The right of usufruct is a right attributed to someone who, for a certain period of time, can use or enjoy someone else's property, whether it’s Real Estate or a movable asset, that belongs to another person.
The right of usufruct, although applicable to different types of assets, is quite common in housing. It allows, for example, parents to donate their house to their children, but continue to live in it for as long as they are alive.
How long can Usufruct last?
The declaration of usufruct can have a duration determined in the contract or it can be for life, ending only upon the death of the usufructuary.
After the death of the usufructuary, do the heirs have rights to the property?
In the event of the usufructuary's death, heirs who are not mentioned in the sale or donation contract and the usufruct declaration do not have rights to the property. Even though they may be legal heirs, this specific property cannot be considered part of the inheritance.
Where can the grant of Usufruct Rights be formalized?
For the usufruct to comply with legal requirements, it is necessary to issue a usufruct declaration, duly signed by the parties, and recognized at any Notary Public Office or Land Registry, or by a lawyer or solicitor.
Is it possible to annul the granting of Usufruct Rights?
Yes, it is possible. Either party can annul this condition, as long as there is mutual agreement. In this case, both parties must formalize the change in a Notary Public Office or Land Registry. There are no taxes to be charged; however, the costs of the acts at the Notary Public Office or Land Registry, or to the lawyer or solicitor, must be paid.
What happens if the owner decides to sell the property?
If the owner decides to sell the property, the usufruct right remains.
