Property
& House Purchase Terminology Continued
There is therefore no need for each party to appoint
a separate notaire. The notaire does not give legal
advice. The Notaire's fees are not usually included
in the property price that you get from the Estate Agent.
The Notaire's fees, together with Land Registry charges,
local and regional taxes, VAT etc. are approximately
7 to 8% of the purchase price of the property
Compromis de Vente - A promise to purchase.
A preliminary contract signed by the salesman and the
purchaser of a real estate either under private signature,
or in front of a professional. The compromis De Vente
engages the two parties and the purchaser pays a deposit
(in general 10% of the selling price) during the establishment
of this act.
Acte de Vente - Deed of Sale.
This can take place anything from 2 to 4 months after
signature of the Compromis de Vente, you must sign this
Acte de Vente. Drafted by the notaire and signed at
his/her office, this sets out the status of the owner
and a definitive description of the property, its boundaries
and so on. Upon signature of the Acte de Vente, the
buyer pays the legal fees to the notaire with the balance
of the purchase price. The vendor usually pays the agency's
commission. If this is not the case, it must be made
clear to the buyer from the beginning.
Conditions Suspensives or
Clause Suspensive - Subject-To
Clauses.
Contained in a preliminary contract (unilateral commitment
to sell or compromise), those suspend the execution
of the contract to the occurence of an event. The contract
will take all effect only when the event envisaged is
carried out. For example, condition precedent of obtaining
a loan, a permit building... To be valid, a condition
precedent should not depend on the chance or only will
on a part.
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