Usufrct

I am sure by now you have found the answer to your question but I was curious having not heard of this before..

Usufruct in Spain. Gift purchase and inheritance reserving the usufruct (white-baos.com)

Hi All,

I've heard of the usufruct law.

I've done a lot of searching and have discovered it goes back to Roman times.

It's also not just confined to Spanish law, but used in America and the UK.

There are firms in Spain offering to help the older generation among us, that are maybe asset rich but cash poor, to release the capital in a property, but still remain in it till death.

I'm interested in this concept and am interested to hear what other people think about it.

Chris 

I think that’s kind of like equity ..but the guy in question is obviously by reading to have the house left to him but the stepmother has the use of it and can use it and rent it until she dies and then the property is free for the stepson to do whatever ?

This is how I read it ,not sure if I’m correct though..

Jean

There are a couple of these in our complex, they seem to have worked out arrangements quite well by swopping homes with children when they want to use the apartment and the children get home & pet sitting while they holiday. Obviously who pays for what has to be arranged too.

Quite common in Spain.

It means the stepmother has the right to use the property until death.

Whether she can block you entering is in doubt. 

You'd be well advised to take the title deeds to an abogado to advise you correctly. (NOT a gestor or an estate agent. Only a Spanish lawyer.)

Norm

Hi Norm

Many thanks for your reply. Very helpful.

I'm in the process of changing the title deeds as its not been done yet. Im popping over shortly to Fuengirola to sort but need to book a lawyer first. Also, the Will states (regarding my stepmother) that she has 'life tenancy' (not usufruct) so need to see if there is a difference etc......Spanish law eh....

Thanks again

S

No worries Scott. While I'm not a lawyer, I dealt with this as an estate agent.

As a generalisation, in Spanish 'Usufructo' actually translates as 'Life tenancy' but without any other rights over the property.

Plus it has to have been registered officially through the Notary's office to be signed into law.

Which is why you need an abogado, amigo.

Norm.

This is a Google translation form the website iAbogado:-

What is usufruct? Usufruct is a right through which one person can use the property of another. The person who uses said objects has his or her own right, independent of the right of the owner or owner. At the same time, the owner retains the right of ownership of it but limited by the aforementioned usufruct, being deprived of the use and enjoyment of it. 

Over what assets can I constitute usufruct? The law does not distinguish over which assets it is possible to constitute usufruct. According to this, it can be established over any asset that you have ownership of. 

What happens if I want to take advantage of a property? It is possible, but in this case you must register said usufruct in the registry of interdiction and encumbrances of the corresponding real estate conservator. 

How long can I constitute a usufruct? You can establish usufruct for a specific period, as well as it can also be established under a suspensive or resolutive condition. For example, donating the usufruct of a property to a person if they get married. Or donate to someone the usufruct of a property but with the right to have it extinguished when they turn 30 years old. 

Why usufruct? Usufruct is very convenient in the case of inheritances. Through this mechanism, testamentary usufructs can be left. That is, allowing one of your heirs to use and enjoy a certain asset without the right to sell or transfer it. In the event that you decide to establish a usufruct over movable assets, the transfer must be done through a contract. 

Examples of movable property are cars, shares, works of art, etc. According to the above, you must consider that if the usufruct falls on real estate, you have to grant it by registered public instrument and comply with a series of established requirements and formalities. in legislation. In any case, you will need to receive professional advice.

Thanks Norm for your messages.

I had a feeling it was the same meaning however as you said need to speak to a lawyer.

Have a good day.

S