Presentation on theme: "TRANSFER OF PROPERTY RIGHTS IN FRANCE. introduction ● Roots in Roman Law ● Civil-law and common-law : dual requirements ● Abandoned after French Revolution."— Presentation transcript:
TRANSFER OF PROPERTY RIGHTS IN FRANCE
introduction ● Roots in Roman Law ● Civil-law and common-law : dual requirements ● Abandoned after French Revolution ● French Civil Code 1804 ● Art. 1138: sole consent of the contracting parties ● Act of 23 th March: banking security ● One state-different systems : Alsace ● and Moselle
Private selling ● Around 40% of properties in France ● Offer and acceptance – rules ● Transfer of ownership ● Requirements for transfer of ownership: – Contract (+ its 5 characteristics) – Art 1583 – land registration – Administrative procedures ● Transfer taxes: 4.89% ; VAT; 0.615%
Société Civile Immobilière You can own property in one of three ways: A. 'En Indivision''En Indivision' B. 'En tontine''En tontine' C. 'Société Civile Immobilière (SCI)' The main reasons for buying a property in SCI: ● T o allow purchase of the property by multiple persons; ● To provide stability and continuity in the ownership and management of family property; ● To facilitate the transfer and ownership of property; ● To avoid the constraints of French inheritance laws; ● To create tax advantages; ● To protect the family home from business creditors.
Transfer of property rights in FR ● Transfer between members of the family 1. gift transfer to children 2. protectin of the surviving spouse 3. assisting children with the property aquisition: house purchase
Basic rules of French inheritance law A. Three key points at the outset: ● If you are resident in France these rules will apply to all your worldwide assets, save for real estate held abroad; if you are not French resident, they will apply to all real estate you own in France. ● The inheritance laws discussed below are those that apply in an intestate inheritance, or in the absence of prior inheritance planning measures being taken. ● Only that part of the estate belonging to the deceased is subject to inheritance laws, so in the case of a married couple, it will normally be 50% of their joint wealth. B. Law applies to : ● Spouse and children (la réserve, quotité disponible, en tontine) ● Other relatives – ordinary rights of inheritance; – right to reclaim gifts; – family heirloomss
Private International Law ● In cases of disputes ● The Rome Convention : 19 th June 1980 ● Art 4(3) – immovable properties ● Situated in France – subject to French law ● Freedom of choice
France and foreigners ● No discrimination ● No restrictions ● No limits in investments and transfers ● All payment methods accepted
Brief summary – law in action ● Growing property market ● The french notary (notaire) ● Other specialists, authorities and participants ● Property law – not huge amount of jurisprudence
Yeah, i t' s over. Thank you.
Sources 1. immobiliere/transfer-of-property/ http://www.french-property.com/guides/france/finance- taxation/inheritance/rights/ 4. earchThemes/EuropeanPrivateLaw/RealPropertyProject/France.PDF 5. The Civil Code of France All checked :