The right of ownership is a right that grants the broadest authority over a property. On the other hand, usufruct is a limited real right that comes after the property right and grants broad powers over a property. In this article, we will examine in detail what usufruct is, how it is established, the reasons for its termination, and the rights and obligations of the owner and usufructuary.
Definition and Characteristics of Usufruct Rights
Usufruct right is a real right established by assigning the rights to use and benefit from a property to another person. This right can be established on movable and immovable property, rights or even an asset.
The main features of usufruct are as follows:
It is the broadest right after the right to property.The rights to use and benefit from the owner of the property right are transferred to the owner of the usufruct right.
It is a right in kind.This right can also be protected against other persons by registering the property in the land registry.
It can be established by succession and on a partial basis.Establishment by succession means that the usufruct right is established together with the transfer of the property right. Partial establishment means establishing the usufruct right on a part of the property right.
For real persons, it ends with the death of the person at the latest, and for legal entities, it ends at the end of one hundred years at the latest.
Establishment of Usufruct Rights
Usufruct rights can be established in the following ways:
By contract: The most commonly used method to establish usufruct is by contract. The property owner and the usufruct owner can determine the establishment and conditions of the usufruct right with a contract.
From inheritance: The property owner can determine the establishment of usufruct rights by will.
By court order: In some cases, courts can also establish usufruct rights. For example, in a divorce case, the court may establish usufruct rights for one of the spouses over the property of the other spouse.
Termination of Usufruct Right
The usufruct right ends in the following cases:
Death of the beneficiary: In real persons, usufruct ends with the death of the beneficiary.
Termination of legal entities: The usufruct right in legal entities terminates with the termination of the legal entity.
Abandonment of right: The usufructuary may abandon the usufruct right.
Abuse of right: If the usufructuary abuses the right, the right can be terminated by court decision.
Rights and Obligations of the Beneficial Owner
The usufructuary has the authority to use and benefit from the property. These powers include:
Physical use of the property: The usufructuary can use the property for his or her own needs.
Benefiting from the property: The usufruct owner can derive income from the property, such as rent and interest.
The usufruct owner is also obliged to maintain and repair the property. In addition, the goods must be insured.
Rights and Obligations of the Property Owner
The owner of the property continues to have title to the property. The property owner cannot prevent the usufruct owner from using and benefiting from the property.
However, the property owner has the right to prevent the property from being used in a way that would harm its essence.
