Who is Usufruct Right Granted To?
Usufruct right is a right that can be granted by the real estate owner to another person. The person to whom the usufruct right is granted does not own the real estate but has the right to use it. A person with this right cannot transfer it for a fee or free of charge. However, if they wish, they can rent out the real estate. The usufruct right of a person holding this right cannot be included in their inheritance upon their death. In case of the death of the right holder, this right reverts to the owner. The usufruct right holder can benefit from the property in question as they wish, except for the sale of the real estate and the transfer of their right.
Where is Usufruct Right Established?
If the owner grants usufruct right, they cannot benefit from the real estate in question. They can sell the real estate if they wish, but in this case, the granted usufruct right will continue. Usufruct right can be granted at land registry directorates. If desired, a time limit can be placed on this right. When this transaction is carried out at land registry directorates, a fee equivalent to two-thirds of the tax required for sale is paid. If no time limit is set when granting usufruct right, this right will end with the death of the right holder.
