Can we turn against the seller if the accommodation has hidden defects?
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First things first, let's be clear about what notary fees really are. Although the gist of it is that these are what you pay the notary for their legal services in your real estate transaction, there's more to it than that. For one thing, not all of what comprises the notary fees actually go to the notary. 80% of the notary fees in France are used to pay taxes, local authorities, and the like. In truth, the notary will only get to keep about 1% of the final price of the property. And that's only when the deed of sale has been signed.
Moreover, the percentage that the notary fees make up of the final price of the purchased property varies. Namely, it's 7% to 8% of the price if the property purchased is old. And it's only 2% to 3% if the property is brand new.
It's also worth noting that you can negotiate your notary fees. You can talk with several notaries at a time and choose which one asks for fees that fit your budget. Consulting with notaries is free.
What is a hidden vice?
If you hire a real estate agent in France to help with your purchase of a property in Paris or anywhere else, it's important to remember that the agency fees are separate from the notary fees. As such, the fees are determined solely on the basis of the net seller rather than the overall value of the entire transaction. This is also why the party responsible for paying the agency fees should be indicated on the mandate. The seller will pay the agency fees in the case of a sales mandate while the buyer will pay in the case of a search mandate.
In the event that the deduction of notary fees is possible, it must appear on the mandate that the buyer must pay the expected amount. If it appears on the mandate that the seller will pay the agency fees, they will be counted as part of the notary fees. Nevertheless, it is possible to rewrite the mandate to pay the agency fees separately.
What does the law say about latent defects?
- It is not apparent when buying
- It exists on the date of purchase (pre-sale or concurrent defect)
- The defect makes the property unfit for residential use (partial or total)
This gives rise to financial compensation or cancellation of the sale if the buyer had been aware of these defects before signing the sales contract. The guarantee against hidden defects does not apply to goods purchased in auctions (Article 1649 of the Civil Code)
- Notary fees are what you pay the notary for their legal services in your real estate transaction.
- Only 1% of these fees actually go to the notary.
- Notary fees are commonly paid by the buyer at fixed amounts.
- It's possible to reduce the notary fees by reducing what's inside the property for sale.
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to sell in Paris or its surroundings ?
Posted on 07/03/2023 by
Andy LECUYER
