- What is the usufruct?
- Usufruct characteristics
- Temporary usufruct and life usufruct
- Usufruct contract
- Usufruct calculation example
- Usufruct and bare ownership
We explain what the usufruct is, its characteristics and how it is calculated. In addition, differences between temporary and life usufruct.
What is the usufruct?
The usufruct is the real right of enjoyment or enjoyment of a good that does not belong to us, that is, of something foreign. This is translated in legal terms to the possession of the thing, but not to its property.
In conclusion, the usufruct is the right to use and have a good, without becoming the owners of it. It is a legal figure whose origins date back to roman law, and which is extremely frequent today.
In legal terms, usufruct is understood as the temporary dismemberment of the domain on the thing, that is, while the usufructuary has the right to the utilities of the thing, the owner of it will have temporarily lost his ability to enjoy or enjoy it, leaving him only the right to dispose of it.
Put more simply, the owner of an asset continues to be so despite the usufruct, but it will be the usufructuary who has the right to enjoy and enjoy it. Here is the "partition" of rights traditionally granted by property.
Any form of usufruct responds to what is established on the matter by the National Constitution or whatever the legal system in force, and the civil codes that regulate the matter.
Usufruct characteristics
The usufruct is a real right in a foreign property, so the usufruct assets are not part of the heritage of who uses them, but of their owner or owner.
Hence, many of the property rights of the thing will be prevented, such as sales, for example. For the rest, it is a right to full enjoyment, without limits, but defined in a preconceived time frame, that is, temporary.
There are various usufructible assets: tangible assets (movable or immovable), rights, servicesYou can even use a part of the thing and not the thing in its entirety, as desired. This ranges from homes, cars, machinery, plantations, capitals, herds, etc.
Temporary usufruct and life usufruct
Generally speaking, the usufruct is classified into two, according to its preconceived duration: temporary and life. The temporary usufruct is one that has a period of duration established in its contract and in advance, at the end of which it expires, that is, the right of enjoyment and enjoyment returns to the legitimate owner of the thing. This is the most common type of usufruct.
In contrast, a life usufruct has the duration of the life whole of the usufructuary, and only then will the rights of enjoyment of the thing return to the owner.
Usufruct contract
Any usufruct relationship is guided by the terms of a contract of usufruct. This contract, logically, governs the terms of the agreement and, among other things, determines the type of usufruct and its duration.
It also indicates the percentage of the total value of the property that the owner must receive from the usufructuary, as well as the bonds, ordinary charges, the drafting of an inventory (if applicable), and the way in which the contract itself will be terminated.
In many of these contracts, in addition, suspensive conditions can be included, which establish requirements to access the usufruct or not to lose it. These contracts must be presented and certified before the relevant body of the Condition, like any other.
Usufruct calculation example
The value of a usufruct is calculated based on the established terms of use time. For example, a life estate usually uses the following formula:
Usufruct = 89 - age of the usufructuary
Since, being for life, the value ranges of the usufruct will be between 10% and 70% of the total value of the property. For example, if we want to use a house to live in it for life, we must pay the owner an estimated amount according to the previous rule, to compensate him financially for the right to enjoyment and enjoyment that he will be giving us.
We will not be able to sell the house, nor to reduce its value freely, but we will be able to enjoy its fruits: we will be able to rent a room, for example, or have a small orchard in the garden.
Usufruct and bare ownership
The bare ownership is the exclusive right of the owners over a thing transferred in usufruct, so it does not have the right to enjoy it.
For example, the owner of an apartment that is transferred under rental terms is known as the owner of the same, being able to sell it if he feels like it; meanwhile, the rights of use and fruit (that's where the term comes from, from usufructus Latin) of the same will correspond to the renter.
The rights of the node owner, then, are:
- Recover the thing assigned in usufruct in good condition, once the usufruct has expired according to the terms of the contract.
- To dispose of the thing, that is, to alienate it at will.
- Exercise other rights that the property of the thing grants you.