If you bought a property with someone or if you are co-owner because you inherited it along with someone else, or any other reason, and one of the co-owners wants to keep your quota or vice versa, you should know that in Spain this transaction (called Extinción de Condominio) implies 1% tax instead of the Property Transfer Tax (Impuesto de Transmisiones Patrimoniales), which is higher (in the Valencian Community it is 10% and it changes depending on the area).
This transaction can only be done between co-owners and all the owners must agree with the transaction.
For making the transaction effective, all the owners will have to go to a Notary in Spain (or appoint a lawyer that will do it on their behalf with a power of attorney) and sing the Deed of Dissolution of the Joint Ownership. The process is like buying or selling a property and will have expenses for Notary Fees, Land Registry Fees and a Tax called Actos Jurídicos Documentados (stamp duty tax) which is the 1% of the property value.
If you want to end with the shared-ownership of your property and the other co-owners don’t agree, you should know that you can force them to sell. If that is your case, please contact us and we will inform you accordingly.