| Summary: | 碩士 === 國立臺灣大學 === 國際企業學研究所 === 91 === ABATRACT
Empirically, real estate is traded at one-off payment or short-term settlement. No perpetuity of the kind exists. Even amortized payment such as commonly used in chattel trading where sellers provide credit to buyers is seldom observed. Elderly people sell houses, put their money in the bank, and live on interests. Buyers in the absence of cash borrow from the bank. Now that interest rates plummet, elderly people can hardly rely on interests. In view of this, this research proposes the frameworks of real estate annuities: by making the seller to provide credits to the buyer, the profits earned by the intermediary may be redistributed to the seller or shared by both seller and buyer.
Once real estate is annuitized, payment duration is prolonged. From the buyer’s perspective, this simply implies that his debtor shifts from one financial institution to the seller. In any way, it won’t make much difference. From the seller’s perspective, his property right changes from the ownership of money to the right for recourse. Whether the buyer can pay on time and how it can be resolved when default takes place mean so much to the seller. The prevailing form of guarantee in the context of real estate is mortgage. However mortgage has its drawbacks: First, the execution is quite time-consuming. Second, the contents can not be changed to meet the requirements of both parties. Hence, it cannot fit to the concept proposed by the research.
Founded on trust regulations, this research proposes two warranty models: ‘equity-transfer warranty’ and ‘mortgage-setting warranty’. The former having simple legal implications can be used in a perpetuity or an annuity where the seller provides his own credits. The latter applying theories of trust laws, securitization and mortgage-setting can be used in loans in the financial institutions and risk-diversification by many investors. The warrant trust, relative to mortgage, is adaptable to the new mode of transaction, easy to execute and can serve as the channel leading to securitization.
Keywords: Viager、Trust、Warranty Trust、Beneficial right、Certificate of Beneficial Interest、Annuity Insurance、Securitize、Annualize、Reverse Mortgages。
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