BARE OWNERSHIP

"Nuda Propriété" is a case of private ownership to which is not accompanied by a right in rem to enjoyment of the property to which it relates.

Typically refers to a property of which one acquires the ownership but not the right of Usufruct'.

"The usufruct is a minor right in rem of enjoyment of another person's property consisting in the right of the usufructuary to enjoy a property owned by the bare owner and to collect its fruits, but with the obligation to respect its economic purpose.

The right of usufruct is always temporary; it cannot last beyond the life of the usufructuary."
 
The bare ownership is the value of the property less the usufruct.

The sale of bare ownership means selling your property, but keeping for yourself the right to live in it for life.

The owner who decides to sell the bare ownership reserves the right to live in and enjoy the property for life, immediately collecting a capital sum that he can manage as he sees fit.

Upon sale of the bare ownership the person who was previously an owner becomes a Usufructuary with obligations and rights:

• Possibility of renting out the property while still enjoying the income;
• Possibility of selling the usufruct within the limits imposed by the sale of bare ownership:
• The usufructuary shall bear all ordinary expenses and all taxes relating to the enjoyment of the property.
• The usufructuary is obliged not to change the use of the property and to maintain the property in good condition, without damaging or modifying it without the bare owner's knowledge.
• A bare owner is one who has the right of ownership over a property, but not the right to enjoy its use:
• It is entitled to sell the bare ownership:
• Buy the asset at a preferential price according to the age of the usufructuary;
• He is obliged to pay all extraordinary expenses relating to the property;
• He may only fully enjoy the property after the death of the usufructuary.