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What is a Viager in French real estate?

According to the Notaries of France, the concept of Viager is when a person typically elderly over the age of 70 to improve his or her income makes possible the sale of their property in exchange for the payment of an annuity for life by the buyer.

To improve their income and retirement life they choose to sell their property in exchange for the payment of an annuity for life by the buyer.

If the seller is going to live in the property for the rest of his or her life this is called a ‘life annuity’ or in French ‘viager occupé’

If the seller receives a lump sum payment as well as future payments from the buyer this lump sum amount is called in French “Bouquet”.

A notary will register a lien on the property called “privilège de vendeur” which allows the seller to get back his property from the buyer for non-payment of the rent agreed to.

The buyer in a viager is called in French ‘débirentier’ and the seller is called in French ‘le crédirentier‘.

Remember we are not offering you legal advice you need to obtain complete information on the process of Viager by contactng an English speaking French notary via their site here or if you read French you can read more details on Viager in French here

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Smart Furniture for Smart French Homes What is this?

Do you think your French home would like some smart Furniture?

Did you know that in South Korea as soon as December this year construction companies will receive furniture that can be connected to the internet so you can use your kitchen counter to do online research on a recipe or answer the telephone.

Hyundai Livart and SK Telecom have teamed up to enter the industry know as the Internet of Things that is sure to change the landscape of inside and outside of homes in the very near future.

Read the full article on CNET here in English.

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What does HAI mean beside the Price of a French property?

The French real estate law has changed. You used to see a property for sale in France with FAI beside the sale price in an agency window. FAI is an acronym that means ‘frais d’agence inclus’ that is agency fee included.

Now the new law replaces the word ‘frais’ with the term ‘honoraires’ so you will now see HAI beside pricing. It is another way to say what the agency charges for their work is included.

Make sure the price with the agency is TTC. TTC is an acronym that means ‘toutes taxes comprises’ all taxes included.  This is important since GST or VAT known as TVA in France, the tax on services changed from 19.6 percent to 20 percent. Make sure the agency fee includes the TVA so you don’t want a huge tax surprise when you go to pay the agency who has helped you find your dream property in France.

Before you request the free ebook below read what people are saying about ESREA France – some examples:

Cynthia Sadler wrote ” I am so grateful to you for your help, and I have already spoken to friends who are planning to retire in France after their children graduate from college in 5 or 6 years, letting them know about the wonderful support that ESREA France will be able to provide when they start looking for a house to buy. You can be sure that I’ll be referring other friends who are thinking about relocation possibilities to you as I learn of that interest!I”  

Tanya Coletz wrote “I can’t recommend David enough, such a refreshing experience after months of trying to find suitable professionals myself he managed to find English speaking, qualified and responsive recommendations immediately. He also responded to my emails on a French holiday and followed through on every promise at a very reasonable price. I’m very grateful for his help and highly recommend his professional service”

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French Real Estate Mortgage Rates Where are they the cheapest? Now

According to a new report by French real estate provider of credit Meilleurtaux the interest rate you pay for credit can be lower depending on the area in France you wish to buy in.

Meilleurtaux noted in the report that in Paris it can be possible to get a 20 year mortgage for as low as 2.15 percent. Toulouse is on the average 2.25 percent for a 20 year mortgage, the same for Bordeaux. Lyon is 2.3 percent for a 20 year mortgage.

This rates relate to credit offered to the best clients in the month of November 2014.

According to this same report referred to in Explorimmo the best client portfolios can get on average 2.30 for a 20 year mortgage and the ‘standard’ client applications can get on average 2.65 percent for a 20 year mortgage.

For full details and clarification on the difference between the ‘best’ and ‘standard’ clients it is best you speak to your English speaking French Bank manager or French mortgage broker. If you would like guidance to find an English speaking French mortgage broker please contact us here. We have contacts for you.

If you read French the full article is here.

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Good News: French commercial real estate investment up 10% in third quarter

According to a new report in Propertywire, the French commercial real estate market is going to exceed €15 billion, a 10% increase compared to the same period in 2013.

Savills research shows that investors in France continue to concentrate on Paris IDF, which accounts for 67% of the national investment volume already this year. This is in contrast to in other European cities, such as the UK, where investor demand has moved out to more regional cities.

Read the full article here in English

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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