Friday, 8 January 2016

Friday, 8 January 2016

Notaires fees to be negotiable

France has passed a new law called the Loi Macron which is aimed at freeing up various regulated professions including notaires. The law is meant to introduce more competition and reduce the costs to the consumer.Currently notaires’ fees are fixed by law and are not negotiable except for transactions where the notaires’ fees exceed €80,000. In practice this rarely arises and notaires seldom tell clients their fees are negotiable over this limit and even if asked discounts are rarely given. Notaires fees are 0.825% of the price plus a fixed €411.25 all payable by the buyer.

Under the new proposals, which will come into force in March 2016 at the latest, fixed fees will remain, which will broadly be proportional to the sale price of the property. However over a certain price the notaire will be allowed to offer a discount (remise). The figures have not yet been published and are subject to lobbying by the notarial profession though are due to be announced soon.

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