Effective January 1, 2022,<\/strong> Ordinance No. 2021-1192, published in the Official Journal on September 15, 2021, which aims to simplify and strengthen security interests law while ensuring a better balance between the interests of creditors and those of debtors and guarantors, will take effect.<\/p>\n A reform that primarily concerns suretyship, defined more clearly and in a simplified manner in Articles and following of the Civil Code \u201cArt. 2288.\u2014A surety bond is a contract by which a surety undertakes to the creditor to pay the debtor\u2019s debt in the event of the debtor\u2019s default.\u201d<\/em><\/strong>, <\/em>particularly in the case of a lease agreement.<\/p>\n The main changes in this reform that are of practical interest to real estate agencies:<\/p>\n Gone are the days of having to copy a mandatory form word for word, which could lead to errors and render the document invalid. From now on, all surety agreements must include a statement affixed by the surety in the document, and this statement no longer has to be handwritten, \u00a0<\/em>The surety bond must be for a specified amount, and the joint and several liability clause will no longer apply only to the joint and several liability between the surety and the principal debtor, but also to that between the various sureties for the same debt \"Art. 2290<\/strong>\"\u2014 A surety bond may be simple or joint and several. Joint and several liability may be stipulated between the surety and the principal debtor, among the sureties, or among all of them.\"<\/strong>.<\/em><\/p>\n The health crisis and the need to follow preventive measures have led to an increase in the signing of contracts remotely via electronic means. Starting on the 1ster<\/sup> January 2022: From now on, it will also be possible to have guarantors sign joint and several guarantee<\/a> electronically, which was previously prohibited.<\/p>\n In the past, it was necessary to specify the period during which the guarantor was bound by his or her commitment. Effective January 1er<\/sup> As of January 2022, a guarantor acting as a surety for a tenant will commit to a term of one year or more, renewable indefinitely. \u00a0\u201cArt. 2313.\u2014A surety\u2019s obligation is extinguished for the same reasons as other obligations. It is also extinguished upon the extinction of the secured obligation.\u00a0<\/strong><\/em>\u00bb<\/span><\/i><\/strong><\/p>\n \u201cArt. 2315.\u2014Where a guarantee of future debts is for an indefinite term, the guarantor may terminate it at any time, provided that the contractually stipulated notice period\u2014or, in the absence thereof, a reasonable period\u2014is observed. \u00bb<\/span><\/em><\/strong><\/p>\n You can find all the new provisions regarding surety bonds and other forms of security, effective as of January 1, 2022, pursuant to the order of September 15, 2021, by clicking on the link below:\u00a0Ordinance No. 2021-1192 of September 15, 2021, on the Reform of Security Interests Law \u2013 L\u00e9gifrance (legifrance.gouv.fr)<\/strong><\/a><\/p>\n Our Agency Century 21 Auteuil Immobilier<\/a><\/strong> is available to assist you with any requests regarding property listings or rental management. You can contact our Rental Manager Alexy Lavergne<\/a> to the 01 42 15 16 21 <\/a><\/strong>who will be happy to assist you with your plans and guide you through every step of your real estate project.<\/p>","protected":false},"excerpt":{"rendered":" The Impact of the Reform on Real Estate Guarantees.<\/p>","protected":false},"author":0,"featured_media":2230,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conseils"],"acf":[],"yoast_head":"\n1 \u2013 Handwritten notes<\/h2>\n
\u201cArt. 2297.- Under penalty of nullity of the guarantee, the individual guarantor must personally include a statement indicating that he or she undertakes, as guarantor, to pay the creditor the amount owed by the debtor in the event of the debtor\u2019s default, up to a limit of the principal and incidental costs expressed in words and figures. In the event of a discrepancy, the guarantee shall be valid for the amount written out in full.\u201d<\/em><\/strong>.<\/em><\/p>\n2 \u2013 End of the ban on signing surety agreements electronically<\/h2>\n
3 \u2013 Term and Termination of the Surety Bond<\/h2>\n
The security deposit will be released upon the termination of the lease when the tenant gives notice, provided that the tenant is current on rent, has settled all outstanding balances, and has paid all amounts due in full.<\/p>\n