Completion Day in a French real estate transaction signifies the day in which a piece of real estate under a sale and purchase agreement is finally transferred to the buyer. Typically the parties of a real estate transaction will meet in the office of the notaire on Completion Day.
In preparation for completion day, it is important for foreign investors to make the proper arrangements for their funds to be delivered to the notaire. This may include opening a French bank account, converting funds from one currency to another, transferring funds from your bank account to that of the notaire’s, or possibly obtaining a bankers draft. Funds that have not been cleared will cause the delay of completion.
The day before completion, you should do a walk through of the property. A seller is obligated to turn the property over to the buyer in the same condition as it was on the day the contract was signed. Any damage or deterioration of the property must be repaired by the seller. Walking through the property the day before completion and inspecting the premises is the only to guarantee that the property has not sustained any form of damage. It has the added benefit of ensuring that the property has been completely vacated by the seller and any tenants.
Completion Day itself is the time for signing the acte authentique (deed of sale). The French notaires are the only people authorized to prepare a deed of sale. On completion day they will read through the entire document with both parties. If you do not speak French, it would be wise to arrange for a translator to be present.
Once the acte authentique has been signed, the keys will be handed over along with a Certificate of Purchase called attestation. The notaire will keep the original deed of sale and register it with the Land Registry. The Certificate of Purchase will act as your proof of ownership and can be used to set up public services, open bank accounts and anything else that requires such proof. Several months after completion the deed registration will be complete and you can obtain a copy of the deed from your notaire.
by Cheryl Hartzman, AboutFrenchProperty.com - Copyright © About French Property
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