Content and subject of the contract
If, in exchange for the transfer of ownership of real estate, the buyer has undertaken to provide the seller with lifelong support life annuity agreement , the buyer should, in the absence of a different agreement, accept the seller as a household member, provide him with food, clothing, housing, light and fuel, provide him with appropriate assistance and nursing him in case of illness and arrange for him a funeral in accordance with local customs at your own expense.If, in an annuity agreement, the purchaser of real estate has undertaken to encumber it for the benefit of the seller philippines photo editor with usufruct, the exercise of which is limited to a part of the real estate, with a residential easement or other personal easement, or to provide repeated benefits in money or in items specified as to the type, usufruct, personal easement and the right to repeated benefits is part of the content of the life annuity right.
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The life annuity can also be reserved for the benefit of a person close to the seller of the real estate ; A life annuity contract is a permanent, paid and mutual legal relationship concluded between living persons. The annuity contract fulfills social functions, including: maintenance function in relation to the elderly or those unable to work; prevented the process of fragmentation of farms; transferred ownership of farms and thus prevented production interruptions; it excluded conflicts related to inheritance because the ownership of real estate was regulated during the testator's lifetime Civil Code. Comment. Volume V. Obligations.
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