What is bare ownership?

Many people sometimes choose to have extra income through their home. They deny the use of their property to receive the price of the purchase of that house, but still living in it. Do you want to know how or what it consists of? We will tell you.

We talk about the concept of naked property. It refers, as we have indicated, to a right that allows a person to live in his house without being his at all. Normally, it is indicated for people who want to earn extra income, such as the elderly, who do not have heirs or those who want to increase their well-being.

To better understand the concept, we have to be clear that when we acquire a property we have the so-called full ownership. Full domain is divided into bare ownership and usufruct life. In the event that only the bare property is sold, the person who previously owned it will be able to live in the house as long as it remains alive.

This means that if someone acquires the bare property, but the former owner continues to live in it, the life usufruct will only be acquired by the bare owner when they cease to inhabit it.

This great advantage allows the usufruct to live in the house in addition to receiving an income from the sale of the bare property. It will only stop living in it if:

  • Passes away Therefore, the life usufruct becomes the property of the owner of the bare property. At this time is when you can live in the house as yours.
  • Rent. In the case that you do not want to live in it but want to rent the property, you can do so with total freedom. In this way, the expenses incurred in owning the home can be shared.
  • Sell. At the time the life usufruct is sold to a third party, the former owner does not have the right to live in it, leaving the property in the name of another person.

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