilities to verify this. Also, the syndic is required
to have a logbook with the history of repairs and maintenance work done
on the building. You need to ask the syndic if you want to consult this
document.


* Buying Land to Build (terrain à bâtir) There must be a legal
description of the land you’re buying, with proper reference number (in
compliance with French laws), limits, size etc.


There are many regulations and laws concerning real estate in France
that seem to work against a buyer. New laws like SRU are doing more and
more to protect the public from wrongs and abuses that occurred far too
often in the past. It is important to be aware of your rights under the
law. If you are considering a purchase here make sure you consult with
professionals who know the law before making any commitments.


If you are interested in reading the full text of the SRU law, the
official document, in French, can be found at
http://www.assemblee-nationale.fr/projets/pl2131.asp/


A bientôt,


Schuyler Hoffman
Editor, Paris Property Insider
E-mail:
mailto:[email protected]


P.S. Thanks to S
amina for helping us out today. Samina Arnoult is an
independent financial consultant experienced in all areas of finance,
real estate, the stock market, life-insurance, etc. She is one of the
featured speakers at our upcoming Working and Living in France
Conference October 18 to 21.


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Living in France for several years, we have accumulated valuable
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– Fee of $75 an hour with a two hour minimum, plus expenses (travel,
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– Consultation can be arranged in person, by phone, or e-mail


For more information contact Schuyler Hoffman at
mailto:[email protected]?subject=ppiConsultation
or visit /parlerparis/services/index.html.


DO YOU HAVE AN APARTMENT IN PARIS OR HOME IN FRANCE YOU WANT TO SELL?


We can help you promote your property as well as connect you with
interested buyers we already have. Send an email to
mailto:[email protected]?subject=ppiForSale


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TO MANAGE YOUR E-LETTER SUBSCRIPTION: Go to:
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Copyright 2002 Agora Ireland Publishing & Services Ltd.

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