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In 2018, more than 120,000 couples dissolved their marriage, separated or divorced , according to INE data. To this amount we would have to add the undetermined figure -there are no statistics that collect the data- of those couples who, without being married, decided to end their relationship. Many of these frustrated couples, in a past in which love was imposed, decided to buy a house together.
A house that when the painful moment of separation arrives becomes a real headache. What about the housing that was acquired with such enthusiasm by both parties?, and more importantly, what about the mortgage ? In these situations, there are several options on the table. In buying a house during separation this is important.
In the first place, and in a context such as the current recovery of the real estate market , one of the options may be to put the house on sale and with the amount obtained from the transaction, cancel the mortgage and divide the profits. If we buy at the peak of the bubble and the money obtained is not enough to cancel the debt with the bank, it will be necessary to divide the losses. In this case, it is also possible to try the dation in payment with the financial entity. However, and although these procedures have been increasing in recent years, it is possible that the bank does not accede to it.
Extinguish the condo
On the other hand, it is likely that one of the parties wishes to keep ownership of the home . In this case, the most appropriate formula is the extinction of the condominium. A form of transmission that, from a fiscal point of view, is much cheaper than selling our part of the house to the couple that wants to keep it. This operation is taxed by Documented Legal Acts (AJD), applying between 0.5% and 1% (according to the Autonomous Community) on the real value of the foreclosed assets, plus notary expenses, instead of 6% -7% it is paid if it is implemented as a purchase-sale.
- For a flat valued at 100,000 dollars, the savings can be around 7,000 dollars
- To give us an idea, for a flat valued at 100,000 dollars , the savings can be around 7,000 dollars only as far as the transmission of 50% of the house is concerned.
But what about the mortgage?
When the condominium is extinguished, one of the parties ceases to be the owner of the home , but remains the owner of the mortgage loan and must face the obligations with the bank.
It is very common for couples, when they separate or divorce, to resolve the issue of the house and, however, forget about the mortgage , which gives rise to situations in which a party no longer owns the house but he still has a debt with the bank, having to respond to it with all his present and future assets.