Invest in an Usufruct can bring many advandtages. The usufruct right promotes a balance between the interests of the owner and the usufructuary. It offers a flexible solution for various scenarios, from succession planning to efficient property management.
The usufruct right involves rights and duties for the beneficiary. Get to know them.
Rights
Rent the property. By assigning the right of usufruct, the owner cannot oppose this lease. However, the lease expires as soon as the landlord dies. Under the law, the death of the usufructuary terminates the usufruct right. Therefore the lease contract is no longer valid. The owner can demand the return of the property 6 months after the death of the usufructuary.
Continue to reside in the property, even if it is sold. The buyer cannot occupy the house or “drop” the usufructuary. Although it may be a difficult business to carry out, since the buyer cannot live or make income from the property, this possibility exists in the law.
The usufruct of a property can be a form of inheritance, even for those who are not heirs by law. The owner of the property can choose who will have the right to use the property and possibly have its full and permanent possession.
Facility in carrying out a contract for the usufruct of real estate.
Duties
Manage and take care of the property as if it were yours. The property must be well taken care of and, after the usufruct, it must not present damage that has not been caused by normal use.
Pay expenses like IMI and other charges.
Make repairs necessary for the property's maintenance. Major repairs and improvements are the responsibility of the owner.
