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Selling property without moving out: right of residence or usufruct

Many owners would like to remain in their familiar home into old age, but would like to "liquidate" the considerable capital tied up in their property and use it to support themselves. The good news is that this is possible! There are various models of real estate retirement that are suitable for this purpose. In any case, it is important that a lifelong right of residence or right of usufruct is stipulated in the purchase agreement. But what is the difference between these two rights, and which one is better for you?

There are more and more older property owners who do not necessarily want to pass on their property to their children or other family members. It is often already clear that none of your children want to take over the property or that dividing it among siblings would not work well. In this case, it makes more sense to sell the property and use the proceeds to support yourself. But you don't want to move out! One solution that offers itself here is a real estate annuity. This involves selling your house and receiving a pension in return, which can be agreed as a lifetime or temporary monthly payment, a one-time payment, or a combination of both.

Distinction between right of residence and right of usufruct

Depending on the model, you also retain a lifelong right of residence or a right of usufruct. Both are rights of use that can apply to the entire property or to individual, precisely defined rooms. The main difference is that a right of residence only secures your right to live in the property yourself. If you want or need to move out, for example if you move into a nursing home, a right of residence is no longer of any use to you. A right of usufruct, on the other hand, gives you the option of renting out rooms or using them for other purposes. This gives you the choice of whether you want to use the property entirely yourself, rent out part of it and live in only part of it yourself, or rent out the entire property and use the rental income for your living expenses. However, as a usufructuary, you are also responsible for the maintenance and upkeep of the property. You must pay property tax, sewage charges, building insurance, and other charges, and you are also responsible for snow removal. Only "extraordinary" repairs or modernization of the property would fall under the responsibility of the new owner. With a life-long right of residence, on the other hand, the owner is responsible for most of these costs.

Legal advice can help with detailed questions

When deciding between a right of residence and a right of usufruct, there are numerous aspects of your personal situation to consider. It is therefore essential to seek the advice of a competent legal expert, as many complicated details are decisive in practice. It is also important to note that in order for a right of residence or usufruct to take effect, the new owner must declare in a notarized document that they wish to grant you such a right. The right of use is then entered in Section II of the land register, if necessary with the exact description of the premises to be used. Of course, you must also be aware that the purchase price of your property will be significantly reduced by these encumbrances on the land register.

Would you like to learn more about your options for converting your property into a retirement home and require further information on the subject of right of residence or usufruct? Contact us for comprehensive advice! We look forward to hearing from you!

further reading:

Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.

Photo: AllaSerebrina / Depositphoto
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