Sell a flat with usufruct in Málaga

SELL YOUR FLAT 

WITH USUFRUCT

RELAX,
 VALORACASA TAKES CARE OF EVERYTHING.

VALORACASA

SELL YOUR FLAT WITH USUFRUCT 

If you have a flat with a usufructuary in Málaga and want to sell it, we explain all the steps needed to do so successfully.

We sell your flat with usufruct in Málaga quickly and easily. We have clients interested in buying flats with usufruct, so we'll pass you a formal offer in a short time and handle the whole process up to the signing before the notary.

Sell a flat with usufruct

Get in touch and one of our advisors will advise you and manage the whole process. You can sell your flat with usufruct quickly without having to deal with any paperwork.

Once we have your buyer, our team will handle the process up to the signing before the notary.

Can you sell a flat with usufruct?

Yes, without any problem. In this case the seller transfers only the bare ownership and the usufructuary keeps the usufruct for life.

As a general rule, flats with usufruct are sold for cash, since the buyer needs the usufructuary's permission to mortgage the home.

How do you sell a flat with usufruct?

Like a normal sale, except that only a percentage of the home is transferred, as another percentage belongs to the usufructuary.

If the new owner wants full ownership of the home, they'll have to buy the usufruct or wait until the usufructuary dies.

Sell a flat with lifetime usufruct

Tell us about your case and we'll take care of everything up to the signing before the notary. We'll assign you an advisor who will be with you throughout the process.

Steps to sell a flat with usufruct in Málaga

1. Request your free advice
2. Tell us about your case
3. We prepare a report
4. We present you with an offer
5. We go with you to the signing before the notary
6. After-sales service for changing utilities and paperwork

What is usufruct?

Usufruct is the right to use and enjoy someone else's property.

What rights does usufruct give?

Usufruct gives the right to enjoy someone else's property with the obligation to preserve its
form and substance, unless the title creating it or the law provides otherwise.
Article 467 of the Spanish Civil Code
The holder of this right is called the usufructuary.

On the other hand, the holder of ownership of the property subject to usufruct is called the bare owner, who
cannot use the property because they do not hold the right of usufruct.
The usufructuary can enjoy the property for as long as the
usufruct lasts. They cannot dispose of the property itself, but they can dispose of their right of usufruct.

Example: If a person has the usufruct of a home, they can live in it or even
rent it out and receive the rent. Under no circumstances can they sell the home (because it isn't
theirs), but they can sell their right of usufruct over it. In that case the buyer
acquires the right of usufruct with the same benefits and obligations as the
selling usufructuary.

Features of usufruct

• It is a property right over someone else's property.
• The object of the usufruct does not form part of the usufructuary's assets but of the
  assets of the bare owner.
• It is a right of full enjoyment.
• The usufructuary can enjoy every use of the property subject to usufruct.
• It is a temporary right.

Valoracasa Estate Agents has a legal service if you need any advice. Contact us on 695033558  or the Cruzhumilladero@valoracasa.es

If you want to sell a home with us, visit our page Sell with Valoracasa

 

Put a flat with usufruct up for sale in Málaga

• How long does a usufruct last?

  It can never be indefinite; it must have a set duration.
  Unless otherwise agreed, the usufruct is for life: the right only ends on the death of the usufructuary or if they expressly waive it.
  The most common agreements between bare owners and usufructuaries include expiry of the right (the usufruct is temporary); a condition subsequent (a circumstance agreed in advance); or the destruction or loss of use of the asset over which the usufruct is held (no damages can be claimed from the owner for the loss).

  How long the usufruct lasts depends on who the usufructuary is. If the usufructuary is an individual, the duration may be:
  For a set period: for example 25 years (temporary).
  For the usufructuary's whole life (lifetime).
  If the usufructuary is a municipality, corporation or company, the usufruct may not last more than 30 years.

It can never be indefinite; it must have a set duration.
Unless otherwise agreed, the usufruct is for life: the right only ends on the death of the usufructuary or if they expressly waive it.
The most common agreements between bare owners and usufructuaries include expiry of the right (the usufruct is temporary); a condition subsequent (a circumstance agreed in advance); or the destruction or loss of use of the asset over which the usufruct is held (no damages can be claimed from the owner for the loss).

How long the usufruct lasts depends on who the usufructuary is. If the usufructuary is an individual, the duration may be:
For a set period: for example 25 years (temporary).
For the usufructuary's whole life (lifetime).
If the usufructuary is a municipality, corporation or company, the usufruct may not last more than 30 years.

• Types of usufruct by how it is created

  A usufruct is created by law, by the will of private individuals and by acquisitive prescription.

