A buyer's agent in Shreveport is reviewing a property where the title shows the seller owns it as 'naked owner.' The usufructuary is the seller's elderly mother, who is still living. The buyer wants to move in immediately after closing. What should the agent advise the buyer?
Correct Answer
A) The buyer will acquire naked ownership only and cannot take possession until the usufruct terminates
Under Louisiana Civil Code Art. 612, a usufruct is not extinguished by the transfer of the naked ownership. The buyer purchasing from the naked owner acquires only naked ownership — the right to eventual full ownership — but cannot take possession or use the property while the usufruct remains in effect. The mother retains her right to use and enjoy the property until her death or other termination event.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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