House unconditional

[Mr Ceour de Lion II]

My house sale has finally gone unconditional (at last) and have a few questions.

Do I need to inform my insurance company yet, or let them know to cancel the insurance at settlement?

I've always been confused on this one, but I pay the tax foncier on monthly direct debit. Do I cancel this at settlement too, or is it still my responsibility until the end of the year?

And finally, if the sale goes tits up for whatever reason, do I get to keep the deposit, or at least some of it?

Am happy it's finally got a buyer, I have lost heaps on it, but it's the future that counts. The exchange rate is concerning me greatly though. Hope I can get my money out before its too late.

[NormanH]

I would keep the insurance till the 'acte' has been signed, even if (I believe) it is technically the buyer's responsibility once the compromis has been signed

Normally the Notaire will split the foncier pro rate between you and get  you a cheque for the buyer's part, but it will still be for you to pay around October , as will all the taxe d'habitation a bit later.

I believe you keep the deposit (even double) if the sale doesn't go through because of the buyer's fault. Others could confirm or deny this.

[P-D de Rouffignac]

Congratulations on your sale. I would wait until (near) completion before advising your insurers - they can quickly sort out a cancellation and a refund if premiums have been paid in advance. More important is for the new owners to cover the property from the date of completion.

When taxe foncière has been paid in advance in one lump sum (i.e. for the rest of this year) the Notaire normally estimates the amount to be apportioned betwen vendor and buyer and the two parties agree a transfer/refund between them. In your case best to advise the tax office on completion, after the Notaire has given you an 'attestation' (several copies) that you have sold the property (a bit like the bit of paper you received when you bought the property and had not yet received the title deeds). The sale 'attestation' is useful for example to show your bank when you transfer the funds from the sale, to prove you are not money laundering and all that nonsense!

Payment of a deposit by the buyer - not obligatory but advisable - is normally forfeited if the buyer backs out after the cooling-off period, and is designed to protect the vendor. Yes, you should normally receive this to cover the (potential) loss of taking the property off the market and possibly losing another buyer(s).

As a suggestion, you could keep the sale proceeds in a euro account in France or UK until the rate is more favourable to you, unless you need the money immediately in sterling of course.

Hope this helps a bit - P-D de R.

Edit: NormanH has beaten me to it but hope my points at least confirm.

[idun]

The taxe fonciere, IF it is split, because I have never found anything that says it has to be, rather it is just a custom, will be based on last years bill.

You keep paying your taxe fonciere and what ever you are being given back will be with funds from the house sale.

 

Unless your tennant was in on the first of Jan 2012, then the taxe d'hab bill is your responsibility.

[Mr Ceour de Lion II]

Thanks.

There's no tax d'hab because I've zero income for the past few years.

[idun]

Neat[:D]

[Mr Ceour de Lion II]

It's not that neat, I've no money left lol!

[idun]

Moi non plus!

 

This has reminded me that they reimbursed  all our payments for the taxe d'hab the year we sold the house. They insist that they do no want it and will not be asking for it. Three years ago and to be seen if they do.

[Edward Trunk]

Make sure you get about four copies of the "Attestation de vente" from your notaire. You may need them for the tresor publique, the water company, etc, to prove you have sold.

[Mr Ceour de Lion II]

Would have thought that would have been part of the notaires job to do that, but thanks for the tip, will follow that up.