What is Bare Ownership in an inheritance?

Nowadays there are many alternatives to traditional real estate sales, solutions that adapt perfectly to particular situations and that, in the case of older people and their heirs, can provide new points of view, but that are necessary to know in detail. Throughout this article we are going to focus specifically on the case of the bare property in an inheritance.

The first thing to be clear about is that, in this type of process, it is more common than it seems for a property to fall to several people and, consequently, the “full ownership” is split.

This situation causes both the bare ownership and the right to use and enjoy the property, the usufruct, to be divided among several owners. With this in mind, it is logical that bare property can be granted by inheritance on its own. As it forms part of the assets of the person who owns it, It is a legitimately negotiable or inheritable right..

Differences between bare ownership, usufruct and full ownership in an inheritance

At Even More Life, we are experts in sale of the bare property and we are fully aware of all the factors involved in any inheritance of these characteristics. With what we have mentioned so far, it is easy to get an idea of ​​what the concepts of bare ownership, usufruct and full domain.

The heir who becomes the bare owner holds the title to the property, but cannot use it. At the same time, the usufructuary has the right to enjoy the property for a period of time that may be life, including the possibility of renting it out or making any kind of profit from it that does not interfere with the bare ownership. When the usufruct ends, either due to the death of the usufructuary or due to the fulfillment of deadlines, the bare owner becomes the full owner by holding both rights.

To better understand the differences between these concepts during an inheritance, it is best to give an example. One of the most common situations is that one of the members of a marriage dies, leaving the title of the property where he or she lived with his or her spouse to a descendant.

East I couldn't rent the property, but would have the possibility of selling the newly inherited right. For his part, the spouse who has survived the deceased would acquire the role of usufructuary, maintaining the right to continue enjoying the home or renting it, despite having changed the bare owner.

Depending on the interests of the heir, he could leave things as they are and wait for the usufruct to expire, try to buy it to obtain full ownership as soon as possible or sell his share to the usufructuary so that he becomes the full owner. .

How does bare ownership work in an inheritance?

Any type of inheritance involves a procedure of operations that, if we add to the difficult emotional moment suffered by the heirs who have just lost a loved one, can mean a heavy and inconvenient process. Mas Vida We believe that the more doubts are resolved in advance, the process becomes more bearable.

To understand how bare ownership works in these cases, we can look at the Spanish succession and inheritance legislation itself, since it is a perfectly regulated concept, with its obligations and benefits. The first thing to do when carrying out this type of legacy is to face the usual inheritance payments, such as the Inheritance and Donation Tax.

However, what differentiates the transfer from bare ownership is that it is a very moldable to the interests of all the people involved in the operation. Let's see in detail how bare property works and why it is a versatile and beneficial investment in the short, medium and long term:

You can negotiate

In any type of succession of bare ownership, the conditions of the agreement must be respected with regard to usufruct. In the example of the marriage that we had given, generally, the surviving member assumes the usufruct along with a portion of the bare property, while the rest legitimately corresponds to the heirs of the deceased.

can be distributed

That said, it is common for bare property to be distributed among several individuals. Distribution portions are also negotiable, usually focusing on who can constitute the potential full owner.

Usufruct is also subject to similar conditions. In the case of life usufructuaries, the bare owner would assume full ownership after the death of all of them.

It is flexible

As these are negotiable rights, there are countless alternatives that may better or worse serve the interests of family members. If there are no conflicts between the participating parties, this opportunity represents an unbeatable solution to adapt to each particular situation. Can provide short-term liquidity or a productive medium or long-term investment if bare ownership is assumed and waiting for the usufruct to expire.

Can bare property be inherited?

By now, it should be clear that bare property can be inherited. As we have already mentioned, it is very common that, by law, the usufruct passes to the spouse in addition to 50% of the title of the property and the descendants inherit the other half.

In the event that one of the heirs dies, the grandchildren would inherit the percentage corresponding to their parent, but would not acquire the spouse's share. There are specific distribution percentages when it comes to distributing bare property, but they can be negotiated taking into account the interests of each person. When inherited, The conditions maintained by the original bare owner are not modified.

It is essential to be clear about the concept of bare ownership during an inheritance, as it can avoid future misunderstandings or conflicts and is part of the rights and obligations of both the bare owner and the usufructuary.

Can the usufruct be inherited?

Regarding usufruct, there is usually greater confusion. As established by Spanish legislation, usufruct cannot be inherited, since it expires after the death of the usufructuary. When this happens, as we have already pointed out, the bare owner acquires the right to use and enjoy the home and comes to possess full ownership of the property.

This means that it cannot be included in a will as an inheritance. The usufructuary can only enjoy the property while he is alive, but that does not mean that he cannot generate profits, since he can rent it or sell his right to the bare owner or third parties.

Rights and obligations of the bare owner in an inheritance

We already know everything related to bare ownership, usufruct, full ownership and the role they play in an inheritance, but it is also necessary to be clear about the rights and obligations that affect the bare owner in this type of situation. By acquiring this title by inheritance, the following responsibilities are also acquired:

Duty to preserve the property

The heir must keep the property in good condition and guarantee that it will be properly maintained by carrying out repairs, paying associated expenses and avoiding unnecessary deterioration.

Limitations on the disposition of the property

Despite being within their rights to sell, assign or mortgage their share of the home, the bare owner should never make decisions that involve usufruct, such as, for example, trying to sell the home without their consent.

Duty to respond to the usufructuary

Likewise, in the event that the owner of the property does not pay the debts and it is seized or put up for judicial sale, he or she must respond to the usufructuary.

Payment of taxes and corresponding expenses

The figure of the bare owner is responsible for dealing with extraordinary contributions. Furthermore, if at the time the usufruct is established the property is mortgaged, the fees must also be paid.

Consequently, the bare owner also has certain rights:

Right to vote regarding the property

You will be able to vote on any matter related to the housing itself. Of course, as long as they do not interfere with the rights of the usufructuary. If the property was a condominium, the bare owner could take part in the community's decisions.

Right to mortgage

According to the Mortgage Law, bare property can be mortgaged. This means that the holder of this right can request a loan on his or her share of the usufructuated home.

Likewise, the usufruct party also has its own obligations and rights over the property, such as the use and enjoyment of which we have already discussed in more detail. It is also affected by the obligation of conservation, the limitations on the disposition of the property or the payment of the Real Estate Tax, which is one of the few expenses assumed by this figure.