The rights and obligations of the usufructuary in respect of immovable property
The rights of the usufructuary
Reminder: Dismemberment of property is a wealth management technique that separates the full ownership of a property between two people: the usufructuary and the bare owner. This technique offers many advantages in terms of wealth transfer, taxation and rental management.
Under the provisions of the Civil Code, the usufructuary has the right to exploit the property by making it available to him for his personal use or by renting it to collect the fruits generated. He may conclude residential or professional leases alone, except for rural property or commercial, industrial or craft buildings. However, he must respect the rights attributed to the bare owner and preserve the substance of the thing.
The obligations of the usufructuary
The usufructuary has the obligation to preserve the substance of the thing and to maintain it accordingly. He must draw up an inventory of the premises before using the property, undertake to reasonably enjoy the property by providing a signed document to the bare owner, and carry out all maintenance repairs. Maintenance expenses are borne by the usufructuary, while major repairs are borne by the bare owner.
The financial charges of the usufructuary
Annual tax charges, such as housing tax and property tax, are the responsibility of the usufructuary. On the other hand, major repairs are the responsibility of the bare owner, unless they were caused by the lack of maintenance of the usufructuary.
The need to be well supported
The management of a dismembered property can be complex and requires a good knowledge of the legal rules in force. To avoid pitfalls, it is recommended to be accompanied by a real estate professional. At Gabriel, we put our expertise at your disposal to advise you and accompany you in all your steps.
Posted on 23/02/2023 by
Cyril POTTIER
Entrepreneur and founder of the agency GABRIEL FRANCE, my career began in the field of accounting, but my passion for real estate led me to this captivating adventure. With GABRIEL FRANCE, we bring our expertise to every stage of real estate, from purchase to sale, including rental management. Through each transaction, our goal is simple: to ensure your satisfaction.
