Acquiring a property is a significant milestone; once the contract has been signed, several formalities still need to be completed to finalise the process.
We would like to remind you of the essential steps to take after signing the deed of sale. These steps are crucial to ensure the optimal management of your file and to avoid any administrative oversight.
Here is a guide to the steps to follow after the sale or acquisition of a property.
Following the sale of your property
Steps to follow for the seller
- Check with your bank that your mortgage has indeed been repaid with the proceeds of the sale, then cancel your borrower's insurance if the loan is settled.
- Inform the property tax office of the sale to avoid any tax notices, although the notary generally takes care of this step. In the event of a capital gain, the tax will be withheld by the notary. Keep the supporting documents for your tax return.
- Cancel your home insurance and inform the building management company to close your service charge accounts. Make sure your payments are up to date and obtain a receipt for the buyer.
- Also remember to update your vehicle registration and to forward your post to your new address.
- Do not forget to cancel your energy contracts (electricity, gas, water) and to take meter readings when handing over the keys, in order to avoid any dispute. Provide these readings to the suppliers so they can close the invoices.
- Remember to cancel or transfer your internet and/or telephone subscriptions if you no longer need them.
- Make sure to request a temporary mail forwarding service to your new address so as not to lose any important documents.
- Lastly, if you were receiving CAF benefits, please inform them of the sale.
Following the acquisition of a new property
Practical guide to the administrative steps after purchasing a new property
- Inform the tax office of your acquisition to update your property tax. If you are moving in, declare your new address. For an investment property, register it to benefit from tax advantages such as the Pinel scheme or the LMNP status.
- Taking out home insurance is essential for any new owner, and is often required at the signing with the notary, particularly in a co-ownership.
- In some municipalities, a change of owner declaration is required to update local charges. If you are planning renovation works, find out about the steps needed to obtain the necessary authorisations.
- Do not forget to contact the energy providers to open or transfer your contracts for electricity, gas and water.
- Remember to set up or transfer your internet and telephone line.
- If you are buying a property in a co-ownership, inform the building management company so you can receive notices for the general meetings and the calls for funds.
- If you have a mortgage, follow the steps to set up the financing and ensure that your borrower's insurance remains in force.
- Also remember to inform your employer of your change of address so they can update your information in their records, particularly for the management of your payslips.
- To avoid missing any important post, it can be wise to request a temporary mail forwarding service to your new address with La Poste.
- Lastly, remember to notify all the necessary bodies: if you receive housing benefits, inform CAF of your acquisition. Also remember to update your details with social security, your health insurance, as well as for your vehicle registration and your car insurance.