What is udufruct whe pertaining to property that I inherited with eight others?
Full Question:
Answer:
The meaning of the term "usufruct" is the right of enjoying a thing, the property of which is vested in another, and to draw from the same all the profit, utility, and advantage that it may produce, provided it be without altering the substance of the thing. The person who has the right and enjoyment of a usufruct is known as a "usufructuary."
The usufructuary must also take good care of the property involved. The usufructuary must pay all taxes and/or claims that arise during the usufruct, unless otherwise altered by contract. Also, the usufructuary must make any ordinary repairs at his or her own expense.
Whether the consent of other owners is required to sell property depends on the nature of the tenancy, according to the language of the deed. If the tenants are stated to be joint tenants, all joint tenants must sign the deed to transfer the property. However, tenants in common may transfer their interrest in the property without the consent of the other owners.