Real estate. Divorce, loss... How to cope with the setbacks that jeopardize your plans?

When they embark on a real estate purchase project, prospective owners legitimately focus on compiling their file and loan application, as well as choosing their future home.

But when taking the plunge and buying a property, it is also important to be aware of certain difficulties that may call the project into question.

Assets to be divided in case of divorce

Capital magazine lists the main "hard blows" that can affect homeowners after they have acquired their home, such as separations, job loss or the death of their co-borrower.

Regarding the divorce, it will force both owners and spouses to "liquidate the marital community".

In other words, all assets held jointly by the couple must be divided equally. To achieve this division, the asset must be sold, or half must be bought out by one of the two owners.

In the event that the property is resold, a "sharing" fee, equivalent to 1.10%, must be paid to the notary.

In addition, there will be the payment of any capital gains tax, if the property is a secondary residence.

Coping with monthly payments in the event of disappearance

Certain unforeseen life events can also force owners to sell their property prematurely.

In the event of the death of one of the two co-borrowers, the surviving spouse may indeed face the need to sell their home, as they will not have the capacity to meet the monthly payments and expenses.

Borrower's insurance, which is mandatory when buying property, is supposed to cover the death of one of the spouses, by taking over the remaining monthly payments.

However, some exceptions may exist in this coverage, which is also calculated based on the coverage initially subscribed to.

In the event that the borrowers have taken out 50-50 insurance, half of the monthly payment will remain the responsibility of the surviving spouse, as Capital points out.

To reduce the monthly payment, it will therefore be necessary to take out insurance at 75%, or even 100%, but these higher levels of coverage also imply an increased cost of insurance.

An expensive job loss insurance policy

Capital also highlights the difficulties that can arise in the event of job loss. Borrower's insurance can cover these situations of job loss, but its cost is generally quite high and it is not necessarily accessible to all borrowers.

In addition, the coverage offered by these insurances often only provides for a period of 12 months of coverage, for a covered amount that will not necessarily correspond to the entire monthly payment.

Faced with these obstacles, some owners will therefore be forced to sell their property.