This department oversees acquisitions and real estate sales, land transactions, real estate audits, project financing, leases and transfers of business assets on behalf of individuals, professionals, real estate companies or investment companies.
This department also includes a real estate development division, in charge of acquiring land, setting up the legal framework of the building or buildings to be constructed – co-ownership or volume allocation – and also sales made prior to completion.
The seller must prepare a file as soon as their project is final.
The ALUR law has made the submission of certain documents mandatory prior the signing sale agreement. This file includes, for example, the condominium by-laws and its amendments, the minutes of general meeting of co-owners over the last three years and the current year, the maintenance booklet, the global technical survey, a summary of expenses and debtors and creditors issued by the syndicate of the condominium as well as accounting data enabling the purchaser to assess the financial situation of the condominium.
The Law Firm helps the seller, if he wishes, to gather the necessary documentation.
The Law Firm makes the necessary verifications to ensure the legal security of the transaction.
Once the file is complete, the sale agreement is signed.
The purchaser pays, at the time of signature of the option purchase agreement, all or part of the deposit generally fixed at 10% of the sale price. The purchaser must also pay the registration fees, and the first sale agreement fees.
Two deadlines are set in the option purchase agreement:
– a deadline for the completion of the sale,
– and a deadline for the completion of the condition precedent of obtaining a loan, if it is the case.
The purchaser sends a copy of the loan offer to the Notary as soon as it is obtained and in any event before the expiration of the second deadline, so that the Notary can assess the nature of the guarantees required by the bank and act accordingly.
Once the documents are obtained and analyzed, the loan is granted, the Deed of Sale can be executed.
The balance of the purchase price and fees must be paid by bank transfer into the Law Firm’s accounts prior to signature.
The Law Firm can assist you in your choices for the proceeds of the sale (reinvestment, gift, life insurance, restructuring of a loan…).
The misleading words “notary fees » cover both the fees of the Notary fixed by government decree – paid by the purchaser, and shared among seller’s and purchaser’s notaries -, the legal formalities and essentially the registration fees, the value added tax, or any other tax due to the Treasury. Indeed, the Notary collects the tax due by the clients and pays it to Treasury.
In connection with a real estate project, the Notary will enquire about your family situation (single, PACSed, married, cohabitee) and assets, your wishes regarding this property (rental investment, transmission objective, primary residence…). Each situation involves special circumstances that must be taken into account to offer you the best solution.