What is a non-redeemable property and the rights of a property owner
to a thing that is only in his ownership, with the limitation of the right of possession and use that belongs to a third person who enjoys this right (the user). In other words, prepossession refers only to the ownership rights to a specific property, in our case, a dwelling, and does not include any rights to its use or enjoyment.
How is ready-made property acquired?
The most common way to acquire ready-made property is to inherit such property from an estate, reserving the right to the user for the surviving spouse. Very often, ready-made property is acquired through a donation with a reservation of right to use,'The 'mechanism whereby the donor transfers the ready-made property to the recipient while reserving the right of use for life. Another case may be when the owner of the dwelling sells the ready-made property and reserves the right of use. People who choose this solution are usually elderly, without heirs or in need of financial resources. In this way, they secure the use of the dwelling unit usually for life and are compensated in the form of a cash payment.
When is the right to use and enjoy the property transferred?
Full possession of the property to which the right of use has been vested is considered complete when the ownership, use and''use are combined in one person. Full possession will occur in the following cases:
- Sale of the right of use: if the user decides to sell his right of use (it is most common to sell it to a naked owner).
- The termination of the right of use, which can occur for three reasons:
- Death of the user:When the user dies, the use and enjoyment of the good to which the right of use is vested passes to the naked owner. In case the right of use is owned by more than one person, the naked owner does not get full possession until the death of all users.
- The fulfillment of a condition imposed in a right of use: If, for example, a right of use is granted,''until the naked owner is married, after marriage he will get full possession.
What rights does the naked owner have?
Let's start by listing the rights of the naked owner, bearing in mind that he or she has no authority over the dwelling in question:
- The right of ownership: the naked owner owns the property, although, as already mentioned, he has no right of use and enjoyment.
- The right to sell naked property: he may sell naked property to a third party, but always subject to the rights of users. Article 489 of the Civil Code establishes that "the owner of property to which someone has a right of use may sell it, but not to change its form or substance and not to undertake''nothing that would harm the user'.
- The right to mortgage naked property: under section 107.2 of the Mortgage Act, it is possible to obtain a mortgage loan on income naked property.
26 October
9
Duties of the naked owner in respect of the dwelling.
The duties of a naked owner include the following:
- To make emergency repairs to a good, in this case, a dwelling unit: according to Article 501 of the Civil Code, emergency repairs are paid for by the owner. "The user is obliged to notify him when the work is urgently required," the article says.
- Compliance with rights''users': article 489 of the Civil Code indicates that the naked owner "may not modify the characteristics of the good used or perform actions that harm the right of users".
- Payment of taxes and fees related to the right of use: article 505 of the Civil Code emphasizes that the naked owner is obliged to pay taxes and fees related to real estate, except for the real estate tax, which is covered by the user.
- Payment of the mortgage on what is in the right of use: according to article 509 of the Civil Code, the user of a property on which a mortgage has been imposed "does not have to pay the debts for the security of which the mortgage is established" and if the property is described or sold under''court order to maintain the debt, "the owner will be liable to the user for losses incurred for that reason".
- Liability to the user: the naked owner should be liable to the user if the property is described or sold to satisfy the debt.
Sale on ready property
There are several instances in which the purchase of a pre-foreclosure property occurs. It occurs when elderly people have no heirs or want to generate additional income without giving up living in their homes.
From a legal point of view, the sale of ready-made property is possible in Spain. The sale of a ready-made property is''A legal act in which the owner of real estate transfers its ownership but retains the right of use, that is, the right to use and enjoy the property for a certain period of time or for life. In such cases, the buyer is able to purchase the property at a lower price because he or she cannot own it for several years. For the seller, the main advantage is the possibility to continue using the property, receive the money from the sale immediately and formalize everything with a notary.
How is the sale of a ready-made property taxed for the user?
If the user is over 65 years of age and the property being sold is their primary residence,''it is 100% exempt on the personal income tax return and he does not have to pay taxes to the IRS. If the real property is a secondary residence, it is subject to taxation on the personal income tax return, unless the money received from the sale is transferred to a life income insurance contract.
How is a naked owner taxed on a personal income tax return?
The law warns that naked owners don't pay tax, but whoever owns the right of use and enjoyment does. Property that is subject to a naked owner's right of way is not subject to tax when declaring income, although the naked owner must''include the property in the declaration and indicate that it has a right of tenure but not a right of use.
Comment
Popular Posts
26 October
9
Popular Offers
Subscribe to the newsletter from Hatamatata.ru!
Subscribe to the newsletter from Hatamatata.ru!
I agree to the processing of personal data and confidentiality rules of Hatamatata