Changing ownership of a residential home step-by-step
typical situations:
- Change of ownership in case of purchase
- Change of ownership in case of gift
- Change of ownership in case of inheritance
- Change of ownership of residential property due to divorce
You should know that changing the title of ownership in the property registry is not a mandatory procedure, but it is recommended to perform it to ensure, among other things, that you are the owner of the house and since when. This way, you will avoid a situation where your property is registered in the name of another person who may sell it fraudulently. You will also be protected from possible claims from the registered owner's creditors if your''real estate serves as collateral for such loans.
So while your private sales contract will protect you if you don't have a deed or registry entry, publicly disclosing ownership of your property through the property registry will prevent conflicts and simplify the process should one arise.
When is a change of ownership of a residential property carried out?
The change of ownership of a residential property can be carried out at any time as it is an optional procedure. However, often other factors prompt you to perform this procedure when the property is transferred in your favor. For example, when you inherit or gift the property, you need to pay''inheritance and gift tax within the prescribed period (6 months for inheritance and 1 month for gift), which is a prerequisite for the change of ownership of the property in the registry.
If you are buying a residential property with a mortgage, the bank will probably require the property to be registered in your name in the property register, where the mortgage security will also be recorded.
In general, any transaction that involves the transfer of property must go through a notary public, and from there, procedures will be followed to access that transaction to the property registry.
Who should perform a change of ownership of a residential property?
The new owner will be responsible for processing the change of ownership'. 'ownership of the residential property. If there is more than one, all new owners will be responsible, allocating the associated costs usually in proportion to their share of ownership.
Procedures for changing ownership of a residential property
The procedure for changing ownership of a residential property is usually managed by a notary public, where all procedures related to the type of transfer will be formalized.
Change of title when purchasingYou must make an appointment with a notary to execute the purchase and sale, as well as pay the relevant taxes (VAT or personal income tax), notary fees in accordance with the law and registration costs. The notary will tell you what documents you need to provide (in your case, an ID card;''The recipient's consent to the gift must be indicated. In addition, this document will need to be submitted with the application, as well as proof of payment of gift tax, if any, and city land appreciation tax.
Changing ownership of a residential property due to divorce
On how to change the ownership of a residential property after divorce, it is recommended that the property is tukuyu.
You must make an appointment with a notary to execute the purchase and sale, as well as pay the relevant taxes (VAT or personal income tax), notary fees in accordance with the law and registration costs. The notary will tell you what documents you need to provide (in your case, an ID card;''The recipient's consent to the gift must be indicated. In addition, this document will need to be submitted with the application, as well as proof of payment of gift tax, if any, and city land appreciation tax.
Changing ownership of a residential property due to divorce
On how to change the ownership of a residential property after divorce, it is recommended that the property is tukuyu.
16 December 2023
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Change of ownership of a residential property due to marriageWhether it is necessary to change the''Title in the Property Register so that the property is registered in both members of the couple, in the case where one of them has bought it but both are living in it and the mortgage is being paid on both of them, several cases should be distinguished.
If the couple were not yet married when they purchased the residential property, only the person who acted as the buyer in the public contract of sale will be listed in the property register. If he or she later wants his or her partner to be a co-owner of the property, it will be necessary to change the ownership in the Property Registry with an appropriate legal transaction to transfer the property, such as, for example, the sale of a share in the apartment or a gift.
In both cases, the drafting of a''public document and the payment of the relevant taxes.
And finally, if a mortgage transaction has been concluded for the purchase of residential real estate, it is necessary to distinguish between the following situations:
- If a couple does not marry or marries under a property division regime after the purchase of the residential property and before the mortgage payment is concluded, the residential property is solely owned by the purchasing spouse. If the mortgage installments are paid from joint funds, the non-owner practically pays the debt of the other and may seek reimbursement. To offset these funds, the spouses may agree to transfer the interest in the residential property through a payment or formalize it in a public''document.
- If a couple marries under a joint ownership regime after the purchase and before the mortgage loan is paid off, the Civil Code sets forth a general rule and an exception:
The general rule is that things purchased in installments by one spouse prior to the commencement of marital joint ownership have the character of chattel property, although all or part of the deferred cost is paid for with marital funds. The portion of the payment made with marital funds is a debt that is discharged when the marital joint property is terminated in the event of death or divorce.
The exception applies when the home being purchased is for''so.
How much does it cost to change the title of a residential property?
The cost of changing the title in the property register depends on the cadastral value of the property. The amount usually mentioned is around 600-1000 euros. The minimum threshold is €24.04 and the maximum is €2,181.67.
If the value of the plot or right does not exceed €6,010.12, €24.040484 is charged.
For the excess between €6,010.13 and €30,050.61, 1.75 per thousand is charged.
For exceedances between 30,050.62 and 60,101.21 euros, 1.25 per thousand will be charged.
From €60,101.22 to €150,253.03, a charge of 0.75 per thousand will be levied.
From 150,253.04 to 601,012.10 euros, 0.30 per thousand will be charged.
What exceeds €601,012.10 will be charged 0.20 per thousand.
Notary's fees are added to this amount. 'expenses and tax-related expenses.
Whether it is necessary to change the''Title in the Property Register so that the property is registered in both members of the couple, in the case where one of them has bought it but both are living in it and the mortgage is being paid on both of them, several cases should be distinguished.
If the couple were not yet married when they purchased the residential property, only the person who acted as the buyer in the public contract of sale will be listed in the property register. If he or she later wants his or her partner to be a co-owner of the property, it will be necessary to change the ownership in the Property Registry with an appropriate legal transaction to transfer the property, such as, for example, the sale of a share in the apartment or a gift.
In both cases, the drafting of a''public document and the payment of the relevant taxes.
And finally, if a mortgage transaction has been concluded for the purchase of residential real estate, it is necessary to distinguish between the following situations:
- If a couple does not marry or marries under a property division regime after the purchase of the residential property and before the mortgage payment is concluded, the residential property is solely owned by the purchasing spouse. If the mortgage installments are paid from joint funds, the non-owner practically pays the debt of the other and may seek reimbursement. To offset these funds, the spouses may agree to transfer the interest in the residential property through a payment or formalize it in a public''document.
- If a couple marries under a joint ownership regime after the purchase and before the mortgage loan is paid off, the Civil Code sets forth a general rule and an exception:
The general rule is that things purchased in installments by one spouse prior to the commencement of marital joint ownership have the character of chattel property, although all or part of the deferred cost is paid for with marital funds. The portion of the payment made with marital funds is a debt that is discharged when the marital joint property is terminated in the event of death or divorce.
The exception applies when the home being purchased is for''so.
How much does it cost to change the title of a residential property?
The cost of changing the title in the property register depends on the cadastral value of the property. The amount usually mentioned is around 600-1000 euros. The minimum threshold is €24.04 and the maximum is €2,181.67.
If the value of the plot or right does not exceed €6,010.12, €24.040484 is charged.
For the excess between €6,010.13 and €30,050.61, 1.75 per thousand is charged.
For exceedances between 30,050.62 and 60,101.21 euros, 1.25 per thousand will be charged.
From €60,101.22 to €150,253.03, a charge of 0.75 per thousand will be levied.
From 150,253.04 to 601,012.10 euros, 0.30 per thousand will be charged.
What exceeds €601,012.10 will be charged 0.20 per thousand.
Notary's fees are added to this amount. 'expenses and tax-related expenses.
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