An Authentic Deed of Sale or ‘Acte Authentique De Vente’ is an official document drawn up by a public official (notary clerk or ‘notaire’) during the purchase of a property.
Typically on the day the ‘Acte Authentique De Vente’ is signed, the full purchase funds are transferred. Once capital gains tax and notaires fees paid, the notaire can witness the signing of all parties signing the document.
Although each party will each receive a copy of the ‘Acte Authentique De Vente’ by registered mail or secure email, the notaire will be responsible for the single original.
Date of Acte Authentique De Vente
The date on which the Authentic Deed of Sale will be signed is often established at the signing of the ‘Compromis de Vente‘.
Compromis De Vente
During the preliminary Compromis De Vente or ‘Commitment to Sale’, each party made several commitments. One such commitment was the buyer having adequate funds by agreed completion date. If the completion date passes a new date can be agreed but all other obligations stand.
The buyer has pecuniary obligations to buy the property. To avoid creditors the buyer must be able to provide a deed such a letter from a French bank saying they have pursued every avenue to get a loan. The seller will keep receive 10% of the purchase value if the contract is broken and a court judgement may be issued.
Witnessing of The Acte Authentique De Vente
A Notaire must witness the Acte Authentique De Vente.
Since 2008, this witnessing can be done electronically and the buyer and seller do not have to be in the notary’s presence.
In the case of a single paper Authentic Deed of Sale all parties would gather together and sign the document in the notary’s office.
Now there is he option of the Electronic Authentic Acte or EAA. Each party is in-turn securely sent a copy of the Acte Authentique De Vente for electronic signature. Once all parties have consecutively added their signatures, the notaire will append theirs as a ‘seal of approval’. In the event of an EAA the signing, there will be delays between signatures being received. Until every signature is received the document cannot be sent to the next party. These delays means signing may drag out over a number of days.
What Happens Once The Authentic Deed Of Sale is Signed?
In order for the deed to be signed the full purchase funds must be in the ESCROW account. The notaire can now pay any capital gain tax.
Typically a couple of weeks after the sale completes the vendor will receive his money (minus fees – typically around 7%)
The notaire will pay purchase taxes.
The buyer can celebrate and collect the keys from the agent immoblier.
Any bank accounts open with both parties can be closed.
Is the Acte Authentique De Vente Permanently Recorded?
Once fully signed and ‘sealed’ an encrypted copy can be sent to the Central Electronic Minutes of the Notariat (MICEN). If ever you need to get a copy of it you can contact them. They don’t hold old paper Acte Authentique De Vente’s but they do hold over 2 million electronic copies.