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Transfer of ownership of property to another person also on title.

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Transfer of ownership of property to another person also on title. Empty Transfer of ownership of property to another person also on title.

Post by Clueless on September 2nd 2016, 7:50 am

Myself and another person own a house in Chapala. We are both on title.

We have lived in the house for more than five years.

We both areboth permanent resident card holders.

There is no money involved, just a transfer.

How is this done and more importantly, how much might it cost to do right?

Is this something that can only be done by a Notorio rather than an attorney?

Anyone with direct experience with this?

Thanks.
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Post by RVGRINGO on September 2nd 2016, 8:39 am

You should consult with a notario, preferably the one who prepared your deed, etc.  I am sure that he will charge a fee to make the new deed and have it properly registered with Catastro.


Last edited by RVGRINGO on September 2nd 2016, 9:06 am; edited 1 time in total

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Post by Clueless on September 2nd 2016, 8:56 am

My big concern is getting hit with some large tax/transfer/etc. bill from the government.
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Post by RVGRINGO on September 2nd 2016, 9:05 am

I think you could make the “price“ the same as when you bought the property together. That way, there would be no profit/no loss. Since the notarios don‘t actually handle any funds on transfers, you don‘t really have to have an actual money transfer....just the deed. Your notario can confirm this. Please ask him.

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Post by Clueless on September 2nd 2016, 10:19 am

Thanks
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Post by thomashellyer on September 8th 2016, 7:21 pm

There will be a transfer fee, 2% of the assessed donor's 50%.. And since (assuming) you aren't married or direct descendants or ascendants, there will be a possibility of I.S.R. tax (similar to capital gains) if applicable. The notario will also charge an amount based on the assessed value of the transaction. You MUST contact a reputable attorney / notario. Spencer would be a great option...

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Post by slainte39 on September 8th 2016, 9:56 pm

You would still need a Notario Publico.

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Post by Clueless on September 11th 2016, 11:01 am

I went to #5 last week and Norma took a copy of the deed and my last tax bill and said she would get back to me; still waiting.
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Post by Clueless on September 21st 2016, 6:18 am

#5 did it, actually Norma who pretty well runs the show, and it wasn't too bad at all considering the exchange rate.

I also redid my Will and it's interesting coming from the U.S. where there is the right of survivor-ship.

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Post by Clueless on September 28th 2016, 12:45 pm

Got all the papers; not too bad a price.
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