Expert Insight, Breaking News, and Insider Stories on Real Estate in Paris
If you are purchasing a Paris apartment, what is the seller obligated to deliver at closing?
In the quest for a home in Paris, there’s a question: What must the seller provide at closing? The main rule requires the seller to give what the sales contract says. Unfortunately, there can be problems, like kitchens without necessary equipment or missing cellars, leading to disagreements.
The key part of this property sale process is the seller’s promises, which require them to provide the property as agreed. This promise means not just being on time but also following the contract rules.
The first is ownership assurance, meaning that the seller rightfully owns the property. Another concern is hidden defects, where the seller promises the property won’t have hidden problems. Also, the seller must ensure the buyer can enjoy the property without any problems from others.
Delivery, according to Article 1604 of the French Civil Code, binds the seller to the agreed date. If they don’t meet this obligation, the buyer can seek solutions, from canceling the deal to asking for a lower price.
The complexity continues with delivery and compliance. Besides being on time, the seller must make sure the property matches the contract. Small issues, like a different cellar or an empty kitchen, might lead to holding some money until it’s fixed.
Discovering non-compliance after the sale may require negotiation or legal action, depending on how serious it is. Detailed contracts are crucial for the buyer’s protection. Delays, due to disputes or unprepared properties, might need compensation specified in the agreement.
Buyers need to be cautious about notaire’s fees, which include transfer duties and taxes, ranging from 7 to 8% for older homes and 2 to 3% for new builds. Once the sale agreement is signed, backing out needs mutual agreement or clear contract terms.
In the real estate world, clear communication, detailed paperwork, and understanding legal options are essential for both buyers and sellers.
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