There are many concepts related to the real estate world that are somewhat confusing or unknown to those who are not involved in matters of this type. In fact, it is common for usufruct or the bare ownership are hardly mentioned in someone's life until the topic of inheritance comes into play. Even if you have heard of these terms, Many people them misinterprets or does not know exactly what each of them means or their implications.
As regards usufruct, we could define it as the right to use and enjoy another's property over which no ownership is claimed. This is a real legal figure whose complementary part (the owner of the property) is known as the bare ownership.
A usufructuary may use the property for the duration of the usufruct, but You have no right to sell itThe bare owner is solely the owner of the property, but as long as the usufruct period does not end, he cannot use it.
Sometimes, the person who receives the usufruct is not entirely clear about his or her rights, such as, for example, In case of resignation, he must receive compensationIt is also not unusual for the usufructuary of a home to be unaware that, if he wishes, he can rent it out and obtain an income. As for its duration, this right depends mainly on whether it is a natural person, a company, corporation, etc.
At Aun Más Vida we are aware that most of these types of procedures are complicated and tedious, which is why we always We recommend expert advice in the sale of the bare property like us. That is why, throughout this article we will try to dispel all these doubts and define clearly and concisely everything related to the usufruct of a home.
Types of usufruct
The types of usufruct that exist They can be categorized according to their nature. According to the law, for example, there are voluntary and legal usufructs. The object on which it falls or the duration of the usufruct can also be taken into account. Below we list the main ones:
According to its legal constitution
Volunteer: It happens if someone voluntarily determines in an agreement or in his will the transfer of usufructFor example: two brothers have a factory and its production in common. In the event of the death of one of them, the usufruct can be transferred to the other, although the property passes to the heirs, who are normally the children. In addition, there are three subsections within the voluntary usufruct:
- Inter vivos: In this case, the parties involved in the agreement must be alive at the time of signing.
- death causes: Through a will.
- By prescription: This concept refers to the way of acquiring ownership of the asset, which must be within certain requirements and deadlines.
Legal: It refers to what happens by legal imperative. In Spain, only the right of usufruct after widowhoodIf there are descendants, the widower receives the usufruct of one third of the improvement. If there are ascendants, but no children, he receives the usufruct of 50% of the estate and, when there are neither ascendants nor descendants, he receives the usufruct of two thirds of the total inheritance.
According to its object
- Usufruct over material assets: (Furniture or real estate). The usufruct may apply to movable or immovable property such as homes, to any property or to a share (if it belongs to more than one person).
- Usufruct over rights: Rights can also be objects of usufruct, The only exception is if it is a very personal or non-transferable property.The usufructuary acquires any benefit that the right provides. A common example is credit rights, where the person in usufruct receives only the interest.
According to its duration
- Temporal: With a time limit that may be established by the judge or, in the case of voluntary usufruct, the testator.
- Life: As its name indicates, this type of usufruct lasts until the death of its holderWe can see this in the case of the widowed spouse, since it does not disappear until the latter dies.
What assets are usually subject to usufruct?
There are certain assets that are more likely to become objects of usufruct than others, such as real estate. If we talk about inheritances, especially in a country like Spain with a strong tradition of property, Homes or lands are often subject to this type of process.The reason, many times, has to do with avoiding family problems in which a widowed spouse may be affected and left homeless due to the inheritance of the property of the home.
On the other hand, the shares or stocks of a company also serve as an example on many occasions. Although the partner remains the bare owner, the usufructuary in these cases is also has the right to use and enjoy any benefits produced by the title.
When the object of usufruct is money, it is one of its most complex forms since the usufructuary can use the money from a certain current account, but You have to return it once the right ends.
It is simpler when it comes to material goods, although, if they are perishable, the usufructuary also has certain duties to fulfill. He may use goods that perish without being consumed while the usufruct lasts and return them in the state in which they are at the time of termination. However, he must compensate the owner in the event of damage caused by his faultFor example, a perishable asset could be a painting, which deteriorates over time, even though it cannot be used. Another type of asset is one that cannot be used without being consumed, such as money. In this case, the usufructuary must pay the amount of its value when the usufruct ends.
In rural areas, the usufruct of natural areas, plantations and even livestock is also often used. If this happens, the usufructuary must also replace plants or animals lost over time and through their management, but can use the products generated during the stipulated period.
How is the value of usufruct calculated?
One of the most useful aspects that anyone who has any kind of relationship with this right should know is how to calculate its value. Whether it is a bare owner who is interested in selling the property he owns or a usufructuary who is considering the possibility of getting rid of his right, both should know this formulaThe first thing to do is to know the type of usufruct in question, whether it is temporary or for life.
Temporary usufruct:
Every right of this type has a specific value that is equivalent to 2% of the value of the property for each year that passes from the usufruct. This must be given a value minimum limit of 10% and another maximum of 70% on the total value.
Usufruct for life
Logically, in the event that the usufruct lasts for the entire life of the user, it is not possible to calculate with certainty how long it will last. It is for this reason that it is defined that The maximum age of the usufructuary is 89 years, an estimate based on population statistics.
Next, the age of the person in usufruct at the desired time must be subtracted from this number. The result becomes the proportional part that has to be applied to the final value of the asset, also with a minimum and maximum of 10% and 70% respectively.
When does usufruct expire?
We have just explained that usufruct can be temporary or for life. This may simplify things quite a bit, but we are going to try to expand the explanation. We can talk about a period of about 20 years in a home or a lifelong example, in both cases we know when it would end. In the case of a corporation or society, the duration of usufruct I could never get past 30 years oldHowever, what other causes of extinction could there be?
Death of the usufructuary:
Starting with the possibility that offers the least debate, it should be noted that, if the usufruct has been established on several persons, which is known as successive usufruct, The period ends when the last of them dies..
Expiration of the term or fulfillment of conditions:
If it is a usufruct with a specific period of time established, it expires when that date arrives. On the other hand, if a resolutory condition has been stipulated, As soon as it is fulfilled, the usufruct will endIf the usufructuary were to die before the term or the resolutory condition had expired, it would also be extinguished, unless the possibility of his or her successors inheriting it had been explicitly agreed upon.
Consolidation:
Finally, you can also get to to unite the usufruct and the bare ownership in the same personIn this way, the full owner with absolute ownership of the property emerges, be it a home, a right or whatever.
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