What are people's experience with how long it takes to receive funds after the sale is completed on the property?
Waiting to hear back from the notary myself.
Hi,
Answering my own question here:
En principe dans les 10 jours qui suivent l’inscription de l’acte au Registre Foncier, qui a lieu dès la signature de l’acte de vente.
Basically the money is floating around in someone else's bank account for around two weeks; wonder if they charge me negative interest on that
No they don't. For us it was two or three days. We signed on a Thursday afternoon and we had the money on Monday.
I just copied & pasted what the notaire sent me in French but agree it is most probably a lot faster in reality ...
Promise low, deliver high! Much better than promise high and deliver low.
Agree with that
My bank dealt with this, as they should because they are the ones holding the property as security for mortgage.
As I recall, as there is a letter from the seller's bank that the money has been irrevocably transferred on the date of the signing, then the bank is pretty relaxed about it. I think this is probably the most important bit, as it determines the transfer date.
They received the money on the same day and the balance, after repaying the mortgage appeared in my account the next day.
In Vaud the buyer pays the Notaire and the Notaire pays the seller. There is an inevitable time period where the Notaire has to confirm receipt before paying out. S/he also ensures they get their fee.