Usufruct Agreement Template Forms
Description
How to fill out Louisiana Grant Of Usufruct?
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FAQ
The definition of a usufruct is a legal right given by an owner to someone who is not the owner, to use the owner's property for a certain period, usually for the remainder of that person's life.
The usufruct is the right of one person to use and get benefits of a property. Nothing to do with bare ownership. The person with the usufruct does not own part of the property, but has a right to live or use of the property.
While the usufructuary can rent the property out, they are not allowed to sell it or bequeath it to another party.
A usufruct may be registered against land by the registration of a notarial deed, creating the usufruct, executed by the owner of the land and by the grantee; in the case of a transfer of land, a usufruct may be reserved in favour of the transferor.
Usufruct is the right to use and benefit from a property, while the ownership of which belongs to another person. The person who enjoys the usufruct is called the usufructuary.