Deeds relating to real estate
A public deed records property transactions such as sales, mortgages and acknowledgements of payment, allowing them to be entered in the Land Registry.
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The disolución de comunidad (dissolution of co-ownership) or extinción de condominio (termination of joint ownership) is the deed by which several co-owners of an asset end their co-ownership, allocating the property to one or more of them (with financial compensation to the others where appropriate).
What is disolución de comunidad (dissolution of co-ownership)?
In practice, for real estate, "disolución de comunidad" and "extinción de condominio" are generally used for the same concept: ending co-ownership by allocating the property to one or more of the owners and compensating the others where appropriate.
The most common ways of ending co-ownership are:
- Allocation to a single co-owner: one co-owner keeps the property and pays financial compensation to the others.
- Allocation to several co-owners: the shares are rearranged among some of the co-owners.
- Sale to a third party: if the co-owners cannot reach agreement, the property is sold (this would then be a sale, not a termination of co-ownership as such).
Steps in the process
Review of ownership and shares
Verify who the co-owners are and what percentage of the property each of them holds.
Define the agreement
Decide who will be allotted the property, the property's valuation (to calculate compensation), the method of payment and the planned date.
Drafting the deed
Drafting of the deed setting out the allotment, any excess allotment (exceso de adjudicación), and the means of payment used.
Signing at the notary's office
Attendance of all co-owners (or their duly authorised attorneys) to sign the deed.
Afterwards
Payment of taxes (as applicable), submission to the Land Registry (Registro de la Propiedad), updating of records and, where appropriate, coordination with the Cadastre (Catastro).
Required documents
Identification of all co-owners
Valid DNI/NIE/passport of all co-owners signing the deed.
Title deed
Title deed of acquisition or the property's registry details. The notary's office can obtain a nota simple (land registry extract), but it is advisable to provide the reference.
Cadastral reference and property details
Latest IBI (property tax) receipt or descriptive and graphic cadastral certificate.
Financial details of the agreement
Allotment value, amount of compensation and method of payment (bank transfer/cheque, with proof of payment or planned arrangement).
Marriage certificate / matrimonial property regime
If the matrimonial property regime is affected (community property (gananciales), separation of property, etc.), this must be supported by documents.
If there is a mortgage on the property
If the debt is to be taken over or modified, bank documents will be required and, normally, a separate transaction (novation or subrogation).
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