Are you the lucky owner of an apartment that you are letting out and want to sell? Watch out, this will not be as simple as selling an owner-occupied property. Selling this type of housing involves a special administrative process, and care must be taken to ensure that the sale is not invalidated for failing to follow the correct procedure.
It sometimes happens that the purchaser or seller of a property chooses to be represented by a third person at the moment of the sale. It is not very complicated to put in place but there are a number of steps to be taken in advance in order to avoid unpleasant surprises at the time of signing the deed of purchase. Here’s how.
Typically-speaking, as regards dwelling ownership, the homeowner also owns the land on which it is built. These two items can be separated however. In this case, the owner of the land on which the home is built may be different from the homeowner.
On 12 February 2017, Vaud constituents accepted, with a 55.5% majority vote, the new Cantonal Act on preserving and promoting rental stock (LPPPL or L3PL - Loi cantonale sur la préservation et la promotion du parc locatif). This legal text introduces a set of measures designed to preserve rental accommodation in the Vaud canton. In particular, it provides municipalities with instruments to help them attain this objective. The stated purpose of this Act is to tackle the lack of affordable accommodation.
Pursuant to the Swiss Code of Obligations, property sales are only considered valid if they are concluded via an authentic instrument (notarial deed).
To do this, the purchaser must choose a notary, whom they will meet conjointly with the seller. Once the two parties (purchaser/seller) have agreed on the terms and conditions of sale, they inform the notary who will draft the deed of sale taking into account the aforementioned conditions.
Lump-sum taxation, officially called “expenditure-based taxation”, is a special tax system defined by the Federal Law on Direct Taxation (LIFD) and the Federal Law on the Harmonization of Direct Taxes (LHID) applicable to certain categories of wealthy persons, who are of foreign nationality and domiciled in Switzerland. It can represent substantial tax savings for the beneficiary, but it is subject to binding conditions.
Inheriting property can be a wonderful opportunity to supplement your patrimony with property which may be of great value. Nonetheless, an inheritance also entails an administrative burden which includes considerable tax implications. It means taking on a major responsibility which is occasionally better to entrust to professionals.
Divorce can be a difficult time, legally as well as emotionally. One of the main practical issues is how to divide real estate assets. Which spouse will keep the house during the separation phase? Who will move out after the divorce? How will any capital gain on the property be shared? Are any major changes in Swiss divorce law planned for 2017? Fortunately, solicitor Véronique Fontana from Étude Fontana Avocats, a top legal firm in Lausanne, is here to help. She kindly took the time to explain some common real estate issues that can arise in the event of a divorce, and how they can be resolved.