Usufruct
We want you to stay up to date! Here you may consult everything you need to know about usufructs before requesting it from the Third Notary of Montería.
What is an usufruct?
It consists of the right to enjoy the use and advantages of another’s property short of the destruction or waste of its substance.
THe usufruct has two coexisten rights: the property knot and the action of the usufruct. It has a limited duration, in which it transfers over to the property owner knot and consolidated with the property.
What does the usufruct extinction consist of?
It consists of the right to terminate the use and enjoyment of the benefits of a good that belong to another person.
Requirements
- National ID card.
- Public Deed.
- If the person involved in the usufruct has passed away, an authenticated copy of the death certificate will be necessary.
- A judge’s sentence must be attached.
- In the case of renouncement of the title holder, their signature will be necessary.
Frequently Asked Questions
How long does an usufruct agreement last?
It’s possible to constitute an usufruct for a determined or indefinite amount of time. If the agreement does not state a fixed time, it will be considered indefinite.
How does a right to usufruct end?
The finality of the usufruct occurs when there is a natural death of the beneficial owner, by resolution of the rights of the constituent, by the consolidation of the usufruct with the property, by prescription, by the renouncement or by a judge’s sentence.
What do the rights of usufruct consist of?
According to article 823 of the civil code, it is a right that a person may choose to enjoy something, but committing to returning it in the same state it was given.
What is an usufruct contract?
It is an agreement whereupon the property owner gives the beneficial owner the right to enjoy those goods as long as they commit to maintaining them intact.
How is an usufruct constituted?
Article 825 of the civil code indicates that it can be constituted by law, by a will, by a donation, sale or other process amongst living people or by prescription. If it is a contract that falls upon an asset, there must be written evidence via a public deed.
What are the causes that lead to the legal extinction of an usufruct?
- When the beneficial owner passes away, the extinction occurs even if the terms stipulated for the termination weren’t met.
- When the property owners sells the goods enjoyed by the beneficial owner.
- By the beneficial owner renouncing to his/her right.
- By the complete destruction of the assets.
- By a legal declaration, which can happen if the beneficial owner does not fulfill his/her obligations.