How many ways do you know of to access housing? Renting a house? Buying an apartment? These are archetypal forms of common use, but not the only ones. In this article of Emporda Immo we will talk about buying houses through bare ownership and how it is entering with force to our real estate market.
The bare ownership is that right of a person over a thing in which his relation to it is that of being the sole and only owner.
As owner, he has the dominion over the thing, but does not hold possession because it has been transferred through a real right called usufruct.
What is the basis for the sale of a house for bare ownership?
Generally, the sale of a house through this formula is characterized in that the seller remains in usufruct of the sold house until the contract is signed.
Generally, this purchase option satisfies a sector of the population that does not have sufficient income to pay for their daily life, but has a house in property and at the same time, another sector of the population which is not in a hurry to move into the house purchased or else, opts for this style of sale focusing on real estate investment.
How does the sale of a house by bare ownership work?
The system of selling a house by bare ownership is very simple. It is based on the fact that the buyer pays a value for the property, generally off-market, and commits to the monthly payment of a rent to the person who remains in usufruct.
The most common is to find sales proposals of houses and apartments below up to 75% of their market price followed by a monthly annuity to the seller of between €600 and €900.
Rights and obligations in the sale of a house for the seller’s bare ownership of the property
The seller of a freehold house is entitled to:
- Receive payment for the agreed sale instantly.
- Renting or leasing the property.
- To usufruct the dwelling until the pre-agreed end of the bare ownership
The seller of a house by bare ownership has the obligation to a:
- Pay for housing supplies.
- Pay community fees.
The bare owner of a house sold by bare ownership has the right to:
- To sell the right of ownership of the house.
- To recover the house in good condition after the end of the usufruct.
The bare owner of a house sold by bare ownership has the obligation to:
- Assume the costs of any repairs to the house.
- Not to disturb the life of the usufructuary.
- Taxes of the acquired house (IBI, garbage taxes).
- Community spills.
- Expenses of the purchase/sale transaction.
