What is an usufruct?
It is the faculty of enjoying a thing or good, preserving its form and substance to return it to its owner, in the same state.
The usufruct necessarily supposes two coexisting rights: that of the bare owner, and that of the usufructuary; It has a limited duration, after which it passes to the owner and is consolidated with the property.
- National ID Card.
- Public deed.
- If the usufructuary is deceased, an authenticated copy of the death certificate.
- By prescription, attach the judge’s sentence.
- In the case that the owner resigns, the signature of the owner is required at the notary.
How long does an usufruct agreement last?
Depending on the parties involved, it is possible to establish an usufruct for a determined time or indefinitely. If the duration is not set in the agreement, it shall be understood as lifelong.
How is the usufruct right terminated?
It occurs by the 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 resignation of the usufructuary or by judgment of the judge.
What is an usufruct contract?
It is an agreement whereupon the owner of movable or immovable property gives an usufructuary the right to enjoy his property with the commitment to keep its faculties intact.
How is an usufruct constituted?
It can be constituted by law, by will, by donation, sale or other procedures between people who are alive or by prescription. If it is a contract that falls on a property, there must be evidence in a public deed; this is stipulated in article 825 of the Colombian civil code.
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