French notaires are government officials. They are under the authority of the French Minister of Justice and are appointed by decree. In general, the notaire is a government official who is responsible for receiving all the actes and contracts which require a seal of authenticity. They ensure documents are dated accurately, held in trust, and provide authentic copies.
The Notaire in French real estate transactions is responsible for ensuring the conditions of the transaction are met. An independent, unbiased, third party, they represent the interests of neither the buyer nor the seller, but the integrity of the transaction itself. While the notaire does not specifically represent the buyer, they do follow the buyer’s instructions. It is also the buyer’s responsibility to pay their fees.
Notaires have a lot of different responsibilities in French real estate transactions. They are responsible for searching the title for mortgages, easements, restrictions, planning, zoning and anything else that may affect the value and use of the property. The notaire will check for nuisances such as lead, asbestos, termites, etc. Verifying all rights of pre-emption have been cleared and researching the cost of running the property and new investments, also fall within the purview of the French Notaire. Suffice it to say, this extensive process is not quick, in fact, it can take up to three months before the real estate transaction can be completed.
The financial aspect of the real estate transaction is handled by the notaire. Any mortgage on the property must be paid in full and it is the notaire who will contact the lender to establish the final amount due. French notaires will also calculate any transfer taxes due on the property. Professional fees due to the notaire them self are fixed by decree. On completion day, the notaire acts as escrow agent receiving all money from the purchaser, turning over all money due to the appropriate taxing authorities, lenders, or other vendors, and issuing any remaining proceeds to the seller.
The official documentation for the conveyancing of real property in France is prepared, registered, and maintained by the French notaire. The notaire will prepare the deed and read through it completely on the day of completion to both the seller and the buyer. After which, they will have the title deed registered at the Land Registry and keep the original indefinitely. A copy will be provided to the purchaser as proof of ownership.
The French notaire plays an integral part in every real estate sale, choose your notaire wisely.
by Cheryl Hartzman, AboutFrenchProperty.com - Copyright © About French Property
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