Selling house

[fromagebleu]

Hi All

Could someone please tell me when money is transferred to my bank account by the notaire -  does this coincide with the handing over of keys to the buyer as in the UK?

And what about the tax I have paid- Fonciere and Habitation - are these in arrears or in advance and do they refund if the latter?

With many thanks   

[ssomon]

The Notaire transfers the money to your account once he has calculated the taxes, his fees and expenses, and any other charges against the sale amount. In our experience this usually only takes a few days.

The payment of  1) the Taxes Foncières and 2) the Taxe d'Habitation are the responsibility, respectively, of 1) the owner 2) whoever was living in or had the use of the house, both as of January 1st of the year of the sale.

Proportional sharing of these costs is possible by agreement between the buyer and seller. Often the seller agrees to pay the habitation, and the Foncières is shared on the basis of the number of months each owns the house, but this is customary, not a legal requirement, whatever you are told, and details of any arrangement made must be included in the Acte de Vente

[Loiseau]

So yes, the money is not transferred to you on the date of signing/ handing over of keys, but a few days later.

[fromagebleu]

Many thanks for this information.

But can the buyer then change their minds?   Claim for something they don't like?

Rather thought the English system was a bit odd,  but this seems a bit insecure for the seller- is it??

 

[anotherbanana]

Basically no, that’s it, though if there are serious hidden defects they could theoretically come back at you later.

[ssomon]

18 hours ago, ssomon said:

........................... Proportional sharing of these costs is possible by agreement between the buyer and seller. Often the seller agrees to pay the habitation, and the Foncières is shared on the basis of the number of months each owns the house, but this is customary, not a legal requirement, whatever you are told, and details of any arrangement made must be included in the Acte de Vente

That statement is slightly ambiguous. Payment of both taxes is the responsibility of the seller. There is no legal requirement for the buyer to pay any part of them unless he has agreed to do so.

It is customary in some areas to share the Taxes Foncières, and less usual to share the Taxe d'Habitation, but this must be agreed between the buyer and seller prior to signing the Acte, and specifically mentioned in the Acte.

Edited November 30, 2021 by ssomon
clarification

[Loiseau]

The buyer will have had to transfer the money to the notaire's account before the signing.    The notaire then deducts taxes etc due, and pays the vendor a few days later.

This article might help understand the few cases where the buyer has any come-back:

https://www.completefrance.com/french-property/legal/vices-caches-explained-8351650

 

 

[ssomon]

On 29/11/2021 at 10:56, fromagebleu said:

Hi All

Could someone please tell me when money is transferred to my bank account by the notaire -  does this coincide with the handing over of keys to the buyer as in the UK?

And what about the tax I have paid- Fonciere and Habitation - are these in arrears or in advance and do they refund if the latter?

With many thanks   

Maybe you could indicate how long you have been waiting for the money. I assume it is going to your French account.

[fromagebleu]

House is to be sold asap -I hope, so.    But after more than 16 years owning it, whilst living in the UK it's got too much.  And selling at a huge loss   ?

It hadn't  occurred to me that I should put it into Fr bank account and then transfer it to the UK  -   is it cheaper to get the notaire to send it to the UK?    French banks charging so much for basic services...   perhaps that means a huge fee if my Fr bank is involved?

Anyone know which is best?   Please.

[ssomon]

I believe that most Notaires will only transfer the proceeds of a house sale to a French bank account in the name of the seller(s).

There are many companies through which you can transfer money quicker and cheaper than most banks, e.g. https://www.top10moneytransfer.com/send-money-online-fr/?edgetrackerid=100506183990765&gclid=Cj0KCQiAtJeNBhCVARIsANJUJ2GjBl5AmhUbhhv2huO8EBHDLJRUF8gIiDtjsJ7oMtXkpBNCxHwEHEEaAuQWEALw_wcB

 

[rowland]

Hi. When we sold our house the money was transferred to our French bank account by the Notaire within two days of completion. We then transferred it via Currency Fair to our UK bank account with minimal charges. At the time it was the cheapest option. There are a number of transfer companies but fees and exchange rates vary.

Please bear in mind that this was before the end of the Brexit period so things may have changed.

Hope you are sorted soon.