Usufruct is what is enjoyed, i.e, that you can enjoy, that you can enjoy, that you reap the fruits, that you have enjoyment and temporary possession. From the Latin “ususfructo”, which means “use of fruits”.
In the legal field, "usufruct" is the right that is given to someone, so that, for a time, in an inalienable and unseizable way, they can enjoy of someone else's thing as if it were yours, as long as it does not alter its substance or destiny, committing itself to watch over its integrity and conservation.
Usufruct in the Civil Code
Usufruct is an element of property provided for in the Brazilian Civil Code, from article 1390 to article 1411. "The usufruct may fall on one or more assets, movable or immovable, in entire assets or parts thereof, including, in whole or in part, the fruits and utilities". Article 1,391 provides: “The usufruct of real estate, when it does not result from usucapion, shall be constituted by registration at the Real Estate Registry”.
The usufructuary has the right to the possession, use, administration and perception of the fruits. The usufructuary may enjoy it in person, or by lease, but not change the economic destination, without the express authorization of the owner.
The usufructuary, before assuming the usufruct, has the duty to inventory, at his own expense, the goods he receives, determining the state in which he finds himself. The procedure is the same as an inspection report for the lease of a property. The usufructuary also has the duty to provide any necessary repairs.
lifetime usufruct
Lifetime usufruct is a donation with usufruct reservation, made at a notary's office, by which the owner can transmit to another person the ownership of a good, even though he has the right to continue to use that good and administer it. It is a mechanism often used by parents who still want to transfer their assets to their children.
The usufruct can also be legalized by a will, in which your assets are already donated in life with reservation of usufruct, in which the one who received the donation cannot sell the good received while the donor to live.
With the formalization of the usufruct for life, two parts are consolidated: the "naked owner", the one who transferred the property, but still has the right to use, administer and receiving all the fruits that may come from the good, and the "usufructuary", the one who received the good as a donation and who has guaranteed that it will be taken care of and administered by the usufructuary. If the property is not being properly taken care of, the bare owner can request cancellation of the usufruct.
Extinction of usufruct
The usufruct is extinguished with the cancellation of the registration with the Real Estate Registry, obeying several criteria, among them, the renunciation or death of the usufructuary, by the end of its duration, by the extinction of the legal entity in favor of whom the usufruct was constituted, or if it to last, for a period of thirty years from the date on which it began to exercise, or through the fault of the usufructuary, when it disposes or deteriorates the good.
See also
- enjoy