The Complete and Definitive Guide to Selling a Home with Usufruct

What Does It Mean to Have a Home in Usufruct?

Usufruct is a legal right that allows a person (the usufructuary) to use and benefit from a property without being its owner. The bare owner, meanwhile, retains title to the property but cannot dispose of it freely as long as the usufruct remains in place.

For this reason, selling a property subject to usufruct requires special attention: the rights of the usufructuary must be respected, and the bare owner cannot act without their consent, unless the transaction concerns the sale of the bare ownership alone.

Difference Between Bare Ownership and Usufruct

We’ve prepared a table that summarizes the main differences:

Practical Example: Mario owns an apartment but has granted his mother lifetime usufruct. Until her passing, Mario cannot live in the property or rent it out; he can only sell the bare ownership, with usufruct, to a buyer willing to wait.

Is it possible to sell a house in usufruct? 

Yes, but with certain clarifications. Two distinct scenarios exist: 

1. Sale of Bare Ownership Only: The owner can sell their bare ownership to a buyer, who will gain full possession of the property only once the usufruct has ended.

• Example Case: A young couple buys the bare ownership of an apartment at a reduced price, knowing they will be able to use it only after the usufruct expires. It’s a long-term investment that still provides access to the real estate market at lower costs.

1. Sale with Agreement Between Bare Owner and Usufructuary: If both parties agree, it is possible to sell the property free of restrictions, with the proceeds distributed according to the agreed terms.

Example Case: Two brothers inherit a property subject to usufruct in favor of their father. They decide together to sell it, agreeing with the usufructuary on how to split the proceeds. This allows them to speed up the sale and simplify the management of the estate.

Key Steps for Selling

Selling a property with usufruct involves some essential steps:

• Verification of the legal and cadastral situation: ensuring there are no pending issues or irregularities in ownership and records. This often means requesting an updated land registry report and checking for any mortgages.

• Valuation of the property with usufruct: the appraisal must take the usufruct into account, calculating the value based on the usufructuary’s age and the remaining duration of the right.

  • Example: an apartment worth €300,000 in full ownership may be valued at €200,000 as bare ownership if the usufructuary is relatively young.

Execution of the deed of sale: the final step, which must take place with a notary and with the consent of all parties involved. At this stage, rights and transfer timelines are clearly defined.

Duration of Usufruct and Its Impact on Property Value

The value of a property subject to usufruct is generally lower than that of full ownership. The reason is simple: the buyer cannot immediately use the property. The calculation depends on the usufructuary’s age and on the official numbers issued by the Ministry, which are used to determine the present value of the right.

Practical Example of Calculation: an apartment worth €400,000 in full ownership may be valued at €250,000 if the usufructuary is 70 years old, or €150,000 if the usufructuary is 50. The difference reflects the presumed longer duration of the usufruct.

Advantages and Challenges of Selling with Usufruct

Selling a property subject to usufruct can present both opportunities and difficulties. For the seller, the chance to immediately monetize an asset while still retaining certain rights (in specific agreements) is a tangible advantage. For the buyer, the main benefit lies in purchasing a property at a lower price compared to full ownership.

However, there are also challenges: the involvement of multiple parties can slow down the process and create conflicts; moreover, not all buyers are willing to purchase a property they cannot use right away. For this reason, it is essential to manage negotiations with transparency and rely on professionals who can prevent potential disputes.

Why Choose Engel & Völkers to Sell a Property with Usufruct

Selling a property subject to usufruct requires specific expertise that goes beyond simple real estate brokerage. Engel & Völkers provides:

• Specialized legal and notarial consultancy: to clarify every legal aspect and ensure a secure transaction.

• Accurate valuation and targeted sales strategies: to position the property correctly on the market and attract qualified buyers, even in complex cases.

Ongoing support at every stage: from the preliminary analysis to the final deed, backed by the strength of an international network and a globally recognized brand.