Whats is it?
It is the termination of the right to use and enjoy the benefits of a good that belongs to another person.
- Extinction of usufruct
- 1. How long does this agreement (usufruct) last?
It is possible to constitute an usufruct for a specific or indefinite time. If at the time of the agreement the duration is not fixed, it will be understood as a lifelong agreement.
- 2. How is the usufruct right terminated?
The extinction of the usufruct can be given by natural death of the usufructuary, by the resolution of the right of the constituent, by consolidation of the usufruct with the property, by prescription, by the waiver of the usufructuary or by judge's decision.
- 3. What is the usufruct right?
According to article 823 of the Civil Code, it is a right with which a person can enjoy a good with the commitment to return it in the same state in which it was delivered.
- 4. What is a usufruct contract?
It is an agreement through which the owner of movable or immovable property gives a usufructuary the right to enjoy his property with the commitment to keep his faculties intact.
- 5. How is the usufruct established?
The Civil Code, in article 825, indicates that it can be constituted by law, by testament, by donation, sale or other act between living or by prescription. If it is a contract and it falls on a property, it must be recorded in a public deed.
- Citizenship card.
- Public deed.
- Upon the death of the usufructuary, attach an authenticated copy of the civil death certificate.
- By prescription, attach judgment of the judge.
In case of resignation of the owner, the owner’s signature is required.