Contract of Emphyteusis
Emphyteusis is defined as a contract whereby one of the contracting parties grants to the other, in perpetuity or for a time, a tenement for a stated yearly rent or ground-rent which the latter binds himself to pay to the former, either in money or in kind, as an acknowledgment of the tenure.
Types of ground-rent:
- Perpetual Emphyteusis means everlasting but with the option of redemption by the emphyteuta.
- Temporary empyteusis, on the other hand, means that the empytheutical grant expires after a stated number of years, and once the grant expires, the property will revert back to the dominus or his successor/s in title.
- Revisable ground-rent means that the ground-rent may be increased from time to time or on the happening of a condition as stated in the contract.Revisable ground rent means that the ground-rent may be increased from time to time or on the happening of a condition as would be stated in the contract creating the empyteutical grant.
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