BARE PROPERTY – WHAT IS IT?

The property belongs to a specific person who does not have possession, use or enjoyment.

Bare property is the right that a person has over an asset they own, with the limitation of not having the right to its possession, use or enjoyment. Therefore, it assumes ownership of the property, although it does not imply the right of usufruct, which will belong to the usufructuary, until their death or when the period determined for usufruct comes to an end.

Is it possible to sell Bare Property?

Yes, it is possible. The owner has the power to transfer the bare ownership through a sale or donation, and the ability to use it as collateral, for example, in a bank loan.

What are the rights of the Bare Owner?

The bare owner has rights over the property and can sell it, but the buyer will only acquire the bare ownership of the property. In other words, the sale does not nullify the existence of the usufruct right, which only ends with the death of the usufructuary or with the expiration of the term established for the duration of the usufruct.

What are the duties of the Bare Owner?

The bare owner must carry out necessary major repairs and improvements on the property. For example: repairs to internal and external water and sewage pipes, construction defects, and similar issues.