Glossary
| Glossary : A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z |
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Advance |
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| Bad work Defect, defect in a book. Since it is apparent defects requires that they be recognized by the client upon receipt of the work and recorded in the minutes of receiving site. Repairs are then planned with the manufacturer Bare ownership A legal term denoting a part of ownership dismembered. It gives the holder ownership of the thing, but allows him or enjoyment, or perception of fruit (if the rent of a dwelling leased by example). The bare owner may sell or transfer its rights without the consent of the usufructuary. The additional rights of the bare ownership are the rights of usufruct. Besson Law Tax scheme which allows individuals who are in rental housing benefit from specific tax benefits. These tax benefits depend on whether housing is rented housing new or old housing. They are subject to commitments of the owner concerning the amount of resource rent and the tenant. Biennial guarantee Requirements, which covers a period of two years from receipt of the building (apartment or house) all the disorders that affect the items of equipment (heating, windows, ...). Bill of Sale Final contract whereby the buyer becomes the owner. The signing of this document entails notary fees including transfer taxes and notary fees (so-called fees). Bonus in the housing improvement Premium paid by the state to homeowners who occupy a dwelling in which the work must be done. This premium is paid tested. For more information: Habitat improvement. Bouquet Capital paid by the purchaser of a life in the day of signing the deed of sale, the balance being paid as an annuity. Building Permit Mandatory administrative authorization issued for the construction of a building. The application for a building permit must be made in city hall. |
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Cadastre
Civil REITs society
Contract of reservation Use of this type of contract known as the preliminary contract is provided through the acquisition of premises used for residential or mixed (residential and business) on plan (this is called legally selling the future state of completion or VEFA). The seller undertakes to reserve a particular property in exchange for a deposit into a special account. It can be concluded under a suspensive condition. The reservation contract is not compulsory but in practice it is always used. Cooling-off period As part of buying a new home, old (apartment or house) or under construction (off plan), within 7 days enjoyed by the purchaser to abandon the deal without penalty for him. This option concerns including booking contracts signed as part of a sale in the future state of completion or the deed himself if he had not been preceded by a reservation contract and that the promise of sale or the sales agreement signed in connection with the purchase of an existing home. Co-owner Owners of property in a building whose status reflected that of the condominium. Co-ownership Legal status of a building that belongs both to several people and each of them separately. The building is divided into common and private portions. Regulation of condominium sets the rules of communal life. Co-ownership charges Expenditures for maintenance and repairs of common areas and utilities for a building. Costs are classified as recoverable leasehold, the owner may be reimbursed by the tenant, and expenses not recoverable. The list of charges recoverable is fixed by the decree of August 26, 1987. Creditor Person or financial institution has a claim on another person or other organization. As part of a mortgage, the creditor is the agency or institution which granted credit to the purchaser. |
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| Dealer list Intermediary who sells lists of properties for sale or rent. The list of merchants must obtain the consent of the owner of the property to include it on the list sold to interested persons. They are subject to mandatory provisions of the Act of January 2, 1970, Hoguet said Act. Dealer property A professional who buys real estate for its own account and resells them trying to make a profit. In general, it makes repairs or redecorating before reselling the property, fragmented or not. Demarcation Delineation of properties or land, usually by building fences, planting trees, construction of buildings near the apparent limit. A boundary survey is conducted by a surveyor who establishes a record. Deposit Paid at the conclusion of a contract. Unlike a deposit, a deposit by the purchaser is not, on its part, a final commitment to buy. Except as otherwise provided in the contract, the purchaser can indeed still withdraw, but he will lose the amount of deposit paid. In turn, the seller may also withdraw, but must then pay the purchaser a sum equal to twice the amount of deposit. Deposit of rent Paid by the tenant, it covers the owner-lessor of the risks associated with leasing. The amount can’t exceed two months' rent excluding charges. An owner-lessor may not require a security deposit when the rent is payable quarterly in advance. The deposit is returned within 2 months following return of keys by the tenant. It does not interest the benefit of the tenant and can’t be reassessed during the lease. Disbursements Expenses paid by the notary on behalf of his client to pay the actors involved in the implementation of the act (of mortgages, surveyor ...). Donation Action to give his life a property to another person provided that it accepts. Most often it is seen as an advance on inheritance and will be the payment of transfer duties subject to reductions under the legislation. |
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| Entitled Person with entitlement because of his legal situation, fiscal, financial or family relationship with the direct beneficiary of this right. Estate manager Real estate professional who primarily manage the property under a warrant of property management. Their activity is regulated by the Act of January 2, 1970 (Hoguet law). Expropriation Proceedings by the Administration in which the owner of a property is obliged to abandon his property to the state through compensation. It is allowed for the completion of a transaction approved by the state. |
