Transferring a property to one name -Termination of co-ownership in Alicante Torrevieja Spain.
If you are thinking of Transferring ownership property Alicante area to the other co-owner or transferring the apartment or house to your sole name, you should know that it is simple. In order to change your title deeds only in one name, you and the other owner will have to go to the notary to make the transfer with your Spanish solicitor, contact Cc Lawyer Alicante Torrevieja. This transaction is called “extinción de condominio” which means the termination of the co-ownership when the property is transferred only to one name.
The tax to pay is only the 1.5% of the total value of the asset instead of the regular transfer duty of the 10% in the Alicante, Costa Blanca an Torrevieja area.
How to remove somebody off the title deeds in Alicante, Torrevieja or Costa Blanca?
If you are Transferring ownership property Alicante area of a apartment or house due to a divorce agreement, we will have to study the specific clauses in your settlement and find the best solution. Let us summarize the key points of the concept of condominium or co-ownership and the main ways to remove somebody off the title deeds:
- Condominium or Jointly owned house: This is a legal arrangement where two or more individuals share ownership of an asset, such as a house, car, boat, or bicycle.
- Extinction of Condominium or Dissolution of Community: This refers to the termination of the jointly owned house or community arrangement. There are two primary ways this can happen:
- Sale to a Third Party: Co-owners decide to sell the shared property to a third party. This terminates the joint deeds, but it’s not an extinction of the condominium itself; instead, it results from the transfer of ownership to a new owner and a simple sale.
- Full Adjudication to One Owner: Co-owners agree that one of them will take full ownership of the home while compensating the other co-owner for their share. For example, in the case of a couple or marriage splitting up or after a Divorce or separation and one partner keeping the house by compensating the other for their portion, this is considered an extinction of condominium in the true sense. Divorce Lawyer Alicante.
These two methods of terminating joint deeds have different legal implications, and it’s essential to distinguish between them when dealing with asset division. The choice between these options often depends on the specific circumstances and agreements between the co-owners. Trust on Real State Lawyer Alicante Torrevieja with more than 20 years experience.
