“Nothing is certain except for death and taxes.” Not even the origin of this quote, variously attributed to Benjamin Franklin and Mark Twain. It holds truer than ever in times of pandemic and the property market.
You have to enjoy dotting your i’s and crossing your t’s to be a notary. Les Notaires de France are the legal eagles responsible for officializing over all property transactions. We are currently going through this for the fourth time. Yet, like the pain of childbirth, each time I forgot what a long and drawn-out process it is.
When you sell a house in France, the buyer must also pay what are called, somewhat erroneously, notary fees. Only a small piece of the pie actually goes to the notary; most of it is paid to the tax man — the local, departmental and federal governments. These transaction fees and taxes are added to the purchase price, increasing it by 7%.
The seller, in our case us, pays the real estate agency fees. This can take 5-7% off the net purchase price. For this reason we chose not to sell through an agency but to handle the marketing and selling ourselves. Thus no fees. Given that we only built our house less than ten year ago, and took out a substantial loan to finance our project, we wanted to make the most of our sale.
The sales process takes place in multiple steps:
- Find a buyer (during lockdown, extra fun!)
- Agree on a price (significantly less than the asking in the French market)
- Contact the notary and arrange an appointment (thankfully they getting back to normal and we didn’t have to wait)
- Gather many documents (if lucky) or search/pay to obtain lost documents
- Sign the ‘compromis de vente’ or sales contract
- Wait 10 days in case the buyers change their minds
- Wait 2 months for the local authorities to hem and haw, just in case they might want to appropriate the property
- Sign over the property deed
If all goes well, we will be done by early September.
I have decided not to wait until then to break out the bubbles but to celebrate each step along the way. Life is too short, and things just take too long. Besides, champagne flows pretty freely around here. Vive la France!
Have you ever dealt with a notary or had a painful property experience?