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| General assembly of co-ownership Meeting involving members of a condominium. She has held at least once a year. The co-owners vote on items on the agenda. The decisions are subject to an official report. The general meeting is convened by the trustee of the property and may also be requested by the owners if they wish. Depending on their size, decisions must be adopted by a majority (simple or absolute) or unanimity. Guarantee of completion Guarantee underwritten by the manufacturer with an approved buyer to ensure the completion of construction or the repayment of amounts advanced. Guarantee of delivery Guarantee underwritten by the manufacturer, which ensures that the buyer will be delivered on time and at agreed prices. |
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Hoguet Law
Housing savings account A device that allows an individual, after a pre savings, receive a mortgage at a rate particularly attractive. Two options are proposed: the housing savings account, which allows travel within 18 months, the housing savings scheme which requires a preliminary phase to savings of 4 years. The account is more flexible use of the plan, but the loans it is possible to have a much smaller amount. The housing loan savings may come in the constitution of the contribution. |
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| Index of construction costs Index that measures changes in prices of construction materials. Calculated by INSEE and published quarterly by the Institute, it is used by landlords to the annual review of rents. For the latest formula and indexes of adjustment of rent, check our table. Inventory of fixtures Legal requirement that the state finds a home at the keys and when surrendering a home. It can be set directly by the parties (tenant / landlord or tenant / realtor), inconsistently, or by a bailiff. |
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| Joint possession It allows people with or without a relationship, to acquire a property (known as the undivided conventional). This method of buying interest particularly those living in concubinage. The undivided sign-ownership agreement that defines the share of each, which can also be divided equally uneven. There is also a known legal possession which arises at such a succession, where one or more properties of the deceased (for example a house) back to the heirs (for example children). |
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Land incomes
There are numerous cases of exemption or reduction of local taxes, especially for people with modest resources. Lot Parcel bounded and bounded part of a subdivision. As part of a building, part private (housing, cellar, parking) and share common portions of a condominium. |
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| Main works All works forming the structure of a building: foundation, walls, floors, roofs. Management society She manages the REIT. It is she who decides the investment policy, which provides rental management, financial and accounting, which breaks down the distribution of rental income, which informs the members. The management companies REITs must be approved by the COB (Commission des Operations de Bourse). Mandate The act whereby a person (the principal) gives another (the agent) the authority to act on his behalf and on behalf of one or several legal acts, such as a sale, purchase, lease ... It requires real estate agents and property managers to have a mandate to propose a property for sale or lease or to manage it. Market value Market value of property. In other words, the price that the owner of a property could withdraw from the sale of this property, through the normal supply and demand. Mortgages Real right which is subject real property for the benefit of a creditor to secure payment of his claim. Loans from a bank or credit institution in a property purchase can be secured by a mortgage. Mortgage loan Long-term loan made to purchase real estate. Rates are negotiable depending on the contribution from the borrower. Over this contribution, the greater the opportunities are large trading: trading on the credit rate, but also on the fees, penalties for early repayment, etc… |
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| Notary Officer, office holder and entitled to as a monopoly for the establishment of certain civil acts and their authentication (sale of property, marriage contracts, wills ,...). The notary also has an advisory role. Nullity Cancellation of a legal act for non-compliance with any conditions of substance or form for its successful implementation. |
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| Payer of an allowance Means the person who must pay the annuity as part of a sale in an annuity, that is to say, normally the acquirer. Personal investment Sum available to the buyer to finance itself a part of its purchase real estate. As part of a home loan, its amount determines the rate to be applied to housing credit. The personal contribution may be made by the economies of the purchaser, but also by lending home savings, loans from 1% housing, etc... Plan land use Planning Document which seeks to establish general rules and easements of land use of a common, to organize and plan its development. Pledge Commitment by which a third party agrees to guarantee payment of the debt of another person with a creditor. The deposit can be applied in the case of a mortgage or in the case of rental. The person who stands surety undertakes to pay the creditor (credit institution or lender) the balance of amounts owed by the debtor (borrower or tenant) in lieu thereof. The bond may be single or joint: In the first case, she may ask the creditor to proceed first on the debtor's own property and have to pay if it is insolvent in the second case, the creditor may apply directly to the bond without having to try to get first claim on the debtor. Under the rental subject to the Act of July 6, 1989, the act of bail should be reduced to writing and must reproduce some passages of the law to specifically inform the guarantor of the scope of their employment. The person standing