The
life annuity (in french : Viager) is a normal real sale, but with a particular mode of payment. In
fact, the price is divided into a bouquet (initial payment) and a life and
indexed annuity. This kind of transaction concerns someone who sell an
apartment, while preserving the right to live in it. But the property can also
be sold free. The contract is always written by a notary, because the property
go to the purchaser, even if the seller keeps the use of housing.
For
the seller, the life annuity ensures a regular income until the end of his
days, while remaining in the place (except free life annuity). It is well
adapted to the elderly who have few incomes and/or not heirs. For the
purchaser, the life annuity is a mean to spread out the payment of the price in
time, while betting on the life expectancy of the seller. This bet can appear
shocking, but it is the imperative condition of the contract, the interest
being that, if the seller dies before the term of his estimated life
expectancy, the purchaser pays finally less than the real price.
The
amount of the Viager is calculated with data established by insurance
companies (about the seller’s age, his life expectancy, and the value of the
yielded property). Obviously, a free life annuity is more expensive than an
occupied life annuity. The contract is secured by guarantee or mortgage, in order
to ensure the buyer can pay regularly. The sale contract contains avoidance
clauses in the event of non-payment.
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