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Usufruct Agreement

Usufruct is recognized only in a few jurisdictions in North America, such as Louisiana. For example, if a party has a usufruit in a property, it has the full right to use or rent it and to collect the rental income without sharing it with the actual owner while the usufruit is in effect. An interesting feature of usufruit is that usufruit can enter into a 30-year lease with a third party. Therefore, if the Usufructuary signed a 30-year lease prior to his death, the tenant retains the rights to the lease until it expires. Protect your financial interest in a property in Thailand and get the confirmed right to use, own and manage another person`s property. The right to usufruit is created by the registration of this contract in the land registers of the Local National Office. The right to usufruit must be on the basic title. Article 592. The usufruit is required to make the ordinary repairs required by the given thing in the usufruit.

Ordinary repairs are those that are necessary for wear and tear by the natural use of the thing and are essential for its preservation. If the usufruit does not manufacture them at the owner`s request, the owner can produce them at the expense of the casting. (500) Art. 581. The owner of the property, whose usufruit is owned by another, may alienate it, but he cannot change its shape or substance or do anything that may be detrimental to the usufruit. (489) Dear Kevin, The contract you have with Gerald is a usufruit contract. Section 562 of the New Civil Code clearly states that “the custom enjoys the right to property of another, with the obligation to retain its form and content, unless the title that forms it or the law provides for it to do something else.” Article 580. Usufruit can result in improvements it may have made to the property against any noiset damage. (488) Article 596.

The payment of annual taxes and those that are considered a pawn on the fruit is the responsibility of the casting for the whole time that the usufruit lasts. (504) 1. Usufruct on the building and the earth, but the building is destroyed in some way before the end of the period of usufruit. The usufruit on the building is finished, but the usufruit in the countryside continues. Therefore, usufruit is always allowed to use the land and use all the materials of the houseremainc.