It is important, before entering into the fundamental elements of the right of usufruct in Spain, to make clear what the concept is of usufruct as well as the right of usufruct.
Therefore, and in order to make this post easy to understand, we can explain the usufruct is the right, by the usufructuary to enjoy another person’s property, even though he is not the owner, provided that he takes into account that he must conserve the form and substance of said property. As this is a legal concept, this is legally possible.
The next question that might come up is how to obtain the right of usufruct.
The law establishes 2 different ways that are stated below:
- The way set out by the law: in this section we would have for example inheritances. In the case of widowhood, so that the widow or widower is protected, the law may grant right of usufruct to the widow/er at issue, although the real owners of the property are the heirs. In this case, the usufruct would last for the time until the decease of the beneficiary of this right of usufruct.
- The way set out in the last wills of a person. In this way, it is clear that you can draw up a private usufruct contract. Let’s see an example, imagine that you wish to leave the usufruct on a property to a person who is not a heir, so that he can live in the property. This can be done this way, and in this way, the legal heirs would not be unprotected this way. In this way, the time would be prolonged for the time recorded in the contract (for example 20 years) or whilst the beneficiary is alive.
In short, the most common cause to end the right of usufruct is the decease of the beneficiary, that is the usufructuary.
Or in the other case due to the termination of the contract. The case might also be that the usufructuary waives the right and thus the situation of usufructs gets to an end.
If the asset has not been used for a certain period of time, the right of usufruct can get lost as well (30 years for a real property and 6 for a personal property).
Whenever the case has come of cancellation or termination of the right of usufruct, the owner must liquidate the corresponding charges over the value of the usufruct at the time of establishing the usufruct.
However, in order to carry out the consolidation of the ownership due to the extinguishment of the usufruct, you need to have some complex and profound knowledge of the law, that maybe a person who doesn’t form part of the legal world, might not have, and thus, in this case and given the complexity of the procedure, we recommend to contact our team of expert advisors in this matter.