Deed of Sale and notary

The deed of sale certifies the change of ownership. It is drafted by the notary who records the sale. The notary must carry out the request for funds from the bank. He or she sends a "request for the release of funds" specifying the amount and signature date of the notarized deed.

 

GOOD TO KNOW:
Funds are released via bank transfer to the notary. Disbursement of funds takes place upon signature of the notarized deed. I must settle my entire purchase amount and notary expenses at the signature of the final deed of sale.

Please note From April 2013 to January 2015, any disbursement exceeding €10,000 had to be done by bank transfer to secure the payment. This rule applied to all payments sent or received by the notary for real estate transactions. As of January 1, 2015, bank transfer is the official means of payment for all amounts exceeding €3,000.

Saleagreement

The deed of sale contains the same information as the preliminary sale commitment:

  • Buyer and seller's personal information;
  • History of the property (date of the previous deed of sale, name of the previous owner, investigation by the notary authenticating the sale agreement);
  • Information about the property (type of property, address, neighborhood, etc.);
    Dates of signature of the definitive deed of sale and transfer of ownership;
    Means of financing (loan, personal investment);
  • Sale price;
  • Intermediary fees (generally notary or real estate agency);
  • Amounts paid upon signature of the preliminary sale agreement and deed of sale;
  • Conditions precedent;
  • Clause related to renovation, defects and ten-year liability insurance (for accommodations built in the last 10 years).

The compulsory diagnostic

Depending on the age and location of my accommodation, the preliminary sale commitment must contain certificates supplied by the seller. They constitute a technical diagnostics file that includes:

  • Surface area measured in accordance with the Carrez act;
  • Checks for asbestos, termites and lead;
  • Energy performance analysis (DPE);
  • Identification of any natural or technological risk (ERNT);
  • Safety of gas installations;
  • Safety of electrical installations (since January 1, 2009).

GOOD TO KNOW:
As of 2013, safety of purification equipment must also be verified.

I take out homeowner's insurance

It is essential to have homeowner's insurance for the mortgaged property. The bank will want to study the insurance policy on the property to verify that everything is properly insured. Homeowner's insurance will otherwise be delegated to the bank.

If I do not pay my premiums or renew my homeowner's insurance, the bank will be informed and may take action to extend the insurance and ensure coverage.

Seller's obligations

Obligation of delivery

The seller agrees to vacate the property and to deliver it to me the day the definitive sale agreement is signed.

Guarantee of compliance

The delivered property must match the description in the deed of sale.

Guarantee against eviction

The seller must guarantee "unencumbered ownership of the property sold." He will be held responsible if this guarantee is not respected (e.g., a right of way not mentioned in the agreement).

 

Guarantee against latent defects

By definition, a latent defect is a serious imperfection that is not visible. This defect may be serious enough to make the purchased property unusable. Consequently, this imperfection – unknown before the purchase – decreases the value of the property. It may be so significant that the buyer would have thought twice about acquiring the property had he known about it.

If I discover a latent defect, I have 6 to 12 months following discovery to file legal proceedings to activate this guarantee.

GOOD TO KNOW:
Be attentive to latent defect clauses! An individual seller may expressly not warrant against latent defects in the sale agreement, specifying that the purchaser accepts the state of the property and waives any right to claim damages. This clause is not valid if the seller is a professional or if it can be proven that the seller was aware of the defect at the signature of the agreement.

Ten-year guarantee

This applies if the accommodation is less than 10 years old. For a period of ten years following construction, the developer (or the builder) must repair any defects making the accommodation unfit for use or affecting its solidity. Examples of defects include:

  • Defects impacting the sturdiness of the accommodation (foundations, roof, etc.);
  • Defects in components of the structure or equipment (defective staircase preventing access to upper floors, terraces not tightly set, etc.).

Steps to be taken I must act within 10 years of when my accommodation was built. I describe the flaws by registered letter to the builder. If the builder fails to respond, I can send a formal notice (or go to court).

My obligations

My single most important obligation is to pay! This payment is generally made according to the terms specified in the deed of sale. In practice, payment is usually made in full during the signature at the lawyer's or notary's office.

I sign the deed of sale!

On the big day, I go to the notary's office to sign the deed of sale. The notary will first read the entire agreement aloud to the two parties to the transaction. I must be attentive and verify that the final agreement contains all commitments set out in the preliminary agreement.
If I notice any inaccuracies, this is the time to indicate and rectify them. If I have questions, I must not hesitate. Do not sign if something is unclear.

You are committed to reimburse your mortgage Loan. Verify your ability to reimburse before committing.