Making a loan for a couple is an important step since it will allow you to finance your projects. However, you will have to respect a few usage rules which we will detail in this special file. So you can easily make your credit freely, and know your rights if you are a married or unmarried couple.
MAKE A CREDIT FOR A MARRIED COUPLE
Making a personal loan for a couple in order to carry out their real estate project is often a sign of commitment over several decades.
Equipment loans, renovations, the purchase of an automobile or the setting up of a trip are projects commonly planned by couples. Prevention is better than cure, and therefore knowing your rights when you are married, because conflicts may exist between the two married.
A. Make a couple of credit
If the couple is married, either of the spouses can take out a loan. The other spouse will be automatically attached to the debt, under the following conditions:
– Purchase must be linked to household needs
– The purchase is not an unreasonable act
In practice, the majority of banking establishments carry out a contract with two co-borrowers, in which the two spouses must show supporting documents relating to the edition of their credit contract.
B. Rules for the co-borrower
Good Credit, an online credit institution for individuals in France is aware of these types of procedures, which is why we ask our customers to declare their co-borrower in their loan request.
Why this rule? It is a security for the borrower if ever one of the two co-borrowers were to lose his job or have a period of disability. In addition, the funding request is more likely to be accepted because all the income is taken into account.
MAKE A CREDIT FOR AN UNWEDED COUPLE
The number of people living in common-law relationships in France is estimated at 5 to 6 million. Many of them welcome relative administrative freedom. Then comes the day when the cohabiting partners decide to become owners of a property. And this is where the problems begin, what solution to choose when you have to take out a mortgage to acquire the property of your dreams? The light today on the different options for an unmarried couple that allow them to make a loan to carry out their projects.
Without being the silver bullet, PACS organizes life for two off the beaten track. It is the acronym of civil solidarity pact and it is a contract concluded between two people, independently of their sex to organize their common life. The law establishing PACS was passed in 1999 under the Jospin government, with the aim of taking into account same-sex couples who aspired to the recognition of their status. The law has since evolved since it is now possible to marry these couples.
PACS offers different advantages and disadvantages of marriage or cohabitation, the rights and obligations are as follows:
– Duty of assistance: The signatories of the PACS are bound to a duty of mutual assistance. As well as material or immaterial aid proportional to the means of each
– Liability for debts: like married couples, the signatories are jointly liable for debts contracted by the household, the education of children, or even housing. This solidarity can be lifted if one of the signatories engages in unreasonable expenses
PACS partners can reside in a domicile different from their common residence. The residence is, in fact, a place where the two PACS partners choose to settle either periodically or temporarily, while the domicile is the main place of life of each partner. Finally, if you do not hire a notary to draft your PACS agreement, you will have no costs. On the other hand, if you wish to call on a notary, you can use the pass credit offered by Good Credit.
Indivision is the most common arrangement for making a loan to buy a home. Each partner, up to their actual down payment, a share of the accommodation (Example 60% for one of the partners, 40% for the other partner). The distribution is then recorded in the deed of ownership. Joint ownership has a major drawback, stipulated by the Civil Code: no one is required to remain in joint ownership.
Each owner can, therefore, ask to sell his share at any time. Cohabiting partners must first sign an indivision agreement when they go to the notary at the time of purchase.
Within the legal framework, decision-making is carried out unanimously. In the event of separation, a solution must be found with the consent of both partners. And if sharing can be caused, it most often results in the sale of housing. But there are other solutions: buying back the shares of one of the two joint owners is one of them.
C. The real estate civil society
Cohabiting partners can also choose to set up an SCI or Société Civile Immobilière, which will acquire the property or to which they will make the contribution of property they own. Attention is not the cohabitees who will buy the good but well the company. The co-purchasers actually hold shares in SCI.
Heritage is more easily shared in the event of inheritance. In the event of the death, for example, of one of the couple’s partners, the heirs of the majority partner can ask the minority partner to leave the premises. The SCI will help to face this pitfall and protect the remaining partner.
What about its operation? The heritage of a real estate company is in fact buildings. Each shareholder will have a right to the whole, proportional to the number of shares he owns. If one of the shareholders has less than the other, he cannot nevertheless be dispossessed of his shares.
Regarding your life plans, marriage is a definite asset when it comes to protecting the other spouse, it is more secure. However, the legislation has evolved in recent decades to offer optimal solutions such as the Civil Solidarity Pact (PACS) or the solution of joint ownership, or that of the real estate civil society (SCI).
So it’s up to you, and make your choice on the solution that suits you best!
To find out more, you can consult our file to obtain a loan to rejuvenate an apartment or the criteria for choosing a loan online.