SCI family

An SCI is a company in which members of the same family, who so wish, contribute a portion of a building they own, and it is then the company which becomes the owner, each contributor recovers shares in return, which correspond to its contribution. SCIs are regulated by the provisions, which are common to all companies, set by articles 1832 and following of the civil code, as well as by articles 1845 and following.

Indeed, it often happens that several people, who did not choose this at the beginning, become owners of the same property (e.g. in case of an acquisition under the separation estate system, in case of a divorce or legal separation, in the event of death…). This is when the rules of joint ownership apply. All the owners of the building must then learn to manage the aforementioned building together and agree to make mutual decisions.

However, everyone is free to leave this joint ownership at any given time: this often results in selling the aforementioned property. Otherwise, disagreement put down roots and leads to a dead end. It is therefore strongly advised to plan the constitution of a real estate company, to avoid these issues.

A manager is appointed to deal with current affairs, the most important decisions being generally taken at a meeting, according to the majority set by the statutes.

In a SCI family formed only between parents and children and where the parents are co-managers, the duration of their mandate is generally not specified and terminates on their death or at the end of the SCI’s existence.