What is usufruct?

The full ownership of a property is composed ofusufruct and bare-property.

The attributes of the right of ownership (occupying a property, selling it, collecting income from it) are divided between the usufructuary and the bare owner. In this case, we are talking about dismemberment of property rights.

THEusufruct is the right to enjoy a property without being the owner and provided that it is preserved, i.e. maintained. That's another person who has the bare-property good.

You can be usufructuary in any of the following situations:

• If you are a parent, you have usufruct over the property of your children under the age of 16. Your children are the bare owners of the property.
• If you are a widow or widower, you receive the estate of your deceased spouse in usufruct. The children of the deceased become bare owners of the property.

You can also benefit from a usufruct or bare ownership by will, court order or contract (sale or donation of a right of usufruct or bare ownership).

You can be a usufructuary or bare owner of a immovable property or a well furnished.

This means that you can, for example, have the usufruct or bare ownership of a house, security, of a social share, a bank account, receivable, furniture.

In a dismembered property, your rights to bare-owner are limited.

You can sell your bare-property. On the other hand, the sale of the full ownership of the property can only be done with the agreement of the usufructuary.

You must give your consent to the usufructuary to use rural, commercial, craft or industrial leases.

As a usufructuary, you must comply with the following obligations:

• Make an inventory of the goods before their use if movable property
• Make an inventory of the property before its use if it is a real estate

• Ensure the good conservation of the property, i.e. maintain it
• Undertake to reasonably enjoy the property by providing a signed document to the bare-owner, unless the latter exempts you
• Pay property tax and real estate wealth tax (depending on the value of the property) if it is real estate
• Make all maintenance repairs. Major repairs are the responsibility of the bare owner unless they result from lack of maintenance on your part (for a property, major repairs only concern the structural work).

As a bare owner, you must comply with the following obligations:

• Let the usufructuary use the property as he wishes. For example, if it is a real estate, you must respect the right of the usufructuary to occupy the property or to rent it out.

• Pay for major repairs (the main work) if it is a property.

The distribution of the value of a property between usufructuary and bare-owner is determined by a tax schedule.

This scale is based on theage of the usufructuary.

In particular, it makes it possible to calculate the amount of registration fees In the event of a gift, inheritance, sale, etc. In the event of a sale of the property, the usufructuary and the bare owner each receive the fraction of the price corresponding to the value of their right.

To know the distribution of the value of the property, you can use the following simulator:

Know the tax values of a usufruct and bare ownership

The following situations terminate the usufruct:

• Death of the usufructuary (except in the case of a gift during his lifetime or transmission by will)
• Expiry of the period for which usufruct has been agreed (e.g. 30 years when usufruct is granted to a legal person)
• The usufructuary and the bare owner become the same person. This is the case, for example, of a person who holds the usufruct of a house and buys bare ownership of the same house.
• Non-use for 30 years
• Waiver of usufruct
• Total loss of the thing on which the usufruct is established. For example, if the building of which you are the usufructuary is totally destroyed by fire, your usufruct ends.
• Abuse of the usufructuary's enjoyment (damage to the property or lack of maintenance)
• At 16 years of age of the child holding the bare-property (the legal usufruct of the parents on this property then ends).

À At the end of the usufruct, you must return the property. You must also settle accounts to determine what you owe the bare owner and vice versa.