The Property Syndicate is a combination of shareholding and real estate in accordance with the Civil Code(s) of France.
The Notaire duties :- company formation; issue shares; issue “building contract”; holds all monies in “escrow” account; issue management contract etc.; handles the “day to day” legal affairs until completion – and beyond.
“Property Syndicates” are well covered by French Law since 1972 and known as a “Sociéte d”Attribution”. (click here for Ste d’Att. law).
You join the “Village” as an Owner-Shareholder with full, equal shareholding in the Entire “Village”, together the “Maison” of your choice.
The amount of shares is in accordance with the “maison” you choose – However; voting rights are 1 vote per “Maison” and “rules” etc changed/approved by simple “majority”.
The “Village” contracts “The Villages Group snc” to Build/Construct according to French Law. (Click here for law)
Sale/Inheritance : the law and fiscal rules of French Real Estate applies.
Note : If your primary residence, (or you live there more than 183 days per year), you are exempt from capital gains tax.
Special rules to be noted
i) No person under the age of 21 may “sleep-over” in a “Maison” for more than 2 days in any week.
ii) No large pets.
FRANCE - THE SAFEST COUNTRY IN THE WORLD TO OWN REAL ESTATE
FACT! Says who?...............Among others, the World Bank; United Nations; the European Union; the US government; and the IMF!! At present litigation on real estate transactions average 3.9% in the European Union and exceeds 9% in the USA............. IT IS UNDER 0.4% IN FRANCE!
All Real Estate & New Build is strictly regulated by the “Civil Code” of France and must be adhered to. Whether the end user is an individual, partnership, company, bank, institution etc. the law is the same.
The Notaire : Click here.