If there are multiple owners of one property, there is an undivided ownership. Undivided ownership means that one owner buys out all the other owners. Below are the steps for the extinction of a condominium in Spain, with the help of our office:
- the owners agree on the price among themselves;
- Thereafter, all owners give a notarised power of attorney to our office;
- Once we have the signed power of attorney with apostille, we can schedule the notarial deed in Spain;
- all owners receive a statement of purchase and sale costs;
- we prepare the notarial deed in consultation with the Spanish notary and arrange for its signing, without the owners having to be on site for this;
- After signing, we take care of the payment of the sellers/exiting owners, the registration of the property title, the various tax returns and the transfer of the utility contracts.
A notarial proxy can be signed in Belgium or the Netherlands. No owner needs to travel to Spain for the undistribution.
Typically, reduced transfer taxes for the buyer. Sellers may pay capital gains tax.
A Spanish bank account is not required for the transaction.
We need the following documents to start the procedure:
- The NIE certificates of all owners;
- owners' personal details;
- Owners' title, e.g. deed of purchase, Spanish estate deed or gift deed;
- all invoices relating to the purchase or acquisition of the property;
- The latest municipal income tax (IBI) assessment notice;
- if applicable: a copy of the divorce decree and/or an extract of the divorce certificate.
