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What is Usufruct?Usufruct is the right to temporarily and fully enjoy someone else's thing or right, without changing its form or substance.
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How can usufruct be constituted?Usufruct may be constituted by contract, will, adverse possession or provision of law.
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What are the maximum usufruct durations?The usufruct cannot exceed the life of the usufructuary; in the case of a legal person, public or private, the maximum duration is thirty years.
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What are the usufructuary's rightsThe usufructuary has the right to use, enjoy and manage the thing or right as a good family man would, respecting its economic destiny.
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What are the usufructuary’s responsibilities in relation to repairs and expenses?The usufructuary is responsible for the ordinary repairs essential for the conservation of the thing, as well as for administration expenses. He can exempt himself from these responsibilities by renouncing the usufruct.
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What happens in the event of loss or deterioration of the beneficial property?If the property or right enjoyed is lost, deteriorates or decreases in value, the usufruct becomes applicable to the compensation owed to the owner.
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How can the usufruct be extinguished?The usufruct can be extinguished for several reasons, including the death of the usufructuary, the reunion of the usufruct and the property in the same person, the non-exercise for twenty years, the total loss of the thing enjoyed or the renunciation.
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What is Bare Property?Bare Property is property devoid of usufruct, that is, the right to temporarily and fully enjoy a thing or right. It is property without the immediate right of use and enjoyment.
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What are the Naked Owner’s rights?The Bare Owner holds the property without the rights of use and enjoyment, but maintains the right to dispose of it, and may sell or transfer the property.
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What are the benefits of usufruct and Bare Ownership?Usufruct allows the temporary use and enjoyment of an asset, while Bare Property offers permanent possession of the property. The combination of these rights can be useful in succession planning, allowing the transfer of assets in a strategic and flexible way.
Still have doubts?
Discover the history of Santiago
Santiago, 70 years old, widower and owner of a house, decides to sell his property, but wants to continue living there. He can choose to establish usufruct, allowing him to sell the house and receive the corresponding value, while guaranteeing the right to enjoy the residence until the end of his life.
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Usufruct benefits for Santiago:
- Santiago obtains financial resources from the sale of the house.
- Maintains the right to live in the house until the end of his life.
- Enjoy a more peaceful old age, without worrying about changing residence.
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But Santiago can choose to maintain Bare Property. He only sells the property itself, retaining the right to live in the house until the end of his life.
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Benefits of Naked Property for Santiago:
- Receives the value from the sale of the property.
- Continue to live in the house as long as you are alive.
- Maintains the security and comfort of your home, even after the transaction.
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In both situations, Santiago will be able to enjoy the benefits of selling the property, whether through usufruct or Bare Property, ensuring his peace of mind in his old age, without giving up the place he calls home. The choice between usufruct and Bare Property will depend on José's personal preferences and the specific objectives he intends to achieve with the real estate transaction.
