Vacant or occupied « viager » ?
It is also called an aleatory contract
The vacant “Viager” :
The seller does no retain the use of the dwelling and the Buyer can immediately dispose of the premises. He could either select to live in or to rent them and will pay the maintenance charges as well as all land and residence taxes. This alternative is recommended for persons who are looking for an immediate lodging facility. The financing of such an operation is made with a cash lump sum payment combined with monthly life annuities based on the asset value and the seller’s life expectancy.
The occupied “Viager” :
In this case, the seller withholds the residence’s rights for the remainder of his life and the purchaser will only use the assets upon the seller’s death. The maintenance charges and the residence taxes will be paid by the occupier while the purchaser, as the owner, will be charges with the land taxes.
This proposal will interest investors who plan to live in the property at sometimes in the future. The price is set according to an occupied value, wich is about 40% below the actual value of the property. Thus, the down payment, the life annuities and the solicitors fees are less than for a vacant “viager”.
Etude Lodel also practices other selling contracts such as the followings :
The sale on credit :
Under this sheme of credit sale, the total dwelling price is made with a low down payment combined with monthly debits spread over required years until completion. There could be a price discount should the seller choose to temporary occupy the said premises.
The residential investment :
In this contract, the occupancy rights are reserved to the seller for the remainder of his life.
The total price is paid only in one lump sum.
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