A termination of joint ownership (extinción de condominio) is the legal act by which several co-owners bring to an end their joint ownership of a property, dividing it or allocating to each of them their corresponding share. It is formalised before a notary to ensure that the process is lawful and secure.
What is it used for?
- Ending the joint ownership of a property
- Allowing the physical or legal division of the property among the co-owners
- Formalising the allocation of specific parts to each owner
- Providing legal certainty and avoiding future disputes
What does the notary do?
- Receives the co-owners' request to terminate the joint ownership
- Drafts the public deed (escritura pública) formalising the termination and allocation
- Verifies the identity and legal capacity of the co-owners
- Attests to, signs and seals the document to guarantee its validity
Main features
- It concerns properties held in joint ownership
- It requires agreement among the co-owners on the division or allocation
- It is formalised by public deed before a notary
- It may include the physical or legal division of the property
Important considerations
- It is essential to have a clear, documented agreement between the co-owners
- Any physical division must comply with planning and legal regulations
- It must be recorded at the Land Registry (Registro de la Propiedad) to have legal effect
- A valuation and payment of the corresponding taxes may be required
Legal value
A termination of joint ownership formalised before a notary is a legal act with full legal validity, which guarantees the correct and secure division and allocation of the assets among the co-owners.