VINGT Paris

rue Saint Sebastien 75011

It's a great location, not far from the beauty of the Marais, the nighlife and ambience of Oberkampf, a stroll from Marché Richard Lenoir for shopping and a hop and a skip to Bastille if you want to see a film.

It was obvious this apartment was going to be easy to rent and a lucky MBA student (Bonapart relocation client) got herself a great location for the Fall semester. A perfect apartment (see slide show) with a bedroom, office, and sitting room/dining room. It works really wonderfully for the owner who purchased the apartment for her retirement. While working as a professor in the US she rents out her Paris home and returns each summer during her holidays to enjoy the city she will eventually retire to.

How is my apartment building managed?

In France, properties with common elements (whether a building, amenities or land) shared with other properties are owned outright through a system called 'co-ownership' (copropriété), similar to owning a condominium in the US. The owners of the building are all part of a co-owners association. In addition to general charges, there may also be special charges for collective services and common equipment such as lifts, central heating and hot water, which may be divided according to the share of the utility allocated to each apartment. Allow about 2 euros/square meter of the apartment and you won't be far off.

Since January 2002, all copropriétaires have been required to pay service charges quarterly, the amount being adjusted at the end of the year when the annual accounts have been approved by the committee. Owners also have the right to make payments from a separate bank account.

The association is managed by an outside company (Syndic) that organizes any necessary repair works, as well as the annual owner’s association meeting. At the annual meeting, the owners decide upon any renovations or building works that are necessary. An owner has the right to attend the meeting, or can give a proxy. In that case, simple proxy must be sent ahead of time to the Syndic.

Faites attention! - When you purchase an apartment, any renovations that were voted upon during the ownership of the seller are the financial the responsibility of the seller, but those that are pending, (up for discussion but not decided) become the responsibility of the new owner. If the group is in the throes of deciding to install an elevator in the building, it can be costly, so take this into consideration when you are looking at the overall price of your potential purchase.

The Syndic will send the Notaire handling the sale a statement of the seller's account regarding the payment of fees and any work in progress but not yet completed (for which owners are liable). The vendor should obtain a Certificat de l'Article 20 stating that he doesn't owe any money to the copropriété; otherwise the Notaire must withhold payment to cover any fees due.

Further information about community properties: Association des Responsables de Copropriété (ARC), 29 rue Joseph-Python, 75020 Paris.