The contract of life maintenance (care), as one of the varieties of the annuity contract, is an alternative to the donation contract, in cases where a person while living has the intention, under certain conditions, to dispose of her properly on the right of ownership of property.the annuity contract

It is for a contract of life maintenance (care) the transferor conveys to the transferee of ownership of residential house, apartment or part, other real or personal property having significant value, in return for which the purchaser agrees to provide to the transferor the content and (or) care for life.

The agreement must be in writing and must be notarized, but if the subject of the contract is immovable property and state registration.

The ownership of the property transferred under the contract of life maintenance, based on the definition of the concept of the Treaty and, given the prescribed form, arises from the moment of notarization of the contract and if the contract is subject to state registration - from the moment of such registration.

However, before the death of the transferor the right to dispose of property transferred under the contract of perpetual maintenance (care) legally restricted. So, until the death of the transferor, the transferee has no right to sell, give, change or pledge the property acquired under this agreement. For the purpose of compliance by the transferee with these restrictions, during the notarization of the contract by a notary is prohibited alienation of such property.

Parties to the annuity contract is the transferor and the transferee, and the transferor under this agreement may be any physical a person, regardless of age and health condition, and the purchaser is a natural person who is able to provide to the transferor by the contract provision, i.e. adult capable physical person, legal person or several natural persons who receive property by right of common joint ownership, and their responsibility for content (care) of the transferor is jointly and severally, i.e., such that the transferor has the right to require performance of duties under the contract as against all purchasers, and each of them separately.

The contract of life maintenance (care) may be concluded also in favor of a third party. The fact of stay of such person in a family relationship with the transferor legal does not matter. The conclusion of such Treaty is possible in the absence of a third party for whose benefit a contract is signed, funds for accommodation or a painful condition, for which it needs constant care and, thus, the lack of property that can be transferred under the contract of life maintenance.

At the conclusion of the specified contract for the purpose of proper execution should be clearly established the rights and obligations of the parties. So, the acquirer must provide to the transferor a lifetime material support (in kind and in cash) and/or care, timing and types which are also defined in the agreement and bury the assignor even if such an obligation the contract provides.

If necessary, and if such obligation is stipulated in the contract, the purchaser shall provide the transferor, the contract specifically defined the object of immovable property (or part of) where the transferor will reside.

The contract of life maintenance (care) in its legal nature is similar to a hereditary contract, which also lies between the transferor, who is the owner of the property and a purchaser who is charged with the duty to comply with the orders of the transferor and which, in the event of the death of the latter, acquires the ownership of his property.

The acquirer inherited the contract may be obliged to take some action property or non-property nature, until the opening of the inheritance or after the opening (e.g., to pay to the transferor, or in favour of third parties or parts of a lumpsum amount of money to execute the order regarding the rite and the place of his burial, etc.).

The rights of the assignor under the contract are that he may make certain orders and to demand their performance, but because of the conclusion of the hereditary contract he acquires the obligation not to dispose of the property in certain hereditary contract, not to bequeath it.

The difference between inheritance contract from the contract of life maintenance (care) is associated with the acquisition of property rights. If the annuity contract, the ownership right at the purchaser arises from the moment of certification of an agreement (in the cases established by the legislation - from the moment of state registration of the contract), the right of property by inheritance contract shall pass to the buyer only after the death of the transferor. The purchaser under this agreement during the life of the assignor and has only the possibility of acquiring rights on the property in the future subject to the fulfillment of requirements specified in the contract.

If You don't want to have problems in the future, it is better to formalize Your relationship correctly.

Agree that it is better to pay so little money for the legal work than to lose much more.

Drafting the contract of life maintenance - 1000 USD.

Gathering information about companies - 1000 UAH.

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