Usufruct
What this is about
Usufruct is a real right of enjoyment that grants a person (the usufructuary) the right to enjoy an asset owned by others. The owner of the asset is called the ‘bare owner’ since, by virtue of the usufructuary right, he is the holder not of ‘full ownership’ but of mere ‘bare ownership’ of the asset in question. The peculiarity of the right of usufruct is that it has a temporary duration since it expires with the death of the holder. The assets subject to usufruct are infungible and inconsumable since they must be returned at the end of the usufruct.
Highlights
Sale of bare ownership with usufruct
The sale of bare ownership with usufruct represents a case in which a person sells his or her home, but reserves the right to live there as usufructuary for a certain period of time or even until death. Selling a property encumbered by usufruct offers, for the seller, the opportunity to obtain a substantial sum of money without losing the enjoyment of the property. For the buyer, on the other hand, the purchase of a house with usufruct represents a form of investment, being able to obtain bare ownership of the property for a significantly lower price than the market value, but without the possibility of using it immediately.
Highlights
The role of the notary
The right of usufruct is constituted by signing a contract before a notary between the bare owner who grants the enjoyment of the property and the usufructuary, that is, the one who receives it. The Fiordiliso Lupoli firm offers its expertise to support you with customized consulting on this matter.
