Bare ownership, usufruct and full ownership

It is very common to think that owning an asset means being able to do whatever you like with it. However, that is not always the case: we need to distinguish the different elements that make up ownership and identify which rights we have and which we do not.

• With bare ownership, all we acquire is title to the asset. That title can be sold, and the owner may carry out necessary works and improvements, provided they do not harm the other rights over the asset.
• With usufruct, we are entitled to enjoy the asset, to use it and to benefit from it. The usufructuary is entitled to the fruits, rents, profits and other income the asset produces. The limitation is that they do not hold title to it and must therefore abide by the decisions of the owner.
• With full ownership, we hold all of the rights mentioned above.