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Real estate terms that begin with P
Letter P
Common areas
When an immovable is subject to the co-ownership regime, it is divided into common and private portions.
The common areas are the parts of the buildings and land assigned to the use or utility of all the co-owners or several of them: the structural work, the elevator, the access roads...
The co-ownership by-law may contain a different distribution. For example, an elevator can be a private portion. Or, a common part can constitute a part for the exclusive enjoyment of a co-owner, such as a terrace, a balcony.
The common areas are the parts of the buildings and land assigned to the use or utility of all the co-owners or several of them: the structural work, the elevator, the access roads...
The co-ownership by-law may contain a different distribution. For example, an elevator can be a private portion. Or, a common part can constitute a part for the exclusive enjoyment of a co-owner, such as a terrace, a balcony.
Units
When an immovable is subject to the co-ownership regime, it is divided into common and private portions.
The private portions are the portions of the buildings and land reserved for the exclusive use of a specific co-owner. They are listed in the co-ownership regulations.
The private portions are the portions of the buildings and land reserved for the exclusive use of a specific co-owner. They are listed in the co-ownership regulations.
Real estate capital gain
The capital gain corresponds to the positive difference between the sale price and the purchase price of a property (house, apartment, garage, land). The seller's notary must, using form 2048-IMM, calculate the capital gain and pay the corresponding tax within one month of the sale to the Land Registration Service of the location of the building. Owners who sell their principal residence are not taxed on any capital gain generated by the sale. Indeed, the capital gain is automatically exempt in so far as the immovable property constitutes the habitual and effective residence of the seller on the day of the transfer. The capital gain is taxed at a flat rate of 19% on income tax plus social security contributions of 17.2%.
Unilateral promise to sell
A unilateral promise of sale is a preliminary contract: it precedes the signing of an authentic deed of sale.
In the unilateral promise of sale, the owner (the promisor) undertakes to sell a property to a person (the beneficiary). It specifies the essential conditions of the sale.
The beneficiary of the promise has a call option: for a certain period of time, he can think and decide whether or not to buy the property.
In the unilateral promise of sale, the owner (the promisor) undertakes to sell a property to a person (the beneficiary). It specifies the essential conditions of the sale.
The beneficiary of the promise has a call option: for a certain period of time, he can think and decide whether or not to buy the property.
Land registration
Land registration is a technique that makes it possible to bring to the attention of all transfers of real estate, the change of ownership of the property, long-term leases, or the existence of a usufruct on the property.
The land registry office keeps the real estate register, which lists these acts. When registering a deed in the file, a land registration tax must be paid.
The land registry office keeps the real estate register, which lists these acts. When registering a deed in the file, a land registration tax must be paid.
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