Real estate
Selling en viager without an agency: lump sum, annuity and steps
Selling en viager means transferring your home in exchange for a capital sum paid on the day of the sale — the bouquet — and an annuity paid for life. The formula appeals to more and more retired homeowners: it turns property wealth into regular income, often without leaving home. And contrary to popular belief, nothing forces you to go through a specialised agency: a viager sale between individuals is perfectly possible, provided you understand how it works and rely on a notary for the calculation and the deed. Bouquet, annuity, occupied or free viager, the risk requirement: this guide covers it all.
The principle: a lump sum on the day of sale, then an annuity for life
In a viager sale, the buyer — the débirentier — pays the seller — the crédirentier — an initial capital sum on signing day, the bouquet, then a periodic annuity, usually monthly, until the seller's death. The sale is final as soon as it is signed before the notary: ownership is transferred, but the price is paid over time. The bouquet is not compulsory, but it features in the vast majority of sales; the higher it is, the lower the annuity, and vice versa.
The formula is aimed first at retired homeowners who want to top up their income without leaving their home, or fund their later years without borrowing. It does, however, mean accepting that the property leaves the estate passed on to heirs — a point to discuss with the family before going ahead.
Occupied or free viager?
The occupied viager is by far the most common: the seller keeps the right to live in the home for the rest of their life, usually as a right of use and habitation reserved in the deed. In return, the value used for the calculation is reduced by an occupancy discount, since the buyer can neither live in nor rent out the property while the seller remains there. It is the formula that serves the primary goal of the viager: staying in your home while receiving income.
The free viager, which is rarer, concerns a property the buyer can occupy or rent out immediately: no discount, and a higher bouquet and annuity. It mostly applies to properties the seller does not live in — a second home, a property already let, or even a parking space.
How are the bouquet and the annuity calculated?
Everything starts from the property's market value, estimated as for an ordinary sale. In an occupied viager, the occupancy discount is deducted first; it depends on the seller's age — the younger the seller, the longer the likely occupation and the larger the discount. The remainder is then split between the bouquet, paid up front, and the annuity, calculated from the seller's age and life-expectancy tables. There is no single legal scale: notaries rely on recognised tables and adapt the calculation to each situation.
Remember the orders of magnitude rather than formulas: for the same value, an older seller receives a higher monthly annuity, and a large bouquet reduces the annuity accordingly. Never sign on the strength of a mere online simulator: have the balance between bouquet and annuity validated by your notary.
The element of chance, a condition of validity
The viager is an aleatory contract: on signing day, neither the seller nor the buyer knows how long the annuity will be paid. This element of chance is no detail — it is a condition of the sale's validity. The law notably provides that a viager sale is void when the seller dies within twenty days of signing from an illness they already had, and courts can annul a sale concluded when the buyer knew the seller's condition was hopeless. A manifestly derisory price also weakens the deed: hence the importance of a serious valuation and a calculation validated by the notary.
Finding a buyer directly: the listing and the discreet poster
You do not need a specialised intermediary to meet buyers: a viager between individuals concludes perfectly well directly, provided the presentation is done properly. Write a dedicated listing that states the formula (occupied or free viager), the age of the seller(s), the bouquet requested and the ballpark annuity expected: serious candidates need these elements to position themselves.
On the property itself, a discreet poster — in a window or on the gate — also works for a viager: many viager investors target a neighbourhood or town they know. With DirectOffice, you can create a listing dedicated to your viager sale and receive the large-format QR code poster that goes with it: an interested passer-by scans the code and sees your full listing, with the terms of the sale, without you having to say more on your façade.
Create your QR code poster
A custom large-format poster printed and shipped to you, with the online listing free for 90 days — €29, no commission, no subscription.
Create my posterEssential precautions
Three protections must appear in the deed, and your notary will include them as a matter of course: annual indexation of the annuity, which preserves your purchasing power over time; the termination clause, which lets you take the property back if the annuity stops being paid; and the vendor's lien, registered against the property, which secures your claim. Mention them from your very first exchanges with prospective buyers.
Frequently asked questions
Is a notary mandatory for a viager sale?
Yes. Like any property sale, a viager requires an authentic deed signed before a notary. Their role goes beyond the formality: they check the balance between bouquet and annuity, draft the seller-protection clauses and secure the transaction for both parties — support that is all the more valuable between individuals.
What happens if the buyer stops paying the annuity?
It is the seller's main risk, and it is guarded against in the deed: the termination clause allows the sale to be rescinded and the property recovered, the deed usually providing that the seller keeps the bouquet and the annuity payments already received as compensation. The vendor's lien completes this protection. Discuss it with your notary before signing.
Who pays the property tax and works in an occupied viager?
The split is set freely in the deed. In practice, the seller living in the home most often covers routine upkeep and usage-related charges, while the buyer takes on major repairs and, frequently, the property tax. Nothing is automatic: have each item spelled out in the deed.
Can you sell en viager to a family member?
It is possible, but tightly framed: the element of chance must be real and the price genuine, failing which the transaction can be challenged, notably for tax purposes or at inheritance time. This kind of arrangement must be prepared with a notary.
Is the viager annuity taxable?
Only in part: only a fraction of the annuity is subject to income tax, and that fraction shrinks the older the seller is at the first payment. Your notary or the tax authorities will confirm the rate applicable to your situation.