surety must also receive a copy of the lease. Private agreement Act passed by a simple signature of the parties. In terms of sales, it can be an act preparatory to the conclusion of a case, also known prior act or preliminary contract because it is then replaced by a definitive contract. The deed is current on rent. Privative party In a condominium, part of the building or building reserved for the exclusive use of a specific co. Professional card Required for any person engaged in trade or property management: real estate agent, property manager ... It is issued by the prefect and renewed annually. It specifies the type of activity: Transactions on apartment buildings and commercial or Property Management. Professional lease Lease Agreement for premises exclusively for professional use. The tenant liberal professions: doctors, dentists, association, union ... This type of contract the lessor commits three or six years. The tenant may cancel at any time with notice of 3 months. Project manager Person or entity responsible for design, management or supervision of construction of buildings Promise of Sale Preliminary contract by which a seller agrees to sell a property to a person. Unilateral promise is binding not only the buyer but the seller for a limited period (called the option period) must be clearly stated in the contract. Indenture (also known as compromise), it engages in principle the two parties. In both cases, they are normally subject to a number of conditions precedent (obtaining loans, building permits, ...) and a withdrawal period of 7 days. Promise of Purchase Also called offer price or offer to buy, this is a preliminary contract by which the candidate undertakes to purchase to acquire property for a specified price. If the seller accepts this price, both parties are definitely involved, but knowing that the future purchase, as the promise of sale, normally contain conditions precedent (including that relating to obtaining loans). Since 1 June 2001, are null the future purchase which accompanied the payment of any sum from the candidate for purchase. Promoter Professional who takes the initiative of a construction program beginning with the purchase of land, obtaining building permits, the signing of work contracts, and led to the completion of the building and sale in one or more purchasers. Property manager Professional who performs as an agent all management operations for building owners: finding tenants, finding leases, rent collection, repairs etc.. As part of a condominium, he acts as trustee of property on behalf of all owners. It must hold the business card "Property Management" and is subject to mandatory rules laid down by the Act of January 2, 1970 (Hoguet law) and it’s implementing decree of July 20, 1972. |
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| Real Estate Agent Professional can perform all the steps necessary for the letting or sale of all types of real estate. The officer in charge of finding a buyer or tenant with all legal and financial guarantees. It achieves its mission through a contract defining his duties and remuneration called mandate. It must have a business card. This occupation is governed by mandatory provisions of the Act of January 2, 1970 (Hoguet law and its implementing decree of July 20, 1972. Real estate surplus Gain during the resale of a property. The capital gain is equal to the difference between the sale price of the property and its purchase price adjusted to take account of currency depreciation (if it is negative, it is called depreciation, which gives rise to nothing special). The capital gain is taxable in principle, but there are many cases of exemption, especially when it was made in connection with the sale of the taxpayer's principal residence. Recoverable charges All costs incurred by the lessor that may be reimbursed by the tenant. With regard to residential leases, expenses recoverable are exhaustively enumerated. They cover the costs of routine maintenance of property, equipment specified in the contract, as well as minor repairs and some taxes. Their list is fixed by the decree of August 26, 1987. Rent Monthly amount paid to the lessor by the lessee for the right to occupy the dwelling. A frequency other than monthly may be chosen by the parties, but in the context of rentals subject to the Act of July 6, 1989, the tenant can always ask. Rental Premises, land or housing available to an occupant against the payment of rent. The owner or lessor and the lessee of the property are bound by a lease or rental agreement, the latter not necessarily in writing. However, the establishment of a written lease between the landlord and the tenant is highly recommended and is even mandatory for the rental of a dwelling subject to the Act of July 6, 1989, which is subject to most locations empty principal residence. Rental-accession It is a deferred sale. The transfer of ownership occurs after a period of rental housing by the buyer. Rental-furnished It covers all types of rented accommodation with the provision of furniture adequate for everyday life. These rentals are subject to the provisions of the Civil Code or the provisions lay down by the parties in the lease. Rental value Annual financial contribution paid for the occupation of a property. Residential Lease Lease for a premises for residential or mixed use (office and home). When subjected to the law of July 6, 1989, this type of contract binds the lessor at least three years (6 years if the lessor is a corporation, insurance company or bank for example). The tenant's side can cancel at any time with notice of 3 months which can be reduced to a month in special circumstances (job loss, transfer ...). Right of preemption Priority right of purchase for an individual or community service of acquiring a property before any other buyer, the terms and at prices fixed at its disposal by its owner. A tenant of a dwelling and has a right of first refusal if the owner gives him leave at the end of the lease, to sell his home. Right transfer Fees and taxes collected by the notary on behalf of the state and communities to each change of ownership. The amount varies depending on whether the acquisition is for a new home or an old housing. |
