UsufructA usufruct, as defined by Article 467 of the Civil Code, states that it is the “right to enjoy the property of others with the obligation to preserve its form and substance, unless the title of its constitution or the law authorizes otherwise”. In other words, an usufruct gives a person, the usufructuary, the right to enjoy the property that belongs to another. The usufructuary has the obligation to preserve said property (NCC Art. 562). Usufructs are created either (1) by law; (2) by will of private persons; or (3) by prescription (NCC Art. 563).
Do parents have usufructuary rights over their children’s property?
Yes. By law, parents have usufructuary rights over the child’s property this property can include a condominium or land. This ensures that parents who have transferred their condominium titles or land titles to their children can still have a place to stay and enjoy said property (FC Art. 226).
How can I enter into an usufruct with another person?
There are various ways in which a person can enter into an usufruct with another person. One way is that an usufruct can be agreed upon voluntarily by the will of private persons. Other ways are by way of a contract, donation, retention of the usufruct by the donor, last will and testament, and the like.
Why do I need a usufructuary agreement?
In essence, an usufruct is a contract, as one is allowed to the enjoyment of another’s property, provided that there is an obligation to preserve the property. Thus, a usufructuary agreement must be ensured. What is the purpose of a usufructuary agreement? A usufructuary agreement is needed to protect the rights of both parties and to prevent future disagreements concerning the property.
How do I protect my interests in such a usufructuary agreement?
To ensure that your interests are protected, your usufructuary agreement must be registered or annotated in the condominium title or land title. This way, in case of sale or mortgage, the agreement shall be reflected on the title.
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