Asbestos |
In France, the decrees of February 1996, September 1997 and 2001 require owners of buildings built to search for the presence of asbestos.
Decree No. 2002-839 of 3 May 2002 defines dice now, the new arrangements applicable on sales or purchases of buildings built with the building permit was issued before 1 July 1997.
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Authentic act |
The authentic act is that which has been executed before a notary.
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Beneficiary |
Term for the buyer in a pre-contract.
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Conditions precedent to sale |
In addition to any conditions precedent to loan or obtaining and issuing a certificate relative to asbestos, co-contracting parties may submit the completion of the sale of the conditions stipulated for the sole benefit of the purchaser, which can always be waived.
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Deposit for a real estate sale |
The signing of a sale agreement (compromis de vente), is usually accompanied by a deposit of the amount is between 5 and 10% of the sale price. The amount of the deposit is deducted from the final price at the signing authentic act. The "compromis de vente" may be written directly between individuals or a notary. This amount will be paid preferably to a notary.
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Efficency warrenty |
This warranty is applied to new buildings. Its duration is 2 years and for items of equipment.
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Enjoyment of a property |
Right to use a property and reap the benefits (rents).
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Mandator |
Person who gives another person (the agent) the authority to act on his behalf one or more legal acts.
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Mortgage |
Guarantee issued by a lender to purchase a property for which he has extended bank loan.
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Priority right - Droit de préemption |
Priority right to purchase to a private person or a public collectivity of acquiring a property in the sale agreement by substituting the original purchaser.
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Professional certificate |
Persons engaged in the real estate activities, leasing, property management must hold a professional certificate issued by the Prefect and renewable. This certificate indicates if its holder can raise funds.
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Purchase in future state of completion |
The buyer pays for the property acquired as and when the work is completed.
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Selling mandate |
Contract by which one person (the principal) authorizes another person (the agent) to represent to perform legal acts on its behalf as a sale or lease.
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Surface certificate - Loi Carrez |
Accurate measurement of your property. This document is essential for the proper conduct of the sale or lease. Carrez law has made it mandatory measure for all sales or rental of property ownership.
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Ten year guarantee |
This warranty covers buildings new. Warranty for a period of 10 years covered by damages structures insurance.
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The parasitic state certificate |
The parasitic state is a search by a professional certified real diagnosis of the possible presence of termites, wood boring insects, and insect larvae boring and decay fungi in construction elements or a building plot or not frame.
The parasitic state is required when selling a property, or a property and during demolition or renovation of a building where the property is located in an area known infested.
The duration of the parasitic state is three months.
Reference: Law n ° 99-471 of 8 June 1999
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The visiting bond |
The visiting bond forbids to deal directly with the owner but thus allows to pass the sale with another real estate agency
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Transfer duty |
Taxes and duties levied by the notary on transfer free of charge or paid (sale, gift, inheritance).
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Urban Solidarity and Renewal act - Loi S.R.U. |
In france, la loi S.R.U. (the Urban Solidarity and Renewal Act) of 13.12.2000 reform the planning law and establishes for the buyer of a property in the former a right of withdrawal or reflection as appropriate.
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“Dommages Ouvrages” insurance |
“Dommages Ouvrages” is an insurance policy that the owner of a newly built property or a renovation project is expected to take out. It costs between 2 – 8 % of the overall construction budget. The guarantee lasts for 10 years, and insures you and any future owner against major structural damage resulting from poorly planned or executed building-work. .
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Real Estate glossary