Full ownership, bare ownership, and usufruct are recurring terms when discussing the division of ownership of real estate . These are, in fact, three different forms of ownership, and it is important to understand their meaning. Indeed, being a bare owner and a usufructuary do not confer the same rights over the property. In this article, we will explore the differences between these three dimensions of real estate ownership in Senegal.
Full ownership
This is the most common method of property acquisition in Senegal. Through this title, the individual is the full owner of their property and can use it as they see fit. This can be for residential purposes, rental investment, business, etc. In legal terms, this is referred to as having the right of use and enjoyment (they can use and benefit from it as they wish).
Purchasing a property outright encompasses both bare ownership and usufruct. These two rights combined grant full ownership of the property to the signatory of the deed of sale.
Usufruct
This is the first aspect of a real estate split. As mentioned in the previous section, usufruct refers to the right to use and enjoy the property (the fruits or profits). The usufructuary can therefore live in the property, rent it out to collect the income…
However, while the right of enjoyment grants the usufructuary the right to use and collect the fruits of the property, it also imposes duties and responsibilities, such as maintaining the property by carrying out minor repairs. If the usufructuary fails to fulfill these obligations, the bare owner can take legal action against them.
Bare ownership
This is the second dimension of full ownership. It is also acquired during a purchase involving split ownership.
It grants the bare owner the right to dispose of the property as they see fit. They are generally said to own the walls. Therefore, they cannot use the property for residential purposes or to collect income from it.
However, he has the right to sell the property without the usufructuary's consent. Therefore, the new bare owner will have the same rights as the former owner.
Major works are the responsibility of the bare owner, while minor works are the responsibility of the usufructuary.
What are the conditions for a division of ownership?
Acquiring property through a split ownership arrangement must be done through a notary , who is the sole guarantor of the transaction's validity. Foregoing a notary's office for a split ownership arrangement would render it legally invalid.
The notary is the only person authorized to carry out this procedure, and to give the rights and obligations to the different parties of full ownership.
What are the advantages?
Dividing ownership can be advantageous for several reasons and in various situations. For example, in the context of inheritance within a family, the bare ownership of a property can be given to the children and the usufruct to the parents. This allows the parents to collect rental income.
economic advantage , particularly in the context of a life annuity. The owner could therefore sell the bare ownership of their property, while retaining the usufruct for the tenant until the latter's death.
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