The condominium is the common ownership of an asset by several owners, each of them having a share of said asset.

Therefore, the termination of condominium formalized in a public deed before a Notary takes place when, by agreement between all the members, they decide to attribute the property to only one of them, and this one must compensate the rest of the co-participants in proportion to the right that each one has.

In the case of a property that is the family home of a couple going through divorce or separation, the termination of the condominium must be stated in the regulatory agreement.

Necessary documentation:

1.- Identity document of all co-owners.

2.- Valuation of the asset.

3.- Documentation of the property (deeds and contribution).

4.- Documentation related to means of payment.

Bills:

Notarial expenses: the payment must be paid proportionally by all members of the community, unless otherwise agreed.

Registration expenses: These must be paid by the successful bidder of the property, so that it is registered in the Property Registry in his or her name.

Tax expenses: This operation is subject to Documented Legal Acts, which must be satisfied by the successful bidder of the property.

Likewise, the impact on personal income tax that it may have for all co-heirs must be taken into account.