Transferring a properties ownership

Hi after some information...my parents have a place in Spain which due to illness they don't use anymore but I her daughter and I now use it and pay the fees and bills for it. We were wondering is it possible for them to transfer ownership over to me. If so how much would it cost and how do we do it.

Thank you

I'm sure it can be done, but will it be worthwhile? When you buy a property, there is a X,000€ transfer tax to pay (can't remember figure, but 7k sticks in the mind). It would stand to reason that as this is still a transfer of ownership, that fee will still be payable.

Mark

There's not fixed transfer tax. The ITP (Impuesto de Transmisiones Patrimoniales) which is a fixed percentage depending on the region your live in.

Comunidad Valenciana and Catalonia is 10%  resale properties.

I think Murcia and Andalucia are 8% on resale properties.

Hello Julie and welcome to EOS

‘’transfer ownership over to me’’

Does that mean give it to you free? You need to go see a good lawyer who knows all about transfer tax and gift tax. Try Maria L de Castro on here, she seems trustworthy and switched on (unlike many lawyers).

If you try and transfer, I believe it is seen as a sale and toy have to pay the relevant taxes (even though no money may change hands).

I believe the best way is a donation/gift, taxes still need to be paid, but it is a cheaper option.

That would be a Gift ( Donación) which is taxed as an Inheritance