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| Sales agent Independent Representative acting not subordinate to an owner. The status of commercial agent is widely used in the field of real estate negotiation. Sales agreement Preliminary contract signed by the seller and the buyer of a property is under private signature, or with the assistance of a notary. The sale agreement, also known as promise indenture sales calls on both parties and it is customary for the purchaser pays a deposit or deposits in the preparation of this document. It should not be confused with the unilateral promise of sale whereby the seller undertakes alone. In both cases, however, the potential buyer has a withdrawal period of 7 days. Sale by auction Act by a public officer assigned to the highest bidder property auctioned. Sale in the future state of completion Plan sale, which occurs before the completion of the program. The buyer becomes the owner of land and housing acquired as and when it was built. The contract of sale (usually preceded by a reservation contract) is signed before a notary and accurate description of the property, price and payment terms of the property will be delivered. Sale of real estate Transfer of ownership of a property. The sale must still be notarized for authentication. In practice, the sale is preceded by a preliminary contract (unilateral agreement to sell or compromise), generally prepared by a professional. Seasonal rentals Rentals granted for a short period, week, month or the season. They are found in communities that receive an influx of residents during a specified period. The majority is furnished. Sublease Possibility given the tenant under lease part or the entire unit it occupies. Under the leases subject to the Act of July 6, 1989, the sublease is subject to the consent of the owner. Subsequent conditions In leases, the clauses providing for automatic termination of the contract if the tenant fails to meet its obligations. Under the leases subject to the Act of July 6, 1989, the avoidance rules can apply only to non-payment of rent or charges, non-payment of deposit, or default of the tenant insurance. Suspensive conditions Contained in a preliminary contract (unilateral promise of sale agreement or contract of reservation), they suspend the contract to the achievement of a specific event: obtaining credit, the building permit ... The contract will take full effect until the scheduled event will happen. The sums paid by the prospective purchase during the signing of the promise or compromise it must necessarily be returned for non-fulfillment of the suspensive condition. In preliminary contracts on a property purchase, the condition precedent relating to obtaining credit is always understood, unless the acquirer shall, by his own hand, he will use any loan. Syndic of co-ownership Body designated by the general meeting of owners. The trustee enforces the regulations of the condominium, shall convene the General Assembly and executes their decisions. It may also decide in the emergency commitment of work. The trustee can be a professional or an individual owner (known as volunteer trustee). |
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| Ten-year guarantee Guarantee underwritten by the manufacturer of a building or a house which guarantees the purchaser against any defects in construction for ten years of receipt. Thousandth Value unit condominium used to quantify the proportion of areas assigned to each batch. Timeshare Temporary sharing of property among several people. In this context, the buyer has possession of the property for a specified period of years. Tontine Clause in the act of joint acquisition of housing by two unmarried persons. Upon the death of one of the purchasers, the share accruing to the other will not be subject to inheritance tax at the standard rate (60% for non-relatives), but at the rate applicable to sales of real property (between 5 and 10%). This benefit is subject to the following conditions: housing must be allocated to the main house common purchasers, the value of the dwelling must be less than 500 000 F at the first death. Town planning All legal and physical operations aimed at achieving orderly development of cities. Transfer Transmission of real property either through a sale (this is called transfer for value) or free (donation). This transmission involves a change in ownership of the property. Transfer for free Transfer of ownership of a property as part of a gift, estate or a share of inheritance or community violence. It is not subject to tax on real estate gains. Transfer for remuneration Transfer of ownership of a property through a real estate transaction. It is subject to tax on real estate gains. Trustee of the co-owner All owners in a condominium. The condominium association has legal personality, that is to say, he can sue in particular, or to liability. He is responsible for the administration and conservation of the building, functions delegated to the trustee. |
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| Union Council Composed of owners appointed by the general assembly, it assists the trustee and controls its management. His institution is required unless the majority of the owners refused. It often settles disputes and small details of everyday life in the condominium. Usufruct A legal term denoting a part of ownership (literally, one who receives the benefits resulting from the use of the thing, fruit is here taken to mean grow, income, profits, etc.. It will include rents in part of a dwelling leased). This is the right of use attached to a property whose bare property belongs to another. This right is temporary and ends including the death of the usufructuary. The additional rights of usufruct rights are the bare ownership. |
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| Valuer Professional whose function is to estimate, that is to say, to assess the market value (market value of the property) or rental property. Viager Contract of sale of real estate whereby the buyer pays to the owner a pension until his death. The sale price can be converted entirely into an annuity. Voucher of visit Document by which a client of a real estate agency recognizes visiting a property through the agency. |
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