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I bought a property as a life annuity. Can I resell it?
Resell as a life annuity
In principle yes.
Attention : It is necessary to check that your authentic deed of purchase does not contain a clause prohibiting you from selling the property. This clause is called the "inalienability clause".
The simplest solution is to sell the building and transfer to your buyer the obligation to continue to pay the annuity to the creditor. This operation requires the agreement of the creditor and his intervention in the sale.
Attention : it may be that the creditor asks you to remain solidary of the payment of the annuity in the event that your buyer does not pay it.
It is also possible to sell the property, while keeping at your expense the payment of the annuity.
This solution also requires the agreement of the creditor, who must accept that the guarantees he had taken on the property are terminated. He will then ask you to set up other guarantees, in order to ensure that the payment of the annuity will be made.
Attention : It is necessary to check that your authentic deed of purchase does not contain a clause prohibiting you from selling the property. This clause is called the "inalienability clause".
The simplest solution is to sell the building and transfer to your buyer the obligation to continue to pay the annuity to the creditor. This operation requires the agreement of the creditor and his intervention in the sale.
Attention : it may be that the creditor asks you to remain solidary of the payment of the annuity in the event that your buyer does not pay it.
It is also possible to sell the property, while keeping at your expense the payment of the annuity.
This solution also requires the agreement of the creditor, who must accept that the guarantees he had taken on the property are terminated. He will then ask you to set up other guarantees, in order to ensure that the payment of the annuity will be made.
Good to know
The life annuity consists of buying a home from someone without paying him the full sale price on the day of acquisition but committing to pay him a monthly annuity until his death.
The resale of property acquired as a life annuity can be done before the death of the creditor.
The sale may provide that the initial debirentier will continue to pay the annuity every month, that it is the new purchaser who will take care of it or that a third party will buy back the annuity.
The resale of property acquired as a life annuity can be done before the death of the creditor.
The sale may provide that the initial debirentier will continue to pay the annuity every month, that it is the new purchaser who will take care of it or that a third party will buy back the annuity.
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