If you are thinking of transferring the ownership of your property to the other co-owner or getting the other co-owner share, you should know that it is pretty simple.
In order to change your property title deeds only into your name, you will need to go to a Notary for the other owner to sell his/her 50% of the property to you. This operation is called “joint ownership cancellation” and the taxes to pay would only be 1.50% of the property total value instead of the normal transfer tax which is 10% in the Valencian Community. The expenses will be the same ones as for a property purchase: Notary Fees and Land Registry.
If you are transferring the property due to a divorce agreement, we will have to study the specific clauses in your divorce settlement and find the best solution.
You need to bear in mind that if there is a mortgage on the property, you will need the banks’ approval in order to remove one person from the mortgage and its obligations.
Please contact us and we will inform you according to your specific circumstances for free.