RIGHT OF USUFRUCT - WHAT IS IT?

It is a right granted to someone who, for a certain period, can enjoy the use of another person's property, whether real or personal.

This right protects the person who intends to transfer the ownership of an asset to another person but wishes to continue enjoying it for as long as they are alive.

How long can the Right of Usufruct last?

The declaration of usufruct can have a duration specified in the contract or it can be for life, ceasing only upon the death of the usufructuary.

After the death of the usufructuary, do the heirs have a right to the property?

In the event of the death of the usufructuary, heirs who are not included in the purchase and sale contract or the donation and the declaration of usufruct do not have a right to the property. Even if they are legal heirs, this specific asset cannot be considered.

Where is it possible to formalize the grant of the Right of Usufruct?

For the usufruct to be in accordance with legal requirements, it is necessary to issue a declaration of usufruct duly signed by the parties and authenticated at any Notary Office or Land Registry, or by a lawyer or solicitor.

Is it possible to annul the grant of a Right of Usufruct?

Yes, it is possible. Either party can annul this condition, provided there is mutual agreement. In this case, both parties must formalize the change in this situation at a Notary Office or Land Registry. There are no taxes to be paid. However, it is necessary to pay the costs of the acts at the Notary Office or Land Registry, or to the lawyer or solicitor.

What happens if the owner decides to sell the property?

If the owner decides to sell the property, the right of usufruct remains in effect.