SELLING A LIFE ANNUITY FLAT IN MONACO

Sale of a free or occupied life annuity flat in Monaco

In the case of an occupied life annuity, the seller retains the usufruct for life: The right to use a property and to receive rental income from it, without being able to dispose of it, in particular, to sell it or a right to use the property sold. The usufruct allows him/her to live in the property or to rent it and receive the rent. A right of use allows him to keep the personal use of the property by living in it without being able to rent it.

In the case of a free life annuity, as soon as the sale is signed, the buyer has the property at his disposal to occupy it or rent it out and collect the rent.

In the case of the sale of a free-life annuity flat, the expenses (energy bills, taxes, etc.), routine maintenance, and all repairs are the responsibility of the buyer.

Conversely, in the case of the sale of a life annuity flat, the charges (energy bills, taxes, etc.), routine maintenance, and all repairs are the responsibility of the seller.

Payment of the price of a life annuity flat in Monaco

The price is generally made up of a sum paid on the day of the sale called the bouquet and a life annuity that the seller receives until his death.

The bouquet is part of the price paid in cash when the sale contract is signed. The bouquet is not obligatory. It is freely determined by the parties and is generally equivalent to 30% of the total value of the property.

The life annuity can be paid to one or more natural persons. In the latter case, an annuity is paid to each of the sellers.

The annuity may be monthly, quarterly, or annual. It is payable in advance or in arrears.

The total value of the annuity is uncertain, as it depends on the lifetime of the seller. The amount of the annuity is estimated on the basis of several criteria, including

Age and life expectancy of the annuitant
Value of the property
Rents that the annuitant could receive if the property was rented

How to sell a life annuity in Monaco

Our agency MONACO PROPERTIES has been active for over 20 years in Monaco and has extensive experience in the sale of life annuity flats and properties in Monaco.

Contact us for a free estimate of the value of your life annuity flat.