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Real estate terms that begin with R

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Letter R

Matrimonial property regime

The matrimonial property regime is the status that applies to the property of married persons, and which defines the powers of each spouse over the couple's property.
The law applies, by default, to all couples who marry, the legal regime of the community reduced to acquests, since 1965.
Spouses who so wish can choose their matrimonial regime by drawing up, before a notary, a marriage contract before the marriage.
The two main types of matrimonial regimes are the community of property (reduced to acquests or universal) and the separation of property.
It is possible to change your matrimonial regime after 2 years of marriage, or 2 years after changing your matrimonial regime. This is a relatively cumbersome procedure, which requires recourse to the notary and, in some cases, to the judge.

Co-ownership regulations

The co-ownership by-law is a written document, which establishes rules that must be respected by all co-owners. It determines:
- the private and common parts and their destination,
- the share of charges for each lot of co-ownership,
- the rules for the administration of the common areas,
- the conditions of use of the private and common portions.
- the rules of organization of the co-ownership. It can be compared to the articles of association of a company.
It is published in the real estate file, as well as its possible modifications.
The co-ownership by-law may not impose restrictions on the rights of the co-owners, unless they are justified by the purpose of the immovable, by its characteristics or its situation.

Life annuity

In the case of a life annuity sale, the contract of sale provides for the payment of an annuity for the entire life of the creditor. This annuity is therefore life-old: it depends on the life of the creditor.
The price of a life annuity is thus paid:
- on the one hand, in the form of a bouquet, which is a fraction of the sale price paid when signing the authentic deed of sale,
- on the other hand in the form of a life annuity.

Main residence

The sale of a principal residence is exempt from all taxation. For the tax authorities, the principal residence is the habitual and effective residence of a person and his family. So this is where they usually live for most of the year. If the occupation is only temporary, the property cannot be considered a principal residence.