Annuitant (Seller)
The seller of the property under a life annuity, the person who receives the life annuity until their death.
Full definition
The annuitant is the legal term designating the seller in a life annuity transaction. This is the person who transfers their property and, in return, receives the bouquet and the life annuity.
The annuitant retains important rights: in an occupied life annuity, they keep the right to live in the property (right of use and habitation or usufruct). They also benefit from legal protections such as the seller's lien and the rescission clause, which guarantee payment of their annuity.
In the case of a couple, there may be two annuitants (life annuity on two heads). In this case, the annuity may be reversible to the surviving spouse, continuing to be paid until the death of the second of the two. This option offers enhanced financial security for the couple. The annuitant must be of legal age and legally capable in order to sell via a life annuity.
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Related terms
Annuity Debtor (Buyer)
The buyer of the property under a life annuity, the person who pays the bouquet and the life annuity to the seller.
Life Annuity (the pension)
Sum paid periodically (monthly or quarterly) to the seller until their death, calculated according to the value of the property and life expectancy.
Seller's Lien
Legal guarantee giving the seller priority of payment over the property sold in the event of the buyer defaulting.
Reversible Annuity
Life annuity that continues to be paid to the surviving spouse after the death of the first annuitant.
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