Completion: The acte de vente
On completion of the searches, the notaire will invite all the interested
parties to meet at his office for the signing of the acte de vente (deed of
sale). This marks the transfer of title to the property. Be prepared for
postponements, often at short notice. If there is a possibility that you cannot
be present, you can give us power of attorney to sign on your behalf.
Draft contract
The notaire will send you an account of all the money that will have to be paid
on the day of completion - the balance of the purchase price, fees, taxes and
commissions - along with a draft (projét) of the acte de vente. If the draft is
not included with the accounts, request a copy to read. The draft should be
checked against the compromis de vente. You should look out for any changes.
The amount of money requested by the notaire for taxes and fees is usually set
a little high to cover possible unforeseen costs. The purchaser can receive a
small rebate from the notaire afterwards once the final calculations have been
made.
Arranging for payment
The balance of the purchase price plus any legal fees and duties must be in the
notaire's hand before the acte can be signed. Going to the signing with a
banker's draft is probably the best and simplest method of doing this. Bank
transfers and clearance of funds between British and French bank accounts can
take a week or more. Opening a French account is useful, and may be a
requirement in some cases.
Final checks of the property
Before completion, you should check the property - preferably accompanied by
the agent - to make sure it has not significantly deteriorated since the
preliminary contract was signed, that the vendor has not removed anything that
was included in the price, and that any special conditions in the contract have
been met. The Notaire must be informed if there is a problem, who may keep back
some of the purchase price to pay for repairs or replacements. If you are not
satisfied with these arrangements, you should not sign the acte de vente, as it
is virtually impossible to obtain any redress after signing.