Transfer of property titles to other owners

[Unregistered]

We are looking to transfer titles to other 3 owners. any advice would be greatly appreciated. thanks

[aflores]

I understand from your comments that there are more than 3 owners at this stage and wish to bring that number down to 3, all taking an equal share of the outgoing party (or proportional to that of their share if it is not equal).

The procedure will require the consent of the outgoing party, either personally or via proxy to a representative (lawyer) as well of the 3 parties who will be receiving a proportional share.

The form to be used is that of a “notarial” deed of dissolution of co-proprietorship, signed at a Notary office. Once this has taken place the deeds will have to be passed through the Tax Office where 1% of the value of the property is to lodged and on completion of this stage the deeds are finally registered in the Land registry.

If there is a mortgage the outgoing party may wish to be discharged from the loan as this does not happen automatically (although after a certain period the bank will have no recourse). The procedure for this to be done is by formally requesting the bank to cancel the loan contract with the outgoing party, which may require a re-assessment of the income profile of the parties who are staying (this is the theory but in practice, to avoid complications and a possible rejection by the bank, owners tend to proceed without notifying the bank).

If you wish that we assist you in the matter please advise.