Changes of name or ownership of a property are always necessary when, so to speak, it passes from one hand to another.
This change of ownership also requires this change in the necessary registers, both in terms of ownership and the payment of taxes, or deductions, attributed to the properties in our name.
Below, we are going to explain in which cases it is necessary to make this change of name, where it should be done and the costs that may be associated. Are you ready?
In which cases should the change of name of the property be made and where?
Changes of name of the owners of a property, in the case of a property today, must always be made at the Land Registry where the property is registered. To do this, the relevant documentation must be presented in each case.
There are three assumptions in which the law indicates the obligatory nature of this change of name in the ownership:
- Purchase and sale:
The payment of the change of ownership in the Register will be assumed by the person who buys the property. To do so, he/she must go to the notary and obtain a simple copy of the deed.
Once this procedure has been carried out, the payment of the municipal capital gains tax can be made.
It is important to note that the buyer only needs a simple copy of the title deed to make the change of ownership both in the Cadastre and in the registry.
After death, the title deeds must be changed once the inheritance has been declared. The process consists of the “acceptance of inheritance”, which is always done in the presence of a notary, followed by a visit to the Cadastre Office and then to the land registry.
In this case it is necessary to go to the notary to obtain the new deeds reflecting the transfer of donation.
In general, unless local legislation states otherwise, donations from parents to children, children to parents, marriage, grandparents to grandchildren and grandchildren to grandparents are exempt from capital gains tax.
What is the approximate cost of changing the name of a property in Spain?
The deed is a very important document. This agreement, which includes what has been agreed between the two parties, requires a third person to authenticate and validate the agreement, the notary.
In this sense, the fee to be charged is regulated by the Government, so he cannot freely determine a price and it is the same for all notaries in any city in Spain.
The price or fee that the notary must provide us with in the case of a change of name is subject to 3 variables:
- Cost of the property as reflected in the document.
- Length of the document.
- If there has been any complementary action that should have been carried out on your part.
If you have any questions or feel we can help you, please do not hesitate to contact MAM Solicitors. We have over 30 years experience behind us.