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Documents to provide in order to sell - Vivre à Paris, a real estate agency “unlike any other”

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VAP informes you

Documents to provide in order to sell

The documents to provide, if you sell your apartment

 

The law requires certain information to provide to the buyer, at the time of the initial sales agreement. In order to sign quickly, when you place your property on the market it is necessary to assemble the necessary documents, including: the title deed, homeowners association rules, certificate of Loi Carrez, asbestos, lead and termite diagnostic studies, building maintenance file and other information which may be required.

  1. The three stages of the sale of a property
  2. What documents must be provides?
  3. When to provide then?

The three stages of the sale of a property:

The sale of property will most likely happen in three (3) stages:

  1. Placing and marketing your property for sale;
  2. the signature of the initial sales agreement,
  3. and the signature of the final sales agreement at the notaire’s office.

Any buyer is advised to compare the information provided to him throughout the various stages. As a consequence, the law defines the information that is required to be provided to potential buyers. Beyond the requirements imposed by law, a transaction will be made all the more simple, if you gather all the required documentation when preparing for the sale of your property.

You should be aware, that the notaire will check all of the required information, as well as those documents which may be pertinent. If any information is missing, at the moment you begin to market your property, or at the time of the signature of the initial sales agreement, and there are any material changes that could potentially affect the purchase, the buyer will be informed by the notaire before the signature of the final sales agreement. The buyer may then have the opportunity to withdraw from the transaction or renegotiate the terms of the purchase.

Common practice shows that an informed buyer will purchase, even if everything is not meticulously in compliance with the law or regulations.

For example:

  • Renovations were made to the property, but were performed without liability insurance.
  • A terrace was built with the agreement of the homeowners association, but the building permit was not filed.
  • Parts of the common areas were joined together at the end of a corridor with the authorization of the homeowners association, but there was no modification of the monthly association charges.

The role of the real estate agent, who is a licensed professional, is to inform and explain the potential risks that may arise. The agent will be there to assist the seller and the buyer. He will explain both the advantages and disadvantages.

In conclusion, to successfully sell your property, it is necessary to disclose all the pertinent information, in its entirety, to the buyer. With all the necessary information, the buyer will be able to make an informed decision regarding the purchase. A known risk or potential issue which is correctly explained may not necessarily be a deal breaker. There may be an opportunity to withhold funds on account until the problem is remedied. On the other hand, information which is discovered late in the process by the notaire can compromise the sale or encourage the buyer to renegotiate the terms at the last minute.

 

What documents must be provided?

  • Title Deed
  • Homeowners Associations Rules
  • Building Maintenance File
  • Minutes from the last three (3) homeowners association meetings
  • Potential expenditures from the last meeting
  • Loi Carrez certificate
  • Property taxes
  • The diagnostic studies:
    • Asbestos in the common areas and in the private areas of the apartment
    • Presence of lead
    • Presence of termites
    • Potential risk of natural disasters
  • In the case of major renovations:
    • Construction Permit
    • Work declaration
    • Liability Insurance

With respect to the homeowner’s association documents, the syndic has an obligation to provide them to you. Unfortunately, the law does not authorize a third-party, such as us, to request them on your behalf. You must request them immediately and, if necessary, remind the syndic of their obligation to provide them to you in the event of a potential sale.

When to provide them?

As soon as you are ready to market your apartment, you should sign a mandate to sell your apartment with us (on an exclusive, semi-exclusive or non-exclusive basis). The law requires the signature of a sales mandate in order to sell. The mandate formalizes our obligations and explains your rights as a seller, so that we can serve you better.

The majority of these documents is required in advance of the signature of the initial sales agreement, and in any case, will be required before the signature of final sales agreement. In providing the documents at the time you sign the sales mandate, you increase your chances of signing the initial sales agreement quickly, which will expedite the process for any interested buyers. Thus, you should start to assemble the documentation which is required when you sign the sales mandate.

You should be aware that the law requires the certificate Loi Carrez be communicated to the buyer at the initial sales agreement. Regarding the asbestos, lead and termite studies, you can have them performed between the initial and final sales agreement. However, it is strongly advised that the studies be completed before the signature of the initial sales agreement, because if the buyer discovers new information that is material to the transaction, he will have the right to withdraw or renegotiate the terms.

In conclusion, the number of documents and the information required is critical. The sooner you assemble the documents; the more likely it will increase your chances to proceed with the transaction in an expeditious manner when an interested buyer is found. Vivre Paris is here to assist you in the collection of all the documents required to sell your property.

 

 

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