Annuity contract summary

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The Civil Code: The transfer of ownership of real estate on the basis of an annuity agreement takes place with the simultaneous encumbrance of the real estate right of life annuity. The provisions on limited property rights apply accordingly to such a burden [cf. § ]; In the event of sale of real estate encumbered with a life annuity right, the buyer is also personally liable for the benefits covered by this right, unless they became due at a time when the real estate was not his property.

The personal liability of the co-owners is joint and several [see § ]. Therefore, the new owner is obliged to provide the same benefits philippines photo editor to the annuitant as the previous owner, since even disclosure of the annuity in the book is not a condition for the annuitant's protection. IMPORTANT - each owner of the property is responsible for the performance of the annuity contract. And if you want to know what adverse possession of real estate is, go to this article . Change of life annuity to an annuity, termination of the contract The provision of Art. of the Civil Code refers to the possibility of changing the content of the contract and its termination.



If, for any reason, such relations arise between the annuitant and the obligated party that it is impossible to require the parties to remain in direct contact with each other, the court, at the request of one of them, will exchange all or some of the rights covered by the content of the annuity right into a life annuity corresponding to the value of these rights. powers [cf. art. § of the Civil Code]. In turn, in exceptional cases, the court may, at the request of the obligor or the annuitant if the annuitant is the seller of real estate , terminate the annuity contract. IMPORTANT - the entities entitled to make a claim are the parties to the annuity relationship. The amount of the annuity should correspond to the market value of the benefits it replaces.