The term viager owes its origin to the word viage meaning ‘duration of life’ in old French. The expression indicates the lack of certainty, the unpredictable nature of its length.

This is precisely the essential characteristic of a sale en viager – it is an aleatory contract in the legal sense of the term (article 1964 of the Civil Code).

The viager is a particular way of selling possessions or property which relies on converting all or part of the sale price into an annual and viagère rent (a regular annual revenue for life) in favour of the Seller. This annual rent is usually paid monthly or quarterly (as agreed between the two parties). It comes into force on the day the notarized act of sale is signed and expires on the death of the Seller. It is governed by articles 1968 and 1983 of the Civil Code.

Thus a sale en viager allows:
the Seller, known as the Crédirentier, to secure a return on one or several possessions by creating an additional tax efficient pension guaranteed for life.
the Buyer, known as the Débirentier, to build up a trouble free property holding,

The occupied viager sale is the most common. It allows the owner to sell his/her possession while retaining both customary and dwelling rights during his/her lifetime, and the buyer to benefit from the reduction in sale price corresponding to the value of these customary and dwelling rights. The first step is to evaluate as accurately as possible the sale price (or occupied value) which equates to the difference between the market value of the possession (freehold value) and the value of the customary and dwelling rights which depend on the life expectancy of the seller or sellers. The second step is to establish the method of payment of the sale price taking into account the wishes of the parties: - Payment in full on the day the authenticated deed of sale is signe - A down payment (called the bouquet) on the day the said deed is signed with the balance paid as a viagère rent; - Or the entire amount is converted into a viagère rent. The viagère rent is calculated using tables based on mortality statistics, which are regularly updated, and on a fixed rate of interest. The said rent terminates on the day of the Seller’s death. It should be noted that the viagère rent calculated in the first instance with the objective of meeting the Seller’s needs is index linked on an annual basis to maintain the latter’s buying power over the years. It is normal practice to index link the rent to the average retail price index established and published monthly by the INSEE (National Institute of Statistics and Economic Studies). Charges and conditions: Contrary to popular opinion, the charges and conditions relating to the customary and dwelling rights are not governed by law: ‘the contract makes the law between the parties’. Generally speaking, the Seller continues to pay all the running costs (heating, electricity, water, running repairs, general repairs, management company fees…) and the Buyer pays for major repairs as per article 606 of the Civil Code, together with the Land Tax on developed property and fire insurance for the building. Surrender of use: At any time the seller, who reserves the customary and dwelling rights, may release the property to the buyer who then pays in exchange an increased rent or a capital payment calculated according to the value of the recovered usage. It is best to make provisions for the possible vacation of the premises at the time of the act of sale.

The free viager : Similar logic applies to the free viager, the difference being that, as the name implies, the property is sold with vacant possession so there is no reduction in price linked to occupancy. When an owner possesses a property other than his/her principal residence or has to leave this principal residence, the free viager provides a solution ensuring a fixed, regular income with attractive tax benefits without the inconveniences attached to renting.

This type of sale, often used by young buyers, is a kind of ‘Seller credit’. As with the viager, the Seller may occupy the property for life for a period determined in advance or vacate it on the day the act of sale is signed. The occupancy price reduction depends on the period chosen at the outset or on the life expectancy of the Seller/s if occupancy is for life. The ‘occupied price’ is then broken down into an initial payment due on the day the authenticated deed of sale is signed and monthly payments ending on a fixed date. Differences versus the viager The monthly payments are tax free They continue until the expiry date even in the event of the seller’s death (to the account of the beneficiaries) They are index linked, in general, to the cost of construction As with the viager, if the Seller retains customary and dwelling rights, it is advisable to make provision in the authenticated deed of sale for a detailed breakdown of costs and works, and for the possible relinquishment by the Seller of these customary and dwelling rights to the benefit of the Buyer in exchange for financial compensation.

Everything can be sold en viager - Dwelling places or commercial property - Furniture, jewellery, paintings and even capital There is no age limit for selling en viager (even occupied) because there is a buyer for everything and rates corresponding to all ages. It is often pointless to wait until one is older in order to obtain a higher rate of viager rent – the missed monthly rent payments during this period are never recouped.

A viager can be resold. All the conditions of the initial deed of sale must be respected and in particular the exact amount of rent due; it is then the first Débirentier who banks the bouquet the day the notarized deed of resale is signed.

One can sell en viager even if there are children. This is often the chosen solution for a number of Sellers in order to settle their estate during their lifetime (breakdown of all or part of the bouquet, for example), thus avoiding any possible problems amongst the heirs.




A sale en viager comes into being on the notarized signing of an authentic deed of sale. The drawing up of this deed requires a great deal of care and the inclusion of certain specific clauses. Given that the viager is a contract of greater or lesser duration, everything should be taken into account at the beginning so that reciprocal undertakings are respected thus ensuring a smooth relationship between the two parties.

Examples of clauses with important consequences:
The split of charges and works between the crédirentier and the débirentier.
Index linking of the main rent and any future increase.
Relinquishment of usage.
And, most importantly, the clause known as ‘privilege of the seller and resolutive action’ which guarantees payment of the viagère rent to the Seller.



Viagères rents benefit from advantageous tax reductions:
30% up to 50 years of age - 50% between 50 and 59
60% between 60 and 69
70% from 70 on

The reversionary rent is free of inheritance tax on the death of the first partner (article 793-1-5 of the CGI).

The French Inland Revenue applies this scale based on the age of the older seller. The age is calculated on the day the original deed of sale is signed and the tax reduction remains the same for life (if a seller is 69 years old the day of the sale, he will benefit from a reduction of 60% for life whereas if he waited until he was 70, he would have 70%).



The viager, mainly occupied (only 10% of transactions are en viager libre), is a useful solution to several current concerns such as:

retirement (for the Seller who benefits immediately as well as for the Buyer who is planning his)
housing (possibility for the Buyer to obtain a city centre property, for example, where building programmes are rare and prices out of reach)
financial investments which can often be uncertain
inheritance concerns (second families, for example, or where there are underlying problems between children)
heavy taxes payable to the State when there are no direct heirs -...and others, depending on individual cases

We strongly recommend that you contact a viager specialist (even if it isn’t our agency) for the best information and guidance, depending on your circumstances, and, above all, to ensure that through the drawing up of a professional and appropriate initial contract of sale, the duration of your viager is problem free. Venance GAYMARD