Buying bare ownership of a home: Why don’t banks usually finance these operations?

The sale and purchase of bare ownership of homes. Is arousing more and more usually finance these interest in the market. This is an option aim usually finance these at those seniors who want to obtain liquidity with their home while still living at home. This operation gives the buyer the possibility of purchasing it with an average discount of. However, they will not be able to enjoy it until the usufructuary dies. The main drawback is financing. Although it is possible to apply for a mortgage, banks do not usually finance. This type of operation, since they seek to mortgage the full ownership of a property, not just a part.

Bare home ownership: What is it about?

First of all, we must make clear what we mean when we talk about bare ownership of a home. In this type of operation , the full property is into two different parts. On the one hand, there is bare ownership, which means: being the owner Tunisia Phone Number List of the thing that is . On the other hand, we have the right of usufruct, which means that you. Have the right to use the thing in question, even though you are not the owner of it. So, bare ownership is the right to own something (for example, a home), without implying the right of usufruct. What is usually done in these cases is that the buyer acquires bare ownership of the home. When the time comes for the death of the usufructuary, the bare owner consolidates full ownership automatically. From that moment on, the new owner will be able to use the home fully, both for own use and for rent.

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What does it mean to be a bare owner?

When you are the bare owner of a property, you are the owner of said home. In other words, the asset is. However, if you only have bare ownership and not the right of usufruct. This means that it is not possible to use the home China Phone Number List in question (even though we have ownership of it) until we also have access to usufruct. Advantages of buying bare ownership of a home Although when we go to apply for a mortgage loan the most common thing is that we use the money to buy a complete home (full ownership), it is also possible to acquire only bare ownership. The main advantage of this form of purchase is that buying bare ownership generally costs much less than buying full ownership , that is, bare ownership and usufruct rights. In this way, it is possible to acquire a home more economically with the only drawback that the usufruct cannot be on until the death of the previous owner.

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