Bare ownership is the ownership of property without the privilege to use or enjoy it. It is commonly linked with trust ownership, where the trustee holds legal title to the property while the beneficiary holds the bare ownership. Ownership, in essence, encompasses a set of rights that enable one to utilise, oversee, and relish property, including the right to transfer it to others. Ownership rights are enduring, inheritable, and entail the right to possess an item, irrespective of any real or implied control.
Bare ownership, also known as trust ownership, refers to the limited ownership of property without the right to use, manage, or enjoy it. The owner of bare ownership cannot convey the property to others. For example, a father may give his property to his son but retain the bare ownership, allowing the son to use, manage, and enjoy the property while the father retains the right to sell or transfer it to someone else. The son’s rights are limited, as he can only use the property until the father’s death, at which point he becomes the full owner. This example demonstrates how bare ownership works, with both the father and son having limited rights to the property.
Bare ownership refers to the ownership of a property without the right to use or enjoy it.
Usufruct is the right to use and enjoy a property without owning it, while bare ownership is the ownership of a property without the right to use or enjoy it.
Yes, bare ownership can be sold or transferred to another person.
The usufructuary is responsible for maintaining the property under bare ownership.
Yes, the usufructuary can sell or lease the property under bare ownership, but only for the duration of the usufruct.
When the usufruct expires, the bare owner regains full ownership and control of the property.
No, the bare owner cannot use the property during the usufruct.
Yes, the bare owner can sell the property during the usufruct, but the buyer will only acquire bare ownership until the usufruct expires.
The usufructuary is responsible for any damages caused to the property under bare ownership.
Yes, the bare owner can terminate the usufruct before it expires, but only for serious reasons such as non-payment of rent or breach of contract.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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