Lexiq'immo

Buyer Agent – Glossary

Acte authentique – Acte notarié (final contract) : A final deed that must be written by a notaire (notary) for registration at the bureau of mortgage loans. In the event of a default on the mortgage loan, this allows a third party to foreclose.

Acte sous seing privé : a document signed by the parties involved in a sale. It is often used as a preliminary sales contract.

Agent Immobilier - buyer agent  (real estate agent) : A real estate professional representing a seller or buyer in the sale or rental of a property.

Assurance RCP (Responsabilité Civile Professionnelle) : Professional insurance which real estate agents, property managers and trustees must hold.

Avant contrat (provisional contract) : A document signed by seller and buyer of a property.

Carte Professionnelle (real estate license) : A license that all real estate professionals must hold.

Chasseur d’appartement, Chasseur immobilier (buyer agent): Licensed real estate agent specializing in property searches.

Coach immobilier (real estate coach): See above

Conditions suspensives (suspensive conditions) : Items included in a provisional agreement which must be concluded for the contract to be fulfilled.

Compromis de vente (provisional sales agreement) : A provisional contract signed by the seller and the buyer of a property.

Copropriété (joint ownership) : A building in which several people own separate units.

Délai de retractation (cooling off period) : The SRU law offers property buyers a grace period before the signing of the deed.

Dépot de garantie (earnest money deposit) : A sum of money deposited to guarantee the execution of a sales agreement.

Diagnostics immobiliers (pre-sale inspections) : The SRU law obliges sellers of properties to have certain inspections performed so the buyer is aware of the condition of the property. 

Engagement des parties : An agreement signed by both seller and buyer of a property.

Frais de notaire, ou frais d’acquisition (closing costs) : A term used to describe the costs involved with a real estate transaction.

Garantie Financière (bonding) : Obligatory for real estate professionals, bonding guarantees the sums of money involved in real estate transactions.

Honoraires ou commission (fees or commissions): A term describing the remuneration for real estate agents for the performance of their jobs (sales, rentals, property management).

Loi Hoguet – 70-9 Du 2 janvier 1970 (the HOGUET Law # 70-9, 2 January 1970)
This law regulates real estate professionals, such as real estate agents, buyer agents and real estate licenses.

Loi Carrez – 96-1107 du 18 décembre 1996 (the CARREZ Law#96-11-7, 18 December 1996)
This law requires that all square footage be declared in sales contracts for condominiums and private residences in cooperative buildings. Failure to do so will result in sanctions.

Loi SRU – 2000-1208 du 13 décembre 2000 (The SRU Law – 2000-1208, 13 December 2000)
This law concerns solidarity and urban renewal. It specifies a right of retraction during a period given for the seller to complete certain diagnostic tests to assure the buyer that the property is in good condition.

Loi Scellier – 2008-1443 du 30 décembre 2008 (The Scellier Law # 2008-1443, 30 December 2008)
The Scellier amendment, introduced in the corrective laws of finance for 2008, concerns an advantageous system which allows investment in a rental property and a tax deduction of 25-37% for an investment capped at 300,000 euro.

Loi Scrivener – 79-596 du 13 juillet 1979 (The Scrivner Law # 79-596, 13 July 1079)
The Scrivner law imposes information and protection for borrowers concerning lenders and, most notably, mortgage lenders. …More