RDT Abogados benefits from an experienced team of property lawyers throughout our office network in Spain.
Our bi-lingual team are on hand to assist with all areas of property law.
You may own a property in Spain with an ex-partner and want to disentangle your assets, or wish to gift your property to a relative.
We can provide you with expert help along the way with all types of property transfer.
What is a property transfer?
A property (a villa, house, flat, apartment, etc; and also large plots of lands and small ones like parking spaces) is an asset, and as such its ownership can be legally transferred.
As a property is usually a valuable asset, it can be divided into shares which can then be transferred independently too.
For instance, it is quite common that a couple buy a second residence on the Spanish coast.
This purchase can be made and registered in the land registry as 50/50 share – each individual owning half of the property.
If the couple separate they can transact on the property; i.e. one of the co-owners gives the other his/her share in exchange for other assets.
Or the couple decide to give the property to their child(ren).
The previous scenarios (and many other similar situations) require what is commonly known as “property transfer”.
As previously mentioned, a transfer can be carried out on the whole property or a partial share.
Is it legal?
Absolutely, in fact the Spanish Civil Code sets out many rules on the transfer of all kinds of property.
These transfers are legally called “donations”.
Then, say I own a property in Spain, can I gift it to anyone I wish?
Yes you can donate your property (or share of your property) to anyone you wish regardless of relationship.
Also, it is possible to donate to a corporation or charity. In all cases this would be classed as a donation and it is a commonly executed process.
The only conditions are that you comply with the legalities and pay the relevant taxes.
Are they easy to complete, what documents do you need?
These are fairly straightforward transactions and initially we will only need a note on the intervening parties (who owns the property and to whom the property is to be transferred) and a copy of the title deeds or full address so we locate the property file in the local Land Registry.
The transaction obviously involves some legalities but a Law Firm can make sure everything is done correctly and legally.
How long does it take?
Obviously every situation is different, however, we would expect the average transfer to take a minimum of three weeks from the moment we receive all the details.
There are a few steps which need to be completed including the drafting and registry of the new title deeds and our team always maintain communication with clients so expectations are realistic.
Do I need to go and sign personally?
The process can be completed swiftly and without the need for you to travel to Spain.
Suffice to say, the intervening parties can go and personally sign the transfer if they prefer, however it is very common for clients to grant our solicitors power of attorney to conclude matters in Spain.
What are the costs? Are there taxes to pay?
The costs are rather low. Apart from the legal and registration fees, a donation is always taxable.
The tax rate depends on where the property is located, the value of the property, the number of parties who will take part in the transfer etc.
Although it may seem daunting and over complicated is it quite easy for our team to calculate an estimate of all costs once you have decided that you wish to transfer property ownership.
For a no-obligation consultation don´t hesitate to contact us today.