Glossary

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L

Lease

Document defining relationship between lease-holder and tenant. Some leases are subjected to rules, others are brought about by the parties owen free will in the context of the civil Code’s measures. Also called rental lease.

Lease holder or lessor

Owner who rents out, or lets a property.

Letting (by owner) â?????? Renting (by tenant)

Premises, land, accommodation, at the disposal of someone in return for rent. The owner or lease holder, and the sitting tenant are bound by a lease or rental contract, which is not compulsory in writing. However a written lease between the owner and the tenant is clearly advisable. In France , the most usual renting system for accommodation is unfurnished lets (without furniture).

Life interest, Life annuity

Sale contract of which a purchaser (called "débirentier") pays to the owner (called "crédirentier"), during his life time, an rental annuity (called "arrérage"). Added to that rental annuity, the "débirentier" gives a first payment called "bouquet", a sum of money which is considerably less than the property’s real worth, and which is then deducted from the calculation of the rent annuity. The amount for "bouquet" and that one for rent annuity are estimated according to three factors : venal value for real estate, life expectancy of the "crédirentier", rate of yield of invested capital. It is preferable to ask a specialist to sell by life interest.

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