Role of the Notaire
As you’re looking into buying a property in France, one of the most crucial people with whom you will interact throughout the buying process is the notaire. You may be wondering who the notaire is and what his or her role may be in the process.
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The notaire is a legal professional with duties relating to law governing: family, real estate, inheritance, business, and local authorities. Held responsible for the content, composition, validity and accuracy of the contracts, the notaire is integral to the entire transfer of ownership for French property. The amount paid to the notaire when purchasing existing real estate (as opposed to new build) is generally about 7% of the purchase price of the property if you are purchasing with a mortgage. It’s approximately 5% of the purchase price if you are a cash buyer. This sum includes the notaires fees, duties paid to the national and local French government, and the cost of locating and obtaining necessary documentation.
A notaire composes the deed for the transfer of property and guarantees the enforceability of the contract. The notaire also assists in valuation of the property, verifying the seller’s title of property, ensures that the legally required property checks are carried out, and is meant to facilitate the procedure overall.
For more information, visit www.notaires.fr
Posted February 28, 2011
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