It’s likely that you’re aware of various types of legal property transfers, like inheritance, gifting property to a spouse or other party, and naturally, sales. However, another type of transfer that is often of interest to our clients is the “extinction of co-ownership”, or for example, the transfer of property to an ex-spouse. Within the Spanish legal system, this type of transfer applies in the case of jointly owned property, where one party takes over the other’s share. In this article, we outline the process and how it operates under Spanish law.
Transferring property as part of a divorce agreement
Typically, this situation plays out when divorced couples choose to assign the property over to one individual. Certainly, some changes in life aren’t always pleasant or particularly welcome – such as a separation or divorce – so it’s important you get the legal support you need. In emotionally draining situations such as these, an experienced lawyer is essential. From the divorce agreement (Consent Order) to the transfer of property, a trustworthy legal adviser is key to navigating this tricky terrain.
Generally, the Consent Order is obtained from the court of the country where the marriage was registered. However, these documents tend to only stipulate the necessary steps for when the marriage is dissolved. For instance, the distribution of assets between ex-spouses, such as property or financial assets. The next step is to actually legally action these stipulations.
As with any other kind of change of ownership, the transfer of property to a spouse requires you to sign a new Title Deed in the presence of a Public Notary. Finally, this Deed has to be inscribed in the corresponding Land Registry. In this scenario, the Consent Order serves as evidence to the Notary, the Land Registry and the Tax Authority as the “extinction of co-ownership” or the transfer ownership of a house to a spouse.
Other scenarios where you might want to transfer property
The re-distribution of matrimonial assets after a divorce is a typical example of the extinction of co-ownership. However, it’s not the only possible scenario. For instance, should you have a stake in a Spanish property with a friend, sibling or any other party, you may find yourself in a situation where you wish to sell your share. Equally, it is possible you are thinking about gifting property to a spouse.
Be aware, removing a co-owner isn’t just a case of getting gout the Tippex. What can seem like quite a straightforward transaction or addition actually requires proper legal advice. As in any other kind of property transfer, the process has to be observed by a Public Notary and recorded with the Land Registry.
Get the right guidance about the transfer of property
The dissolution of joint property ownership in Spain must be completed formally and legally. If it’s not, it can lead to difficulties when you come to sell or bequeath your property. Should you find yourself in a situation where you want to transfer ownership of a house to a spouse or ex-spouse, or any other scenario described in this article, it is essential to seek legal advice. For more information, contact us here. No matter your situation, we’re here to guide you every step of the way.