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Selling a flat: Commonhold Sale Specifics


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How to sell my flat properly ? 

 

As with all assets, estimating the value of your flat is one of the first steps. Do not let yourself be deceived by online property valuations, which will never be able to embrace the real value of your apartment. A flats value varies even more than houses within the same neighbourhood. Indeed, in the same building, the price will change depending on whether the flat is on the courtyard side or overlooking the road. According to the floor on which the flat is, visual and noise pollution might be different. Furthermore, commons parts’ quality might also differ from one level to another. Is there a lift? A reserved parking space? Are the services charges individualized? Issues like these will impact the retail price of an apartment.

The value of your property depends of its state but also that of the common parts of the building. Selling your flat fast will be easier if it is located in a well-maintained building which does maintenance work on a regular basis.

 

Useful facts: The price of the m2 in a small surfaced apartment is usually more expensive than the m2 in larger flats. But, it is important to note that no investor will be interested in your apartment if its surface is below 9m2 the legal minimum of a decent place to live. Such an apartment will not be rentable. 

What are the obligations when selling my flat? 

 

Certain obligations are the same for the sale of any real estate asset. For example, the compilation of the unique home diagnostic reports is mandatory and has to be paid for by the seller. 
In order to protect the buyer, the unique home diagnostic reports state the presence of materials or products containing asbestos, the risk to be exposed to lead, natural, mining and technological risks, the condition of the gas and electrical installation and the presence or not of termites.
The price depends on the number of reports and the nature of your home: house or flat, surface, geographical location and year of construction. Be prepared to pay between 175€ for a relatively new studio flat and 350€ for a flat with 3 rooms built prior to 1949. 
The diagnostic reporting on the presence of Serpula lacrymans is not legally required as of march 2017 in the Pyrénées atlantiques and the Landes. 


Do not underestimate the time needed to get these mandatory diagnostics done with a certified professional as this will delay the bilateral sales agreement because it cannot be signed without them. 

What are the specifics when selling my flat in a common hold?

With the ALUR law put in place on the 26th of March 2014, new obligations have installed so to have a greater transparency between the two parties from the moment of the sole sale agreement. Most of these new documents will be asked when visits are made. 
You will be required to collect these documents from the syndicate of joint-ownership (if you are a client of “Syndic Carmen”, you will be able to find these documents on MyCarmen, the intranet for owners in a commonhold):

  • The commonhold declaration and all its public amendments.
  • The description of the division of the building and all its public amendments.
  • The service records which maps all of the maintenance work and interventions done on behalf of commonhold.by the syndicate of joint-ownership. 
  • The minutes of the General meeting for the past 3 years. 
  • The total amount of fees for your flat and the remaining unpaid fees for your property and for the commonhold in general, delivered by the syndicate of joint-ownership.

 

The ALUR law also protects the commonhold of potential unpaid fees. Indeed, you are legally obliged to ask the syndicate of commonhold whether the buyer or the spouse is already an owner in the joint-ownership. If it is the case and there are overdue fees for that asset then the buyer must settle them within a maximum of one month. If they are not, the sole sale agreement will be broken because of this.

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