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Real estate terms that begin with A
Letter A
Down payment
The deposit is a part of the sale price, which is paid by the buyer when signing a preliminary contract (promise of sale or compromise).
Traditionally, the deposit is set at 10% of the sale price. When signing the authentic deed of sale, the buyer will pay the full price, minus the amount of the deposit.
The deposit is returned to the non-professional buyer if he exercises the right of withdrawal offered to him when buying a property for residential use.
The deposit is also refunded to the purchaser if the conditions precedent provided, such as obtaining a loan, do not come true, provided however that the buyer has not committed a fault.
Traditionally, the deposit is set at 10% of the sale price. When signing the authentic deed of sale, the buyer will pay the full price, minus the amount of the deposit.
The deposit is returned to the non-professional buyer if he exercises the right of withdrawal offered to him when buying a property for residential use.
The deposit is also refunded to the purchaser if the conditions precedent provided, such as obtaining a loan, do not come true, provided however that the buyer has not committed a fault.
Authentic act
The authentic deed of sale is drawn up by a notary to record the sale. The sale of a property must be published in the real estate file, which is kept by the land registration service. This essential formality can only be carried out on the basis of an authentic instrument.
The authentic deed of sale is established when all the conditions are met: termination of the suspensive conditions and obtaining the necessary documents (urban planning, civil status certificates, mortgage information, etc.).
The authentic deed of sale is established when all the conditions are met: termination of the suspensive conditions and obtaining the necessary documents (urban planning, civil status certificates, mortgage information, etc.).
Act of notoriety
The deed of notoriety is drawn up by the notary, at the request of the heirs of a deceased person. It specifies the list of heirs and the share of the estate that must go to them. The notary draws up the act of notoriety in the light of the death certificate and the supporting documents provided to him or that he requests himself: family record book, civil status records... He then asks the heirs to affirm the sincerity of the declarations contained in the deed.
The cost of an act of notoriety is set by the public authority at € 57.69 (€ 69.23 including VAT) (from May 1, 2016).
Banks, insurance companies, the employer of the deceased, and more generally any public or private institution will request communication of the act of notoriety in support of the claims of the heirs.
The cost of an act of notoriety is set by the public authority at € 57.69 (€ 69.23 including VAT) (from May 1, 2016).
Banks, insurance companies, the employer of the deceased, and more generally any public or private institution will request communication of the act of notoriety in support of the claims of the heirs.
Property Administrator
The property administrator is a professional agent, who holds the real estate agent card, with the mention "property management". He manages real estate, on behalf of the owners, and administers in their place the relationship with the tenants of the property, from the entry of the tenants into the premises, until the end of the lease.
Being subject to the status of real estate agent, the property administrator has necessarily taken out professional liability insurance, as well as a guarantee covering the funds he receives on behalf of his clients.
Being subject to the status of real estate agent, the property administrator has necessarily taken out professional liability insurance, as well as a guarantee covering the funds he receives on behalf of his clients.
Commercial Agent
The commercial agent is a non-commercial professional, who works in the name and on behalf of a real estate agent.
Real estate negotiator, he holds the certificate of employment issued by the CCI. The real estate agent usually gives him the power to have mandates signed, on his behalf. However, he does not have the right to draft compromises, or to give legal advice.
Real estate negotiator, he holds the certificate of employment issued by the CCI. The real estate agent usually gives him the power to have mandates signed, on his behalf. However, he does not have the right to draft compromises, or to give legal advice.
Realtor
The real estate agent is a professional intermediary, holder of a card issued by the CCI after having been verified:
- His good repute,
- His professional aptitude,
- His professional liability insurance,
- His financial guarantee, unless he has made a commitment not to receive funds.
- Its obligation of continuous training, from 1 January 2017.
The real estate agent carries out three main types of activities: the real estate transaction, the property management and the activity of trustee.
It carries out its mission after receiving a mandate.
- His good repute,
- His professional aptitude,
- His professional liability insurance,
- His financial guarantee, unless he has made a commitment not to receive funds.
- Its obligation of continuous training, from 1 January 2017.
The real estate agent carries out three main types of activities: the real estate transaction, the property management and the activity of trustee.
It carries out its mission after receiving a mandate.
Asbestos
Asbestos is a fibrous substance used in industry, and whose properties have been exploited in building materials. However, it is carcinogenic. In order to prevent and limit people's exposure to asbestos, it has been banned in real estate construction. For immovable property for which the building permit was issued before 1 July 1997, it could be used.
The law has required a systematic search for asbestos in all buildings other than individual houses. It also organizes the information of buyers and tenants.
In this context, the owner has the obligation to provide a statement mentioning the presence or absence of materials or products containing asbestos.
The law has required a systematic search for asbestos in all buildings other than individual houses. It also organizes the information of buyers and tenants.
In this context, the owner has the obligation to provide a statement mentioning the presence or absence of materials or products containing asbestos.
Personal contribution
The "personal contribution" is the amount of money that a buyer has, and that he can actually bring when buying a property. This sum must be available, and be deposited in the hands of the notary before the signing of the authentic deed of sale.
Collective sanitation
Sanitation is the sewage and stormwater drainage system. It must comply with public health and environmental needs.
We speak of collective sanitation when the municipality has created a network for the collection of wastewater and, possibly, rainwater. Municipalities or parts of municipalities that are part of areas with at least 2,000 inhabitants and that contain a sufficient density of economic activities and population are required to set up a collective sanitation system.
We speak of collective sanitation when the municipality has created a network for the collection of wastewater and, possibly, rainwater. Municipalities or parts of municipalities that are part of areas with at least 2,000 inhabitants and that contain a sufficient density of economic activities and population are required to set up a collective sanitation system.
Individual sanitation
The individual sanitation facility must be present for any building that is not connected to the collective sanitation. This installation must comply with the standards in force.
The non-collective sanitation system must be checked periodically. And, during the sale of the property, the report of visit of the non-collective sanitation is part of the mandatory technical diagnostics.
The non-collective sanitation system must be checked periodically. And, during the sale of the property, the report of visit of the non-collective sanitation is part of the mandatory technical diagnostics.
Meeting of co-owners
When an immovable or a real estate complex is subject to the co-ownership regime, decisions are taken collectively, by the meeting of co-owners, which brings together all the owners of the immovable. The law requires that a meeting be held, at least once a year, to decide on the budget, validate the accounts of the past year, and, if necessary, appoint the trustee, vote on the carrying out of work...
Depending on the decision to be taken, the 1965 law enacts different majorities, ranging from the simple majority of the co-owners present at the meeting, to unanimity. Each lot owner benefits from a number of votes proportional to the number of tantièmes (thousandths) defined by the co-ownership regulations, and depending on the size of his lot.
Depending on the decision to be taken, the 1965 law enacts different majorities, ranging from the simple majority of the co-owners present at the meeting, to unanimity. Each lot owner benefits from a number of votes proportional to the number of tantièmes (thousandths) defined by the co-ownership regulations, and depending on the size of his lot.
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