If you are in the process of buying and selling real estate in Fuerteventura, you have probably come across some of these terms, which are of special interest in situations such as donations and inheritance of real estate.
We explain each concept and how to use them to your advantage in Fuerteventura real estate.
Full control in Fuerteventura
In the Fuerteventura real estate context, the full domain or full ownership, refers to the situation in which a person has all the rights over a property, including legal ownership, use and enjoyment, and the ability to dispose of it (sell, rent, etc.). In other words, it is the most complete form of ownership, where there are no limitations or usufructs or bare ownership involved.
In simpler terms, full ownership implies that the owner can do whatever he wishes with his property, without restrictions or dependence on third parties.
This contrasts with the nuda propiedad, where one has the right of ownership, but not the right of use and enjoyment, or with the usufruct, where one has the right of use and enjoyment but not ownership.
Therefore, if someone has full ownership of a property in Fuerteventura, it means that he is the absolute owner of it and can do with it whatever he pleases, without having to consult anyone or ask for permissions.
Real estate usufruct in Fuerteventura
In Fuerteventura, the real estate usufruct is the right that allows a person (the usufructuary) to use and enjoy a property that belongs to another person (the bare owner), without being the owner of the property.
The usufruct gives the usufructuary the right to live in the property, rent it and obtain its fruits (such as rental income), but does not give him the power to sell or mortgage it.
The usufructuary may not sell or mortgage the property, but may rent it and obtain economic benefits.
Duration: The usufruct may be temporary or for life.
Terms and their explanations:
- Usufruct: Right to use and enjoy a real estate property without being its owner.
- Usufructuary: Person who has the right of usufruct.
- Nudo owner: Person who has the ownership of the property, but not its use and enjoyment.
For example, a person may leave to his or her spouse the usufruct of his or her home so that he or she can live in it or rent it, while the ownership (nuda propiedad) would pass to his or her children.
Upon the death of the spouse, the property would become the full property of the children, that is, with all rights of use and enjoyment.
In the context of Fuerteventura, the usufruct functions in the same way as elsewhere, and is used as an estate and succession planning tool, especially in the family context.
The bare ownership in Fuerteventura
The bare ownership of real estate in Fuerteventura refers to the situation in which a person owns a property, but does not have the right to use or enjoy it, as these rights correspond to the usufructuary.
The bare owner has title to the property (ownership), but not possession or use of the property.
If you buy a house in Fuerteventura, but the person who sold it to you is still living in it and can continue to do so until he dies or until an agreed term expires. You are the bare owner, you have the legal ownership, but you cannot use the house. The person who lives in the house is the usufructuary, and has the right to live in it or rent it, but is not the legal owner of the property.
This type of transaction is common in situations where elderly people sell the bare ownership of their home to obtain liquidity, but retain the right to live in it (usufruct). It can also occur in other contexts, such as as part of inheritance or succession planning.
For the Buyer or Nudo Proprietor, this means that he acquires legal ownership of the property, but cannot use it until the usufruct ends. Generally, he/she buys the property at a lower price than the market, since he/she will not be able to enjoy the property immediately.
The Seller or Usufructuary maintains the right to live in the property (or to rent it and receive the income) until the end of the usufruct, and in exchange, has received an economic compensation for the sale of the bare property.
We help you with the purchase and sale of property in Fuerteventura
Destiny Home is the real estate agency in Fuerteventura with more support from its clients, with a favorable opinion in Google reviews, the most recognized recommendation site in the online world.
With more than 200 public reviews and an average score of 4.8 out of 5, the agency receives the support of people who have bought and/or sold their real estate property in Fuerteventura.
The team of agents, specialized in the different urban areas of the island, offer professional support throughout the entire buying and selling process.
You can start by checking the market value of your real estate property in Fuerteventura.
And if you want to buy, check that the price is in line with the local real estate market:
