Sample of Usufruct Agreement

If you`re looking to transfer ownership of a property or asset while still retaining certain rights and benefits, a usufruct agreement may be precisely what you need. Usufruct is an arrangement in which one party (the usufructuary) is granted the right to use and enjoy another party`s property while it remains in the latter`s ownership (the bare owner). This arrangement is common in estate planning, as it allows the bare owner to transfer assets to their heirs while still occupying or benefiting from them during their lifetime.

If you`re considering drafting a usufruct agreement, it`s essential to understand what goes into one. This article will provide a sample of a usufruct agreement and break down its key components.

Usufruct Agreement Sample

This agreement, made on [date], between [bare owner`s name], herein referred to as the “Bare Owner,” and [usufructuary`s name], herein referred to as the “Usufructuary.”

Whereas the Bare Owner is the owner of the property situated at [address], herein referred to as the “Property.”

Whereas the Bare Owner wishes to grant the Usufructuary the right to use and enjoy the Property while retaining ownership of it.

Whereas the Usufructuary agrees to operate the Property under the terms outlined in this agreement.

Now, Therefore, the Parties agree as follows:

1. The Bare Owner grants the Usufructuary the right to use and enjoy the Property for the duration of the Usufruct, subject to the terms and conditions of this agreement.

2. The Usufructuary shall be responsible for the maintenance and upkeep of the Property, including any repairs or modifications required to keep it habitable and in good condition.

3. The Usufructuary shall not sell, give, or otherwise dispose of any part of the Property without the Bare Owner`s written consent.

4. The Usufructuary shall not assign, sublet, or delegate any of their rights or obligations under this agreement without the Bare Owner`s written consent.

5. The Usufructuary shall not use the Property for any illegal or immoral purposes.

6. The Usufructuary shall be entitled to all income generated by the Property during the Usufruct, subject to any taxes, insurance, and maintenance fees.

7. The Usufructuary shall not mortgage or encumber the Property without the Bare Owner`s written consent.

8. The Bare Owner shall retain ownership of the Property and shall have the right to sell or dispose of it as they see fit.

9. The Bare Owner shall have the right to inspect the Property at any time to ensure compliance with this agreement.

10. This agreement shall terminate upon the expiry of the Usufruct term.

11. Any disputes arising out of or in connection with this agreement shall be resolved through arbitration in accordance with the laws of [jurisdiction].

12. This agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, administrators, successors, and assigns.

In Witness Whereof, the Parties have executed this agreement on the date first above written.

[Signature of Bare Owner] [Signature of Usufructuary]

[Printed name] [Printed name]

In conclusion, a usufruct agreement is a powerful legal tool that can provide a way to transfer asset ownership while retaining certain rights and benefits. It`s crucial to understand the key components before drafting such an agreement, but this sample usufruct agreement should provide a starting point for creating your own. However, it`s always a good idea to consult a lawyer to ensure the agreement meets your specific needs and complies with local laws and regulations.


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