Your House In The Name Of Your Children

Your House In The Name Of Your Children

There is a very simple legal figure to understand so that owners who like to plan and leave nothing to the work of chance, can foresee that in the event that they, as legitimate owners of a property, are missing and they did not have time to do it. An inheritance may in life be prepared to inherit; eliminating the risk that their own children will take them out of the house and/or sell it.

This figure is called the, which is the right of a person over a thing of which he is the sole owner, with the limitation of not having the right to its possession and enjoyment, which will be the rights of the third party who has the usufruct.

We must explain what the full domain is to understand what the bare property is. . The full domain is divided into two:

  • It is the right of a person to be the owner of an asset with the limitation of not being able to enjoy or enjoy it.
  • It is the right of enjoyment, use and enjoyment of a person over the property that belongs to the bare owner.
  • The bare ownership and the usufruct are different rights even if they fall on the same property.

What Is Bare Ownership?

As we have said, bare ownership consists of the ownership of a good but without having the use and enjoyment of it.

The bare owner is the person who owns that right. He is the “owner” of the property, but his powers over it are very limited, as we will see later.

Currently, it is common for a homeowner to sell the bare property and reserve the usufruct.

The people who opt for this solution are usually older people who do not have heirs or need financial resources.

In this way, they ensure the use of the home, generally for life  (throughout their life), and receive financial compensation.

The emergence of investment funds has led to the study of new formulas to make money profitable. If immediate needs are detected in an elderly person, who has no successors, it is an option to sell the bare property and keep the usufruct in a quick operation.

What Are The Differences Between Bare Ownership And Usufruct?

Bare ownership and usufruct are different rights and, therefore, the following differences can be established:

  • The owner knot is the owner but does not have the use and enjoyment.
  • The usufructuary has the use and enjoyment but not the property.
  • The bare owner can only enjoy the home when the usufruct ends (death of the usufructuary, generally).
  • The usufructuary may enjoy the home for the duration of his right.
  • The bare owner cannot rent the house, but can sell the bare property to a third party.
  • The usufructuary can rent the house and obtain a rent. You can also sell the usufruct to a third party.

In short, although the owner is the owner of the home, he has practically nothing. For this reason, the bare property is said to be.

When Does The Owner Knot Acquire The Use And Enjoyment?

Full ownership over a usufruct property is consolidated when ownership and use and enjoyment are brought together in the same person.

That is when the bare ownership and the usufruct are brought together in one person.

The consolidation of full ownership will occur in the person of the bare owner by the sale of the usufruct or by the termination of the usufruct.

Sale Of A Usufruct:

In the event that the usufructuary decides to sell his usufruct right, the most common is to sell it to the bare owner.

From this acquisition of the usufruct, the bare owner acquires full ownership (ownership and use and enjoyment).

Extinction Of The Usufruct:

They are causes of extinction of the usufruct, among others:

Death Of The Usufructuary:

When the usufructuary dies, the enjoyment, use, and enjoyment of the usufruct asset pass to the bare owner.

If the usufruct corresponds to several people in joint ownership, the undivided owner does not receive full ownership until the death of all the usufructuaries.

Compliance With The Term For Which It Was Established:

In the event that the usufructuary dies before the stipulated term, the use of the usufruct will also pass to the undisclosed owner, unless otherwise agreed.

Compliance With The Resolutive Condition Established In The Usufruct Agreement:

If the usufruct is attributed until the bare owner marries, for example, after marrying he will receive full ownership.

Rights Of The Owner:

Although the powers of the undisputed owner over the usufruct asset are very limited, it will enjoy certain rights and must comply with certain obligations.

The following rights correspond to the bare owner:

Property Rights:

The bare owner owns the property, although he does not have the right to use and enjoy it.

Right to sell bare ownership The bare owner may sell the usufruct asset to a third party, but always respecting the rights of the usufructuary.

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