The Bare Property Real Estate Show arrives in Madrid — idealista/news

Countdown to open its doors Bare Property Housing Real Estate Show in Madrid.

The event, organized by the real estate consultant Eduardo Moletwill be held on February 17 and 18 in the TRUSS room dthe WiZink Center from the capital and expects to receive more than 10,000 visitors, including the elderly and the public interested in selling or acquiring a home through the sale of bare ownership, a growing formula in our country among both sellers and buyers.

“There are more and more people over 60 who decide to sell their house without giving up living in it forever, and with additional income to supplement their pension,” explains Molet.

The hall, free admission, will exhibit several hundred homes for the elderly and will have around twenty exhibitors that will show products and services aimed at a ‘senior’ audience. from travel agencies to elderly care companies.

“Our objective is to give visibility to the wide offer that exists around seniors, a population that is growing and more present in social and economic life,” explains Eduardo Molet, who adds that it is an audience that increasingly generates more economic impact on today’s society.

Among the companies that will participate in this fair are travel agencies (Camino de Santiago, Cruises), boat rentals, smart watches with GPS and remote assistance, home care companies, hearing aid brands, disability aid foundations, financial services , health, insurance, workshops, leisure and shows.

Molet remembers that More than 70% of Spaniards own a home, a figure that is close to 90% from the age of 65, an investment in which they have put most of their savings, compared to pension plans or private savings. In fact, the accumulated savings in housing of those over 65 is six times higher than the total of all private pension plans. “And most of them want to live in their home until they die, even in old age or even if they require home care, and that’s the time to divest,” he explains. And he adds that the sale of the bare property allows up to 123,000 to be obtained for a medium-sized home (about 70 m2 in a city).

> Check here for more information on the Nuda Propiedad Housing Real Estate Show

What is bare ownership

Bare ownership is the right of a person (bare owner) over a thing of which they are the sole owner, with the limitation of not having the right to its possession and enjoyment, which will be the rights of the third party that has the usufruct. That is to say, the bare property relates property rights only on the thing in question, in our case a home and does not imply any type of right of use or enjoyment over it.

The usufruct, on the contrary, is the right of enjoyment, use and enjoyment of someone (usufructuary) over a thing.

There is a third case, full ownership, which implies that both cases, bare ownership and usufruct, fall on the same person.

What rights does the bare owner have?

Let’s start naming the rights of the bare owner. Taking into account that he does not have any power over the house in question, he is simply its owner:

• Property rights: The bare owner owns the house, although as we have said, he does not have the right to use and enjoy it.
• Right to sell the bare property: You can also sell the bare property to a third person, but as long as the rights of the usufructuary are respected. Article 489 of the Civil Code establishes that “the owner of assets in which another has the usufruct may dispose of them but not alter their form or substance, or do anything to them that harms the usufructuary.”
• Right to mortgage the bare property: According to the provisions of article 107.2 of the Mortgage Law, a mortgage loan can be requested on the bare ownership of the usufruct property. If, upon termination of the usufruct, full ownership is consolidated in the mortgaging bare owner, the mortgage will also extend to the usufruct, unless otherwise agreed.
• Right to carry out works and improvements: According to article 503 of the Civil Code, works and improvements may be carried out in the home over which the owner has bare ownership, as long as it does not harm the usufructuary.
• Right to have the use and enjoyment of the home restored when its usufruct has been extinguished: Article 522 of the Civil Code indicates that, “on completion of the usufruct, the thing in usufruct will be delivered to the owner, except for the right of retention that corresponds to the usufructuary or his heirs for the disbursements that must be repaid. Once the delivery has been verified, the bond or mortgage will be cancelled”.

What obligations does the bare owner have?

The obligations of the bare owner are the following:

• Taking charge of extraordinary repairs to the property, in this case, the home: According to article 501 of the Civil Code, extraordinary repairs will be borne by the owner. “The usufructuary is obliged to notify him when the need to do them is urgent,” the article explains.
• Respect the right of the usufructuary: Article 489 of the Civil Code states that the bare owner “may not alter the characteristics of the thing in usufruct, nor perform acts that harm the right of the usufructuary.”
• Payment of taxes and taxes corresponding to the usufruct: Article 505 of the Civil Code emphasizes that the bare owner has the obligation to take charge of the taxes and tributes corresponding to the property, with the exception of the Tax on Real Estate, which will be borne by the usufructuary.
• Pay the mortgage of the usufruct: According to article 509 of the Civil Code, the usufructuary of a mortgaged property “will not be obliged to pay the debts for whose security the mortgage was established” and, if the property is seized or sold judicially for the payment of the debt, “the The owner will respond to the usufructuary for what he loses for this reason.
• Respond to the usufructuary: The bare owner must respond to the usufructuary if the farm is seized or sold to settle the payment of a debt.
• Take charge of community expenses: The Supreme Court, in a May 2005 Judgment, indicates that “it constitutes an obligation imposed not on the users of a property, but on its owners”.

How do you acquire a bare property?

The most common form of acquisition of bare ownership is when someone inherits that bare property of a property, reserving the right of usufruct for the widowed spouse.

It is also common to acquire bare ownership through the donation with reserve of usufructa mechanism through which the donor transfers the bare ownership to the donee, but reserving lifetime usufruct of the asset.

Another case could be when a homeowner sell the bare property and reserve the usufruct. The people who opt for this solution are normally older people who do not have heirs or need financial resources. In this way, they ensure the use of the home, generally for life (throughout their lives) and receive financial compensation.