  Legal usufruct:

  This is a usufruct created by law.
  Currently, Spanish law only provides for the legal usufruct of the surviving spouse.
  The surviving spouse, if not legally or de facto separated at the time of death, is entitled to receive as their statutory share:
  The usufruct of the third for improvement, if inheriting alongside children or descendants.
  The usufruct of half the estate, if there are no children but there are ascendants.
  The usufruct of two-thirds of the estate, if there are neither descendants nor ascendants.
  Voluntary usufruct

  The main source for creating a usufruct is the founding title agreed by the parties.
  This founding title may be:

  • Inter vivos: by agreement between the parties during their lifetime. For example, a person buys a property and reserves the usufruct for their father.
  • Mortis causa: by will. For example, the testator may leave the usufruct of their home to a child and the bare ownership to a grandchild

  Usufruct by acquisitive prescription:
  Acquisitive prescription is a way of acquiring ownership of an asset if certain legal requirements and periods are met.

  The object of the usufruct can be:

  • Usufruct of physical assets (movable or immovable).
  • Usufruct of rights.

  The usufruct may cover:

  • The whole asset.
  • Part of it.

  A share, if the property belongs to several people (joint ownership).
  Among others, the following special types of usufruct can be distinguished by their object:
  Usufruct of physical assets:

  Deteriorating assets
  The usufructuary may use items that wear out gradually through use or over time without being consumed.
  In this case, the usufructuary must:
  Use them for their intended purpose.
  Return them in whatever condition they are in at the end of the usufruct.
  Compensate the owner for any deterioration caused by their fault.
  Example: A deteriorating asset would be a statue or a painting that deteriorates over time but isn't consumed.

  Consumable assets
  If the asset subject to usufruct cannot be used without being consumed, the usufructuary may use it and must:
  Pay its value at the end of the usufruct.
  If no value was given, return an equal quantity or pay its price.
  Example: Usufruct of money.

  Woodland
  The usufructuary will enjoy every yield it can produce according to its nature.
  Trees and tree plantations
  The usufruct can cover vineyards, olive groves and other shrubs.
  The usufructuary may receive the natural produce of these plantations.
  Livestock or herds

  In this case, the usufructuary must replace with offspring the animals that die each year, from ordinary causes or predator attacks.
  Usufruct of rights
  A usufruct can cover a right, as long as it isn't strictly personal or non-transferable.
  The usufructuary acquires the benefits or yields of the right subject to usufruct.
  For example: usufruct of a credit right. The usufructuary will receive only the interest.

A usufruct is created by law, by the will of private individuals and by acquisitive prescription.

Legal usufruct:

This is a usufruct created by law.
Currently, Spanish law only provides for the legal usufruct of the surviving spouse.
The surviving spouse, if not legally or de facto separated at the time of death, is entitled to receive as their statutory share:
The usufruct of the third for improvement, if inheriting alongside children or descendants.
The usufruct of half the estate, if there are no children but there are ascendants.
The usufruct of two-thirds of the estate, if there are neither descendants nor ascendants.
Voluntary usufruct

The main source for creating a usufruct is the founding title agreed by the parties.
This founding title may be:

• Inter vivos: by agreement between the parties during their lifetime. For example, a person buys a property and reserves the usufruct for their father.
• Mortis causa: by will. For example, the testator may leave the usufruct of their home to a child and the bare ownership to a grandchild

Usufruct by acquisitive prescription:
Acquisitive prescription is a way of acquiring ownership of an asset if certain legal requirements and periods are met.

The object of the usufruct can be:

• Usufruct of physical assets (movable or immovable).
• Usufruct of rights.

The usufruct may cover:

• The whole asset.
• Part of it.

A share, if the property belongs to several people (joint ownership).
Among others, the following special types of usufruct can be distinguished by their object:
Usufruct of physical assets:

Deteriorating assets
The usufructuary may use items that wear out gradually through use or over time without being consumed.
In this case, the usufructuary must:
Use them for their intended purpose.
Return them in whatever condition they are in at the end of the usufruct.
Compensate the owner for any deterioration caused by their fault.
Example: A deteriorating asset would be a statue or a painting that deteriorates over time but isn't consumed.

Consumable assets
If the asset subject to usufruct cannot be used without being consumed, the usufructuary may use it and must:
Pay its value at the end of the usufruct.
If no value was given, return an equal quantity or pay its price.
Example: Usufruct of money.

Woodland
The usufructuary will enjoy every yield it can produce according to its nature.
Trees and tree plantations
The usufruct can cover vineyards, olive groves and other shrubs.
The usufructuary may receive the natural produce of these plantations.
Livestock or herds

In this case, the usufructuary must replace with offspring the animals that die each year, from ordinary causes or predator attacks.
Usufruct of rights
A usufruct can cover a right, as long as it isn't strictly personal or non-transferable.
The usufructuary acquires the benefits or yields of the right subject to usufruct.
For example: usufruct of a credit right. The usufructuary will receive only the interest.

