Changes to notaires’ fees makes buying a French property cheaper
- Credit: Archant
Reforms to notaires’ fees coming into effect on 1 May means that notaires can offer discounts to property buyers, making your French property purchase cheaper
Reforms to notaires’ fees in France are due to come into effect on 1 May 2016 which will allow notaires to offer a discount on their fees. The reforms are part of the loi Macron which aims to make French more commercially competitive and are welcome news for property buyers.
From 1 May the maximum fee a notaire will be able to charge is 10% of the sale price with a minimum fee of €90. This could result in huge savings of up to 70% on low-vale purchases – for example, buying a piece of land for €3,000 will now only incur a notaire’s fee of €300 instead of the previous €920.
For sales over €150,000, notaires will be able to offer a discretionary discount of up to 10% on their fees. They are not required to tell the buyer that this discretionary discount is available and so buyers should establish this at the outset and obtain written confirmation of any discount given.
For sales of commercial or residential property to be used for social purposes over €10m the notaire can offer a discretionary discount of up to 40% on their fees. Again you should obtain written confirmation if a discount is agreed.
However, these discounts only apply to the notaire’s fee and not to the taxes and charges which the notaire collects for the government on completion. The term ‘frais de notaire’ (notaire’s fees) includes these taxes and charges and so the discount doesn’t apply to the whole amount.
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