Legal obligations of the seller of a luxury good
Selling a luxury property involves more than simply connecting with a potential buyer. Sellers are subject to a set of legal obligations designed to protect the buyer and secure the transaction. These obligations cover the disclosure of information, the property's conformity, and liability in the event of hidden defects or flaws.
Obligation to provide information and transparency
The seller must provide the buyer with all the information necessary for an informed decision. This obligation of transparency is particularly important in the luxury real estate sector, where the high value and uniqueness of the properties make every detail significant.
Information to be provided includes: the general condition of the property, its history, any work carried out or planned, and any encumbrances or easements attached to the property. Owners must also specify any factor likely to influence the property's value.
Provision of mandatory property diagnostics
Before signing a preliminary contract, the seller must provide a complete set of technical diagnostic reports. These include, depending on the type and age of the property:
- Energy performance diagnosis (DPE)
- Asbestos and lead for old properties
- Termites or other parasites depending on the geographical area
- Condition of electrical and gas installations
- Non-collective sanitation
- Natural and technological risks
For historic or unusual properties, certain assessments may require specialist experts. Compliance with this requirement ensures the legal security of the transaction and prevents future disputes.
Obligation to deliver conforming
The seller must deliver the property as contractually agreed, in accordance with the terms of the sales contract. This obligation implies that the property must be free of any unauthorized occupation and comply with applicable standards.
Any failure to comply with this obligation may render the seller liable, with significant financial consequences, particularly when the goods do not correspond to the descriptions provided.
Warranty against hidden defects
The seller is liable for hidden defects, meaning non-apparent flaws that render the goods unfit for their intended use or significantly diminish their value. This legal guarantee also applies to luxury goods and may lead to the cancellation of the sale or a price reduction.
In luxury real estate, hidden defects can involve older structures, specific technical installations, or high-quality materials that are complex to maintain. Therefore, the seller's vigilance and transparency are essential.
Tax obligations and declaration
The seller must ensure that all tax obligations related to the sale are met. This includes correctly declaring any capital gains, complying with applicable tax regulations, and providing the notary with the necessary documents for drawing up the authentic deed.
Role of real estate professionals
Although Propriétés De Charme is not an intermediary, the advertisements published by professionals such as agencies, agents or notaries allow sellers to benefit from reliable support in accordance with regulations.
These professionals help the seller to comply with all legal obligations, to compile the complete property file and to secure the transaction until the final signing.
Sale of historical or protected properties
For listed, registered, or protected properties, the seller must comply with additional obligations regarding maintenance, repairs, and administrative permits. Buyers must be informed of these requirements before signing the sale agreement.
Practical conclusion for sellers
In practice, to secure the sale of a luxury property, the seller must:
- Provide all relevant information about the property
- Submit a complete technical diagnostic report
- Ensure the conformity and delivery of the goods
- Respect the warranty against hidden defects
- Comply with tax and administrative obligations
- Seek support from qualified professionals
Compliance with these legal obligations not only helps to avoid disputes but also enhances the value of the property in the eyes of buyers, by guaranteeing a transparent and secure process.
