The Law of 4 February 2020 has modernized many rules, among others the right of ownership, the right of co-ownership, neighborhood relations, the right of usufruct (\u201cusufruit\u201d \/ \u201dvruchtgebruik\u201d), the right of emphyteusis (\u201cemphyt\u00e9ose\u201d \/ \u201derfpacht\u201d), and the building right (\u201cdroit de superficie\u201d \u00a0\/ \u201dopstalrecht\u201d).<\/p>\n
The reform is of significant interest for the real estate sector. For operational, accounting, financial and\/or tax optimization purposes, many professionals are developing and implementing their projects within the framework of a long-term lease, a building right or a right of usufruct.<\/p>\n
The right of emphyteusis<\/strong> is defined as a right in rem to the use, conferring on its holder (the long-term leaseholder) the full use and enjoyment of a building belonging to another person (the owner). The right of emphyteusis is not a lease in the common sense, but a right in rem. Originally, the right of emphyteusis was granted for a minimum period of 27 years and a maximum of 99 years. In the future, it will be allowed to grant it for a minimum of 15 years (and still for a maximum of 99 years).<\/p>\n The building right has been redefined. It is a right in rem to the use, which confers the ownership of volumes, whether built or not, in whole or in part, on, above or below another person’s land, in order to have any works or plantations. The building right allows its holder (the superficiary) to develop a project and erect a building on a property belonging to someone else (the owner). The building right was originally limited to 50 years. Now it will be possible to grant it for a term up to 99 years. Moreover, the Law of 4 February 2020 allows to make the building right perpetual for certain specific uses or building complexes.<\/p>\n The right of usufruct<\/strong> confers on its holder (the usufructuary) a temporary right in rem to the use and enjoyment, in a prudent and reasonable manner, of a property belonging to the \u201cbare\u201d owner, in accordance with the destination of this property and with the obligation to return it at the end of his\/her\/its right. In practice, a right of usufruct is sometimes used to secure a transaction over time. It is also used to acquire a property in a split transaction. Initially, when the right of usufruct was granted to a legal person (versus an individual), it might be granted for a maximum of 30 years. Now, under the Law of 4 February 2020 an usufruct may be granted to a legal person for a maximum of 99 years.<\/p>\n
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