Fw: Confirmation agreement for
----- Forwarded Message ----
From: FIGEROU edouard.figerou.75024@paris.notaires.fr
To: jeeproject@yahoo.com
Sent: Friday, February 16, 2007 12:33:23 PM
Subject: Confirmation agreement for
Dear Mr Epstein,
Following the meeting we had February 14th with the sellers' counsels, we agreed on the following points:
1- Despite the initial reluctance of the sellers, the signing of a pre-sale agreement which will bind the vendors and the Danish company or Mr Molyneux, his ultimate representative, provided all technical surveys are obtained, has been accepted.
To guaranty your authentic willingness a down payment of 10 % is required by the vendors.
In case the sale does not go through for any reasons outside of the contract (all the conditions being fulfilled) you client must be ready to loose the 10% deposit and so to accept that hypothesis before any kind of agreement. Although this is not a legal obligation, it is common practice that down-payments for property acquisitions are between 5 and 10%. However when the price is high the down payment is usually of 10% with only 5% paid. But in view of previous delays and lenghty discussions, the vendors now refused our initial proposal of 5% and ask for 10% paid as of the signing of the preliminary contract. You can of course refuse such payment and confirm at your own risk your intention to only pay 5% now with regard of the amounts involved.
We have however obtained that, contrary to the usual practice, this amount shall be escrowed up to the final closing in my office and not in the seller's notary cffice.
It must be noted that the down payment will not generate interests unless we follow a specific and complex process actually difficult to put in place in a limited time.
2- The price is confirmed for 10,5 millions euros. This price includes all the parcels of land and buildings (the castle and its annexs) as well as fixtures (immeubles par destination) and protected registered furnitures contained in the castle. There will be no breakdown of the price for the furnitures. We have asked for a list of those fixtures and protected furnitures.
A complementary list of other furnitures likely to be additionnaly for sale has to be discussed although it will not be a let out condition of the main agreement hereabove discribed.
To the price must be added the amount of the related tax and fees. A preliminary estimate of which you sall find attached hereto.
3 - The file communicated to us by the seller's Notaire seems alsmost complete. The only remaining formality which will have to be done between the preliminary contract and the completion of the sale is to get the renouncement of the rural organism (SAFER) to its preemptive right. In the seller's notary opinion the obtaining of such renoucement should not be too difficult.
Although the sellers'counsels have insisted on the fact they were not willing to accept any other let out condition (for instance the authorization requested to undertake works in such an historical building), we succeeded in requesting more technical information (though not legally required) with regard of asbestos, termites, mushrooms, lead, energy consumption, the location on a map of the sewage system and sewage access wells.
4 -However in the course of the said meeting different contingencies were pointed out:
The commitment taken by the vendors to plant, manage and take care of the forest is transmitted to the buyer and last for 15 years as well as an other commitment taken for the same purpose which is backed up by a lien on the property for 30 years. The buyer must be ready to accept such obligations,
The lease of two apartments and one house on the property and the free use of a house by the former guardian and his wife for whom we need to know whether you wish to let them use the house for free or eventually in exchange of services. I want to drag your attention on the fact there is an automatic renewal of the lease under french law provisions which put the lessor in a difficult situation to get back the premises leted.
Be aware that buying such a property higly protected by the historical buildings Agency implies that no work will be possibly undertaken without the approval of the architect of the historical buildings and of the minister of the culture. Those authorizations might be difficult to have unless Mr Moulyneux or any other person working on the improvements to make have connections with the French authorities.
And altough it is not located on the vendors' parcels:
The neighbour's activities in organisation of events might be a source of noise and trouble of possession for the buyer especially for cars space reasons. A large number of informations will be provided soon by the vendors however the quietness of the place shall never be a condition of the sale according to the vendors willingness ,
If you agree with this and are ready to go further, please wire transfer on my bank account (see details attached) the 10% deposit.
In the meantime, I remind at your entire disposal if I can be of any further assistance.
Best regards,
Bertrand Chardon
<<FRAISE~1.DOC>> <<RIBETU~1.PDF>>
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