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Services · Bare ownership glossary

Clear words.
Informed decisions.

A guide to consult when needed: rights, costs and the steps of bare ownership, explained one term at a time.

27 terms

A

Accretion clause
A provision that may extend a surviving beneficiary’s right to the other beneficiary’s share. The deed determines the effects: the end of one usufruct does not necessarily release the whole property.
Acquisition deed
Document explaining how ownership was acquired and which rights affect it. It is among the first documents to review with the notary.

B

Bare owner
Holder of bare ownership. May transfer that interest subject to existing rights and restrictions, but cannot freely use the property during the usufruct.
Bare ownership
Ownership separated from usufruct. The owner holds title, while the right to use and enjoy the property belongs to the usufructuary.

C

Condominium charges
Internal allocation between owner and usufructuary is distinct from liability to the condominium. Article 67 of the implementing provisions of the Italian Civil Code provides for joint and several liability for contributions owed to the condominium administration.
Consolidation
Reunion of usufruct and bare ownership into full ownership. Follow-up formalities remain necessary; consolidation alone does not guarantee vacant possession or the end of a tenancy.

D

Duration of usufruct
May be lifelong or for a fixed term. For an individual it cannot exceed the relevant person’s life; for a legal entity it cannot exceed thirty years (Article 979 of the Italian Civil Code).

E

Existing tenancy
Lease to review for duration, rent and enforceability. The end of usufruct does not always end a lease immediately; Article 999 of the Italian Civil Code also applies.
Extraordinary repairs
Normally borne by the owner. Article 1005 provides for the usufructuary to pay interest during the usufruct on sums spent by the owner. The deed and circumstances require specific review.

F

Fiscal coefficient
Multiplier in the statutory tax tables, related to the age of the person whose life determines the right’s duration. It is not a mandatory commercial discount.
Fiscal value
Value determined under the tax rules for the particular transaction. It is not necessarily the final taxable base, tax payable or market price.
Fixed-term usufruct
Usufruct with a set expiry. For an individual it still ends on the earlier death of the person whose life determines its duration. Its tax valuation differs from the simple age table.
Full ownership
Combines ownership and enjoyment. Other rights, contracts and restrictions must still be checked.

I

IMU
Italian municipal property tax. With usufruct, the usufructuary is the taxpayer where tax is due; exemptions and principal-home conditions require individual review.

L

Life usufruct
Right measured by a person’s lifetime. Its actual duration is unknown in advance; statistical estimates do not establish a date for vacant possession.

M

Market valuation
Assessment considering location, condition and characteristics, together with duration and scope of the rights, expenses, tenancies and actual demand.
Mortgage charge
Security registered against a property in favour of a creditor. Notarial checks identify encumbrances and how to address them on transfer.

N

Notarial deed
Instrument formalising the transfer. The notary reviews legal and tax matters and completes the formalities within their remit.

O

Ordinary maintenance
Custody, administration and ordinary maintenance normally borne by the usufructuary. This also includes extraordinary repairs made necessary by failure to perform ordinary obligations (Article 1004).

R

Rental income
Rent paid by the tenant. With usufruct it normally belongs to the usufructuary, subject to the lease and applicable rules.
Reservation of usufruct
Provision allowing a seller of bare ownership to retain usufruct. Beneficiaries, duration and terms must be clear in the deed.
Right of habitation
Personal right to live in a home within the needs of the holder and their family. Unlike usufruct, it cannot be assigned or let (Article 1024).

S

Sale price
Amount negotiated by seller and buyer. It may differ from the value calculated under tax rules.

T

TARI and utilities
Waste tax depends on occupation or possession and applicable rules; utilities depend on contracts. Neither follows automatically from bare ownership alone.
Termination of usufruct
End of the right under a legal ground, including expiry, death of the relevant person or reunion of rights. It is not necessarily linked to the death of a later purchaser of the usufruct.

U

Usufruct
Right in rem to use a property and receive its fruits while respecting its economic purpose. It may include living there and collecting rent.
Usufructuary
Holder of usufruct. May occupy or, within legal and deed restrictions, let the property; must respect its economic purpose and conservation obligations.

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Sources and scope

Updated 21 October 2026. General information on Italian law, to be applied to the actual circumstances with the relevant professionals.