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private mortgage

Posted by walnut72 - Created: 3 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by Mrs Agnes Brown - 3 years ago

A mortgage - private or otherwise has to be registered in the Hyperteque so documents have to be officially drawn up and registered.  Notaire required.

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Posted by Reveuse-918439 - 3 years ago

Or contract, even.

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Posted by Reveuse-918439 - 3 years ago

"but reveuse, a sale is not possible because walnut won't have the acte!" Exactly.

"Sounds like some sort of hypothecated loan" Pledge rather than hypothcated I thought, isn't hypothecation when the borrower is the legal owner?

"So what would happen in the event of incapacity or death?" I imagine this will be set out very clearly  in the contact.

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Posted by Kanak - 3 years ago

but reveuse, a sale is not possible because walnut won't have the acte! Sounds like some sort of hypothecated loan,. So what would happen in the event of incapacity or death?

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Posted by Reveuse-918439 - 3 years ago

I have no idea but presumably the contract will be drawn up by a notaire so you can ask him. It sounds a good deal to me because if this person is named as the owner of the property then they should have to pay the taxe foncière not you. But I also think that If i was lending somebody the money to buy a flat in Cannes I would not want it  put in their name until they'd repaid the mortgage. If I've paid for a flat then until you pay me back, it's my flat. Otherwise what if you stop paying, or worse still what's to stop you selling it and running off with all the dosh.

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Posted by Gogo Yubari - 3 years ago

NO NO NO, forget about notaires, banks or other professional advice. Someone on AngloInfo is bound to know better.

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Posted by Kanak - 3 years ago

So, walnut, how badly do you want to own a flat in Cannes in 12 years time?  phlophf is right.. at least you know it is not a viager, but your notaire will give you some advice.

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Posted by walnut72 - 3 years ago

no thats viager

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Posted by sunshinedays - 3 years ago

I've heard something like this in France but from what I have read, the person you are buying the property from stays in the property until they die and the money you give them helps with their financial needs.

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Posted by phlophf-409902 - 3 years ago

I have heard of this practice before in France, but really, on a matter like this the only advice you should take should be from a notaire and perhaps also your bank so you know exactly what to expect.