Monaco Information
Joined: 17 Oct 2006
Posts: 17
Home Country: monaco
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 Posted: Wed Oct 18, 2006 9:00 am Post subject: HOUSING IN MONACO |
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HOUSING IN MONACO
Renting a House or an Apartment
Rental properties can generally be found through local Real Estate Agents who have letting departments, local classified papers or word of mouth.
Once you have found an appropriate property there are certain necessary procedures to follow.
The Lease (droit de bail or bail à loyer)
The tenancy contract that stipulates terms and conditions of rental and rental rates, signed between the landlord or estate agent (on behalf of the lessor) and the lessee.
Write and sign an inventory, with the lessor, to accompany the lease agreement. List fittings, fixtures and their condition and the condition of the property.
Rent can be raised annually, either to an amount and on a review date agreed in the tenancy contract, or in the absence of this, it can be raised annually on the date of the signing of the contract.
Documentation
Proof of income: the landlord/agent has the right to request proof of income.
Guarantor: You may have to provide details of a guarantor who will be named in the contract and who will stand surety in the event that you cannot pay the rent.
Deposit (caution or depot de garantie)
The refundable deposit is usually the value of two months’ rent, paid up front on the signing of the lease agreement. In addition, the first month’s rent must be paid at the same time.
At the end of tenancy and on the return of the keys, the landlord/agent has up to two months to reimburse the deposit, deducting any money needed for repairs to the property.
In the event of dispute, refer to the inventory.
If you feel an unnecessary amount has been deducted, you may request to see the estimates for work done.
It is illegal to hold back the last months’ rent in lieu of the deposit.
Insurance
The tenant is required by law to have a comprehensive household insurance certificate (premium rates depend on the size of the property).
Proof of insurance must be shown to the lessor at the signing of the lease and may be requested at lease renewal each year.
The landlord may add a clause to both new and renewed contracts, demanding termination of the contract if the tenant fails to insure the property.
The following are covered by household insurance:
* A percentage of capital and valuables
* Legal costs incurred when personally liable or when claiming against a third party
* Civil liability
* Fire, explosion and related risks
* Weather-related risks (water damage)
* Attacks on the building and acts of God
* Theft and vandalism to set amounts
* Broken windows
Taxes
Taxe d'Habitation: French "occupiers tax" which covers services in the area.
It is an annual payment that varies in amount depending on the size of plot and locality of the property.
Lessees over 60 can be exempt from the Taxe d'habitation charge if you have a child of more than 18 years of age living with you and receiving RMI Revenu minimum d'insertion. Or if you are living alone receiving RMI. Request for exemption with proof of age must be made at your Mairie.
If the property requires major renovations, there may be an exemption at the discretion of the local Mairie.
Tenancy obligations
* To pay the rent regularly and in full by the agreed date.
* To pay taxe d’habitation.
* To pay water, electricity, power (eg. lift in an apartment).
* Responsibility for any damage unless it is the result of a force majeure (circumstances outside of your control), the landlord or someone you did not bring onto the property.
Unless agreed in the lease contract, you may not:
* Use the property for commercial purposes.
* Sublet without written agreement from the landlord.
Terminating tenancy
The Tenant:
* Only the tenant has the right to terminate the contract.
* Notice to quit must be given at least six weeks before the end of the contract.
* If you want to leave prior to the date in the lease agreement, you must give three months’ notice, unless: you can prove you need to leave due to job transfer or job loss, when it can be reduced to one month with the agreement of the landlord. However, if the landlord cannot find a new tenant and does not agree to the early termination, you will still be obliged to pay three months’ rent.
The Landlord:
* The landlord may not quit the agreement until the lease expires.
* The landlord must give notice to quit at least six weeks before the end of the contract, and then only if he wants to take occupancy or sell the property. In the case of the latter he must give the tenant first right of refusal with price and terms of the sale.
* The landlord may only quit the agreement if the tenant has not paid rent and then he must notify the tenant with a registered letter or with a letter signed by a bailiff.
Utilities
* If the EDF bill is registered to the name of the outgoing tenant, open a new account, by calling the EDF number on the outgoing tenants bill.
* Give the name of the outgoing tenant, your name and the date at which you take on residence of the property. EDF will make an appointment to read the meter. |
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