• Types of usufruct by duration

  Temporary usufruct

  This is granted for a fixed period, which as a general rule is set in the title creating the usufruct.

  Lifetime usufruct

  This ends when the usufructuary dies.

  Termination of the usufruct
  The legal grounds for termination of the right of usufruct are as follows:

  Death of the usufructuary
  However, a usufruct created in favour of several people (successive usufruct) ends when the last of them dies.
  Expiry of the term or fulfilment of the condition subsequent.
  The usufruct ends once the agreed term arrives or the condition subsequent is met.
  If the usufructuary dies before the term or condition is met, the usufruct also ends.
  In this case, for the usufruct to continue in favour of the usufructuary's heirs, this must have been expressly agreed.
  For example: if the usufruct is created for 25 years and the usufructuary dies before then, the usufruct ends unless otherwise agreed.

  A special case would be a usufruct lasting until a third party reaches a certain age.
  If the usufruct is granted until a third party reaches a certain age (25, for example), even if they die earlier (at 18), it will continue for the remaining time (7 years) until the set age, unless the usufruct was expressly granted on account of that person's existence.
  Consolidation

  Consolidation occurs when the usufruct and the bare ownership come together in the same person.
  This happens when the usufructuary acquires the bare ownership by any means.
  Waiver by the usufructuary

  The usufructuary's right to waive the usufruct has limits:
  If the waiver is made to defraud creditors, its rescission may be requested.
  If the usufruct is mortgaged, the mortgage does not end until:
  the secured obligation is fulfilled (payment), or the usufruct's term would have expired had there been no waiver.
  Total loss of the asset subject to usufruct. If the loss is partial, the usufruct continues over the rest.

  In the event of loss through compulsory purchase, the bare owner must:
  Replace the asset subject to usufruct, or pay the usufructuary the legal interest on the compensation for the whole term of the usufruct.
  The person who created it loses their right
  That is, if the person who created the usufruct loses their right over the asset.

  Extinctive prescription
  When the usufructuary stops using their right for the period set by law.
  Effects of termination of the usufruct
  Once the usufruct ends:
  The asset is handed over to the owner, consolidating full ownership.
  The usufructuary or their heirs keep the right to retain the asset until they're repaid any outlay made on it.

Temporary usufruct

This is granted for a fixed period, which as a general rule is set in the title creating the usufruct.

Lifetime usufruct

This ends when the usufructuary dies.

Termination of the usufruct
The legal grounds for termination of the right of usufruct are as follows:

Death of the usufructuary
However, a usufruct created in favour of several people (successive usufruct) ends when the last of them dies.
Expiry of the term or fulfilment of the condition subsequent.
The usufruct ends once the agreed term arrives or the condition subsequent is met.
If the usufructuary dies before the term or condition is met, the usufruct also ends.
In this case, for the usufruct to continue in favour of the usufructuary's heirs, this must have been expressly agreed.
For example: if the usufruct is created for 25 years and the usufructuary dies before then, the usufruct ends unless otherwise agreed.

A special case would be a usufruct lasting until a third party reaches a certain age.
If the usufruct is granted until a third party reaches a certain age (25, for example), even if they die earlier (at 18), it will continue for the remaining time (7 years) until the set age, unless the usufruct was expressly granted on account of that person's existence.
Consolidation

Consolidation occurs when the usufruct and the bare ownership come together in the same person.
This happens when the usufructuary acquires the bare ownership by any means.
Waiver by the usufructuary

The usufructuary's right to waive the usufruct has limits:
If the waiver is made to defraud creditors, its rescission may be requested.
If the usufruct is mortgaged, the mortgage does not end until:
the secured obligation is fulfilled (payment), or the usufruct's term would have expired had there been no waiver.
Total loss of the asset subject to usufruct. If the loss is partial, the usufruct continues over the rest.

In the event of loss through compulsory purchase, the bare owner must:
Replace the asset subject to usufruct, or pay the usufructuary the legal interest on the compensation for the whole term of the usufruct.
The person who created it loses their right
That is, if the person who created the usufruct loses their right over the asset.

Extinctive prescription
When the usufructuary stops using their right for the period set by law.
Effects of termination of the usufruct
Once the usufruct ends:
The asset is handed over to the owner, consolidating full ownership.
The usufructuary or their heirs keep the right to retain the asset until they're repaid any outlay made on it.

• What is full ownership?

  When ownership and enjoyment of the asset belong to the same person.

When ownership and enjoyment of the asset belong to the same person.