Based on articles 1964 and ss of the Civil Code, in the case of RANDOM contracts, the VIAGER is only a special modality of PAYMENT of the sale price of a property (movable or immovable), in whole or in part More often) by means of a PERIODIC PENSION (month, quarter ....) payable until the death of the seller (CRÉDIRENTIER), by the buyer of the property (DÉBIRENTIER).
It generally applies to a REAL ESTATE property (villa, apartment, commercial walls ....) but it can be applied to goods of a movable nature (money, furniture, paintings, benefits in kind ....)
In the case of real estate, it takes two forms:
The FREE LIFE
The OCCUPIED LIVING
In the majority of cases, the sale price will be paid:
- part cash (the BOUQUET)
- part by periodic payment (RENTE) until the death of the seller; It may be REVERSIBLE in whole or in part, in particular for the benefit of his spouse.
It being specified that BOUQUET and RENTE are free to discuss between sellers and purchasers, according to their respective needs and faculties.
It is the simplest form of the life annuity, but is the least frequent form (5%). In this case, the seller transfers both the ownership and the enjoyment of the property sold to its purchaser and receives a bouquet and an annuity. All taxes and charges will now be borne by the purchaser.
It is the most frequent form of real-estate life insurance (95%), characterized by the fact that the seller reserves the right to dispose of the property sold for life, while maintaining the possibility of renouncing it, Or the repurchase, pure and simple, of this reserve, to be specified in the original sales contract.
This formula presents to the vendor-creditor, the triple advantage
- to continue living at home in its usual setting,
- to reduce its local taxes (land is the responsibility of the purchaser, with the exception of the municipal waste tax).
- to limit its co-ownership costs to those of a tenant and to leave the major repairs to the purchaser.
It is not strictly speaking a life insurance, but rather a staggering of all or part of the price, over a FIXED DURATION (10 years, 15 years, 20 years), the buyer must continue to pay the fraction of the price payable periodically Until the term fixed in the sale, even if the seller dies before this term. For the purchaser, it is a credit at rate 0.
SALE OF NUE-PROPRIÉTÉ and USUFRUIT
They constitute lifetime sales only if the price is paid in whole or in part, by means of a PERIODIC PENSION, with or without bouquet. Otherwise, they are only sales of real property rights pure and simple.
Nevertheless, they are of interest:
- for those (sellers of bare ownership) who wish to reserve the enjoyment of a property to rent or benefit from it, while receiving either a capital or an annuity, or both.
- for those (purchasers of usufruct) who wish to acquire only for their retirement the use of a property, until their death, to distribute their taxation differently to the ISF, to benefit from temporary or lifetime income, Without alienating the ownership of their property.
Not to be confused with the recently created mortgage life loan, with little interest for an individual and that will mostly make the fortune of banks or insurance companies.
Financial life consists of alienating a MONEY (instead of an immovable) in favor of a person (the debtor), who will be used for life annuity, indexed and exempt life annuity, to guarantee on a Property owned by the debtor.
It is expected that a number of life insurance policies in euro will be converted into fixed-term loans in view of the weak conditions proposed by the insurance companies.
THE FOOD BANK
It is close to life by its randomness. It is a contract by which a person engages, by means of a COUNTER-PARTY (sale of building, sum of money etc ...) to support the NEEDS of another person, during his life.
In general, the food lease is in addition to an annuity, in the sale of real estate, in life annuity, which will include a bouquet, a periodic silver pension, and a food lease in the form of a BENEFIT in nature.
This contract should develop to meet the needs of DEPENDENCE of the elderly. Its guarantees are the same as for a classic real estate or financial life.
HOW TO CALCULATE A LIFETIME?
- First, determine the VALUE of the FREE property.
- Then calculate the impact of the dividend reserve, if it is an occupied life annuity, to determine the VALUE of the OCCUPIED property. For example, for a 75-year-old female salesperson, the value of the occupation represents 42% of the value of the free property