What Is Full Ownership of a Property?
Full ownership means holding both bare ownership (legal title) and possession or usufruct (the right to use and enjoy the property). According to Article 348 of the Civil Code, ownership includes the right to enjoy, dispose of, and defend property against third parties.

 

From Bare Ownership to Full Ownership
Full ownership is achieved when usufruct ends, which can occur through:

1. Death of the usufructuary – the right reverts to the bare owner.

2. Expiration of the term – when a contractually defined usufruct period ends.

3. Fulfillment of a condition – for example, upon the bare owner’s marriage.

 

Trends in Property Sales
In recent years, selling bare ownership has become common.

• Sellers (often retirees) keep the right to live in the property as usufructuaries while receiving funds upfront or via a reverse mortgage.

• Buyers purchase at a discounted price (20–50% below market value) and gain full ownership once usufruct ends.

 

Benefits for Both Parties

• Usufructuary: Can continue living in the home while receiving financial benefits.

• Buyer: Acquires property at a lower cost, though full possession is deferred.

 

Responsibilities in Bare Ownership vs Full Ownership

✔ Bare Owner:

• Major repairs (Civil Code Art. 501)

• Respecting usufructuary’s rights (Art. 489)

• Taxes linked to ownership, excluding IBI (Art. 505)

• Mortgage obligations (Art. 509)

• Community fees (unless agreed otherwise)

✔ Usufructuary:

• Preserve property’s condition

• Cover expenses and legal costs linked to usufruct

• Care for the property and notify owner of third-party risks

✔ Full Owner:
When both rights are unified, the owner has complete control, with only tax and legal compliance obligations.

 

Conclusion
Full ownership combines both usufruct and bare ownership into one. While most traditional purchases grant full ownership, arrangements like selling bare ownership can benefit both parties financially. If you’re considering buying or selling, it’s important to understand these property rights to make the best decision.