What is the seller’s duty to inform the buyer when selling a co-owned property in France?
The Seller’s Duty to Inform the Buyer When Selling a Co-Owned Property
The seller of a real estate property has a duty to inform the buyer to ensure that they have all necessary information and are fully protected in their acquisition.
To allow the buyer of a co-ownership unit to make an informed decision, the law requires that certain documents be provided before the sale. These documents help the buyer understand the status of the unit within the co-ownership. The seller must provide, among others:
- The co-ownership regulations
- The descriptive division statement
- The minutes of the last three years of co-ownership general meetings
- The building maintenance log
These documents must be carefully reviewed by the prospective buyer to gain an accurate understanding of the technical, financial, and legal situation of the unit being purchased. The seller must also disclose:
- The average co-ownership charges
- The cost of any planned work on the building
- The rules governing the co-ownership, including any restrictions
The goal is to provide the buyer with as much detailed knowledge as possible about the co-ownership, which they will be legally (and sometimes personally) involved with, especially if they plan to live in the property.
The obligation to provide these documents is established by law. If the seller fails to provide them, the buyer’s withdrawal period does not begin until the last required document has been received.
It is therefore essential that all required documents be provided at the time of the preliminary sales agreement (promise or compromise of sale).
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Chassaint & Cerclé Notaires assists both individuals and professionals with the legal procedures involved in buying or selling real estate.
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