We own about 3 acres with a rental home on it and also another home my in-laws live in. We have decided we want to sale the entire property but worry about our in laws having a place to live until they pass. Our long term renters who are wanting to purchase, say they are willing to allow them to stay as long as needed and have even stated they are willing to sign a usrufruct stating as such.
It would be very doable in a general sense. However, as in most things in the legal realm the details are important.
For example, are the buyers willing to make the usufruct for the lifetime of the in-laws? If not, then nobody will be entitled to the homestead exemption. Both parties here will need to get their own legal advice on how the could be structured.
They are willing to sign whatever or do whatever they need to do to legally give my in laws the right to stay in the property until they both pass.
I also have been reading about Right of Habituation… If I am reading the differences correctly, this only allows them to reside their and puts any financial burden of the property on the landowner that actually owns the property. Am I correct on this?