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Real estate terms that begin with V
Letter V
VEFA - sale in the future state of completion
The sale in the future state of completion is also called "off-plan sale". The seller, who is often a developer, sells a property that is not yet built.
The sale is specially regulated when it relates to a residential or mixed residential and professional building, and the buyer is an individual.
The sale is usually preceded by a preliminary contract, which is a special form of pre-contract. An authentic deed is then passed before a notary. The content of these contracts is regulated.
In VEFA, the buyer pays the price in instalments depending on the progress of the work.
The sale is specially regulated when it relates to a residential or mixed residential and professional building, and the buyer is an individual.
The sale is usually preceded by a preliminary contract, which is a special form of pre-contract. An authentic deed is then passed before a notary. The content of these contracts is regulated.
In VEFA, the buyer pays the price in instalments depending on the progress of the work.
Life
The life annuity is a particular form of sale, in which the price is paid in the form of a bouquet, which is a sum of money paid when signing the deed, and an annuity paid to the seller and, possibly, to other people, for the rest of their lives.
The life annuity can be free: the buyer can occupy the property immediately. The life annuity can also be occupied: the seller continues to occupy the property.
The buyer is called "débirentier", the seller is called "crédirentier".
The life annuity can be free: the buyer can occupy the property immediately. The life annuity can also be occupied: the seller continues to occupy the property.
The buyer is called "débirentier", the seller is called "crédirentier".
Hidden defects
The hidden defect is a defect of the property sold, which it was not possible to discover at the time of sale, and which makes the good unfit for the use for which the buyer intends it.
For example: a building plot is unsuitable to support a construction.
In principle, the seller is liable for hidden defects towards the buyer. The buyer can request, at his choice: either the return of the sale price, in return for the restitution of the property, or a reduction in the price, and he keeps the property. In addition, the seller who was aware of the defect and did not tell the buyer, can be ordered to compensate him. The action for guarantee of hidden defects must be brought, before the court, within 2 years from the discovery of the defect.
Attention: the deed of sale of a property concluded between individuals generally contains a non-guarantee clause against hidden defects. The seller will only be liable to the buyer if it is shown that he was aware of the defect before the sale.
For example: a building plot is unsuitable to support a construction.
In principle, the seller is liable for hidden defects towards the buyer. The buyer can request, at his choice: either the return of the sale price, in return for the restitution of the property, or a reduction in the price, and he keeps the property. In addition, the seller who was aware of the defect and did not tell the buyer, can be ordered to compensate him. The action for guarantee of hidden defects must be brought, before the court, within 2 years from the discovery of the defect.
Attention: the deed of sale of a property concluded between individuals generally contains a non-guarantee clause against hidden defects. The seller will only be liable to the buyer if it is shown that he was aware of the defect before the sale.
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