A notary provides a unique level of security in real estate property transfers by being involved in every stage of the transaction. With access to a comprehensive real estate database, voluntarily supplied by all notaries across France, the notary has an in-depth understanding of the market and prevailing prices.
The Notary: A Guarantee of Legal Security
In France, every real estate transaction goes through a notary. As a public officer, the notary ensures the proper execution of the contract and provides the necessary legal security, while also maintaining confidentiality.
By gathering all relevant documents in advance, the notary minimizes the risk of future disputes. For example, the notary must:
· Verify the identity of all parties and their marital status;
· Confirm the seller’s title of ownership, check for mortgages, review any contractual easements, and ensure compliance with applicable zoning regulations;
· Clear pre-emptive rights;
· Ensure all mandatory pre-sale inspections and diagnostics have been completed before signing the preliminary contract.
With their thorough knowledge of applicable legal rules, notaries provide clients with the assurance of a reliable and secure deed. Once the deed is signed, the notary publishes it with the Land Registry (Service de la publicité foncière).
Land registration strengthens the legal security of transactions: the buyer is assured that the seller is the rightful owner and that no one can contest the purchase. It also provides information about any existing mortgages on the property. Finally, the notary guarantees the preservation of the property title, keeping it in their office for 75 years. After this period, it is archived at the National Archives (in Paris) or the Departmental Archives elsewhere.
The Notary: A Real Estate Negotiator
Thanks to their deep knowledge of the real estate market and its mechanisms, some notaries offer both expertise and negotiation services, advising and assisting both sellers and buyers in their search. Since March 1, 2016, notarial negotiation fees are no longer subject to a national rate.
In addition to the notary’s negotiation fees, buyers must pay acquisition-related costs (which are always applicable), including the notary’s remuneration for drafting the authentic deed of sale, as well as taxes and duties owed to the State.
For rental investments, many notaries provide property management services, enabling them to efficiently manage their clients’ real estate assets.
From appraisal, advice, negotiation, drafting, publication, registration, to management, a notary can offer clients an all-in-one solution, positioning themselves as a single point of contact for all real estate matters.
Thinking of selling or having your property appraised in Arras or elsewhere? Think notary first !