What are the categories of property right that can be acquired? Are there any interests in real estate other than exclusive ownership?
Under Hungarian law the following rights may be exercised in relation to real estate:
The owner of a building built on land owned by a different person, has the right to use the land during the life of the building.1
A right to possess, use and collect income and other proceeds from a property owned by someone else however, the right-holder cannot sell the real property. Usufruct right can be granted for a definite term (ie up to 50 years if the right-holder is a legal entity or for the lifetime of a private individual beneficiary).2
This is similar to usufruct, but the individual can only use the property to meet his or her own needs and those of his or her relatives living in the same household, or the legal entity right-holder may only use and collect the benefits of the property in accordance with its purpose and activity.3
These are granted to enable an individual to use someone else's property for a specific purpose or require the owner to refrain from certain activities.
Easements include:
Based on a building right, the right-holder has the right to construct or use a building on or under the surface of a land, including the right to construct a building thereon and to use the land to that end. Building right may only be created for a definite period of time up to fifty years. The relevant agreement must be executed in writing and the building right takes effect upon registration in the Land Registry. Building right may also be created by the owner of a real estate property for his own benefit. The building right shall cease if not exercised by the right-holder for a period of 15 years.5
An important prohibition prescribed by law is that a natural person qualified as a consumer may not establish a building right on the real estate property he or she owns, and such right may not be acquired by a consumer, with the exception of inheritance. Any deviation from this provision is considered null and void.
The mortgagee is entitled to sell or acquire the mortgaged property, or to enforce a right or a claim secured by the mortgage, in order to recover unpaid claims secured by the mortgage.6
The beneficiary of the call option is entitled to purchase the property at any time within the option period on payment of the agreed purchase price.7
The beneficiary of the put option is entitled to sell the property at any time within the option period for the agreed purchase price.8
The beneficiary of the repurchase option (ie the seller of a transaction) may purchase the property by way of a statement made to the purchaser, on a fixed price as agreed between the parties in advance.9
The beneficiary of the pre-emption right is entitled to purchase the property on the same terms and conditions as a purchase offer made by a third party.10
1Civil Code 5:145.§
2Civil Code 5:146-147.§
3Civil Code 5:159.§
4Civil Code 5:160.§
5Civil Code 5:159/A.§; 5:159/B.§; 5:159/C.§
6Civil Code 5:127.§
7Civil Code 6:225.§ (1)
8Civil Code 6:225.§ (2)
9Civil Code 6:224.§
10Civil Code 6:221.§ (1)
