First of all, it should be noted that in Spain there is no possibility to modify the ownership in the title deed by a simple change of names, the process is more complicated.
Ownership is acquired or transferred through a specific legal transaction. There are legal transactions inter vivos (between living persons) or mortis causa (by cause of death). We highlight conveyancing on sale and purchase, donation and extinction of condominium as Inter vivos legal transactions; and inheritance, as a mortis causa legal transaction.
Conveyancing on sale and purchase, donation and extinction of condominium: legal options used to change the ownership in a property deed.
In this article we are going to talk, specifically, about the possibility of changing the ownership of a property in the deed through inter vivos legal transactions. These are:
- Conveyanging on purchase or sale: The co-owner who wishes to be removed can voluntarily transfer his or her share in the property to the remaining owner(s) by means of a transfer or sale. Similarly, the co-owner who wishes to be removed may negotiate a purchase agreement with the remaining owner(s), whereby they agree to purchase the former co-owner’s share of the property. This usually involves drawing up a new deed, signing it before a notary and registering the conveyance in the relevant land register.
- Donation: The owner can donate the property, in whole or in part, to the donee. This involves drawing up new deed, signing it before a notary and registering the transfer in the relevant land register.
- Extinction of condominium: the co-owners decide that only one of them will keep the entire property, compensating the others with the value of their respective shares. This involves drawing up a deed of extinction of the condominium, signing it before a notary and registering the transfer in the corresponding land registry.
Important legal aspects to bear in mind when changing the ownership of a property
It is important to bear in mind that the specific requirements and procedures for removing someone from a title deed may vary depending on local laws and regulations. Careful consideration should be given to the specific case and tax obligations. It is advisable to consult with a qualified legal professional specialised in property law to learn about the options available and the specific process to be followed in your jurisdiction.
The Imont Legal team is at your disposal to provide advice regarding any questions or concerns that may arise about the ownership of a title deed or any other related matter. Please do not hesitate to contact us to solve your doubts and obtain specialised advice.