Helping tenants to become owners
For 40 years the Jean-Pierre MERCY real estate group has been designing
and implementing innovating schemes enabling tenants to become owners of
their flat.
The AAAPL company (société Anonyme
pour l’Aide à l’Accession
à la Propriété des Locataires
= facilitating home ownership) is exclusively specialized in social housing
and buys buildings to social lessors. AAAPL drafted
a quality convention with all key success factors to facilitate home ownership
under the safest conditions : the "CLEF"
(standing for Choix, Liberté, Economie, Fiabilité) is the
key to home ownership access.
Choice
Freedom Saving
Reliability
CHOICE
When it considers
selling a social rental building flat by flat, the AAAPL company undertakes
to give any tenant the opportunity of either remaining a tenant with his
current lease agreement or becoming a co-owner.
FREEDOM
Should a former tenant and now new owner have difficulty to fulfill his
repayment obligations within 10 years from the purchase date, or should
he wish to resell his flat, for any reason within the same time limit,
while keeping on occupying it as a tenant, the AAAPL
company undertakes to repurchase it at the original price plus a
1% adjustment per elapsed year and to give him back his tenant status,
under the conditions in force when he purchased the flat PLI (intermediary
housing loan), PLA (low-cost subsidized housing loan), HLM (low income
housing).
This commitment only applies if both the building and flat are in a normal use condition when the AAAPL Company buys the flat back.
SAVING
AAAPL undertakes to offer any applicant innovative
loans on the financial markets so that he benefits from the best possible
terms and particularly from social subsidies and loans.
The objective is to obtain a funding consistent with his financial means,
since the repayment has to remain proportional to the former rent.
RELIABILITY
The COPRO SECU 5 (1) insurance contract
was designed to ensure durable assets for future buyers.
Before any co-ownership consideration, the VERITAS company, a controlling
agency, diagnoses the buildings concerned in accordance with the SRU Law
and more particularly the following works and joint facilities : the field,
shelter, building structure, collective heating, electrical fittings, lifts,
heat insulation, shared pipes and fire protection.
Following this diagnostic, a report is made available to any potential
buyer, featuring all inspected parts and their apparent condition, and
suggesting any additional surveys and/or immediate repair works, if necessary.
Such works are done before the sale and covered by the corresponding biennial
or decennial legal insurances.
The other inspected parts, which are deemed to be in a good condition are
guaranteed by the COPRO SECU 5 (1)
Contract, which compensates for the physical damages to the construction
of common areas due to an internal defect of shell, finishing, waterproofness
for 5 years and equipments associated with usual facilities for 2 years.
To secure these newly co-owned flats, AAAPL takes
out :
THE COPRO-SECUR CONTRACT
in the name of the managing agent, which guarantees that current operating
charges and any outstanding provisional calls will be paid.
Consequently, when selling a building to AAAPL,
a social lessor can be sure that he facilitates home ownership for those
who want to prepare their future in a secure environment.
(1) This document is not contractual; only the
insurance contract is binding upon the signatories.
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