Based on the annuity contract, one party (the recipient of rent) provides to the other party (the payer of rent) the title to the property, and the rent payer is obliged to pay rent – a specified amount of money to the recipient of the property periodically.
Annuity contract may be signed for indefinite time (permanent annuity) or for the annuity recipient’s lifetime (life annuity).
Annuity contract shall be in written form by compiling one document signed by the parties.
Annuity contract providing for the alienation of immovable property is subject to a notarization.
