The usufruct of a home

The usufruct of a home is one of the multiple options available in the real estate sector to enjoy a home, which has a special way of being managed and regulated. At Gumper, we want to explain how this formula of real estate “transmission” works, its regulations and requirements so that you can have all the information in case you want to opt for this real estate option for the management of your assets.

In practical terms, being a usufructuary of a home means having the use and enjoyment of the property without being its legal owner, which in the real estate market is also known as real right of enjoyment. This concept is key in inheritances, donations, and estate planning, especially when the bare ownership is separated from the right of use.

When we ask what is a usufructuary of a home or what exactly does being a usufructuary of a home imply, we are talking about a legal figure that allows residing, renting, or benefiting economically from a property, but with the obligation to maintain it in good condition and respect its original purpose. It is a very common figure in Spanish inheritance law, especially in cases of surviving spouses.

In other words, what does it mean to be a usufructuary of a home translates to having control over the use of the property without having the power to sell it, which remains with the bare owner. This separation between use and ownership is what gives rise to asset structures commonly used in tax planning and family inheritances.

From a real estate perspective, usufruct is not just a theoretical legal concept, but a real tool that affects asset valuation, their transmissibility, and future profitability, especially in buying, selling, or investment operations with real rights burdens.

Usufruct: Legal framework and definitions

As we mentioned in the introduction, usufruct has its own regulations, and we will explain its legal framework and definitions. We can say, in colloquial terms, that usufruct occurs when a person has the right to use and enjoy a property without owning it. The legal framework is found in Article 467 of the Civil Code, which defines it as follows: “The right to enjoy the property of others with the obligation to preserve its form and substance, unless the title of constitution or law authorizes otherwise.” When a person begins to exercise the usufruct of a property, they are called a usufructuary. The legal framework of usufruct indicates that, for this transmission of rights to take place, one must be the owner of the property or have the capacity to alienate*. (*Understood in law as the ability to dispose of an asset or right and the capacity to carry out its transmission).Las características jurídicas de un usufructo son las siguientes:

• Derecho subjetivo: Otorga el señorío sobre unos bienes a su titular y una situación protegida frente a terceros.
• Derecho real limitado: El usufructuario tiene algunos derechos sobre la propiedad por lo que el propietario no tiene el derecho absoluto.
• Límite temporal: No se trata de un derecho infinito, sino que se debe establecer un marco temporal en el cual el usufructuario va a poder disfrutar de los bienes. Este marco temporal puede ser de un periodo corto tanto como de un periodo vitalicio.
• Obligación de conservación y forma: Esta característica obliga al usufructuario a tener que realizar una conservación del bien sobre el cual está realizando su ejercicio.

¿Cómo se realiza el usufructo de una propiedad?

Cuando se realiza la transmisión de una propiedad no solamente se transfiere un uso y disfrute, sino que eso conlleva una responsabilidad para el usufructuario sobre el bien recibido. De igual modo que en las herencias, nos encontramos frente a una “especie” de donación de una propiedad lo que conlleva una serie de requisitos y acciones para ejercer su uso.

¿Quiénes participan en la celebración de un usufructo?

  El usufructo puede tener una participación de varias entidades, tanto personas físicas como jurídicas. Referiremos tres formas:

• Nudo propietario: Aquel que dispone de los derechos y propiedad del inmueble, para poder otorgar su usufructo.
• Usufructuario: Cualquier persona que se encuentre en plenas facultades para recibir el usufructo que va a ostentar. El origen de este usufructo puede ser:
  • Por Ley
  • Por negocio jurídico Inter vivos
  • Mortis Causa
  • Usurpación
• Sociedades (Personas jurídicas): Pueden obtener la titularidad de un usufructo, pero no podrá extenderse más allá de 30 años. (Frente a la persona física que puede ostentar un usufructo vitalicio).

Beneficios de tener una vivienda en usufructo

Una vez hemos recibido una vivienda en usufructo, tenemos el principal beneficio de ello, que es el disfrute de la propiedad a pesar de no ser los propietarios. Dentro de los derechos, también se recoger la posibilidad tanto de vivir en el inmueble como de poner el inmueble en alquiler, en el caso de que no exista un punto contrario por parte del nudo propietario. El uso y disfrute del usufructuario abarca también los bienes vinculados a la propiedad como puede ser un garaje o el uso de la piscina de la comunidad. Lo más importante en el caso de un disfrute como usufructuario es que no podrá poner en venta el inmueble.

Obligaciones de un usufructuario

Tenemos el pleno disfrute de una propiedad, pero ello conlleva una serie de obligaciones que debemos hacer frente.

• Inventory: The usufructuary must carry out an inventory of the contents of the property, as well as the spaces in which they will exercise their right, in order to restore the objects to their original form and care once the usufruct agreement has ended. The usufruct agreement may indicate the free disposal of these objects by the usufructuary, which may mean that they do not have to return or preserve said objects.
• Conservation: If we previously mentioned that not owning the property was the main advantage for the usufructuary, the conservation of the received property is the main characteristic of their obligations. They must carry out any repairs or improvements that ensure the proper maintenance of the space, its structure, and its surroundings. In this way, they become the guardian of the property.
• Taxes: The taxes generated by the property are the responsibility of the usufructuary, so they must make these payments rigorously in the time and manner established by law.

What happens with the IBI? In the realm of taxes, the concept of IBI deserves special mention. We have already seen that the user of a usufruct is not the owner, so they must face the taxes arising from the enjoyment of the property, not from its ownership. This can be somewhat confusing according to the Civil Code when we refer to the IBI. The Property Tax is calculated based on different parameters, but its obligation to pay is stipulated in:

• Administrative concession on properties that are affected.
• Real right of surface
• Real right of usufruct
• Real right of property

As we can see, the real right of usufruct takes precedence over the real right of property, which obliges the payment of said tax to the usufructuary. It is important to highlight that it is a tax whose amount will depend on the territorial scope in which the property is located, but it must be paid annually while the usufruct contract lasts.

Can I sell my right to usufruct?

We may find ourselves in a situation where our obligations as usufructuaries make us not want to continue exercising our rights. There is a very common reason to sell a usufruct right, and we find it when the usufruct of a property has been granted to the widow or widower of its owner upon their death. The usufructuary may decide not to exercise their usufruct right if they do not want to reside in or use the property and may sell their right to the children of their spouse. In these cases, the value of that usufruct must be calculated, and the sale can be carried out. The usufruct can be sold to an unrelated person, and although this is a less common case, just like the previous case, the corresponding capital gains tax and inheritance and property transfer tax must be paid. One of the main problems with the sale of a usufruct is that this sale will be conditioned to the duration of the original usufruct.

When does my usufruct contract end?

As we have discussed in the legal framework, usufruct is regulated on a periodic basis, so we will terminate the usufruct contract once the date is reached. In many cases, lifetime usufructs are established, so we will need to provide the death certificate of the property in question. There may be multiple ways to terminate a usufruct contract, but each case must be analyzed individually. If you need more information about this way of “transmission” of the use of an asset, you can contact us. We can help you perform the necessary calculations for estimating the costs of enjoying the property, as well as for its rental or sale. An interesting aspect in which Gumper can advise you is in transactions and their possibilities, since, for example, depending on the origin of the property or the number of owners, we may encounter very particular situations that require careful review to avoid future problems.