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

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.

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.

My big concern is getting hit with some large tax/transfer/etc. bill from the government.

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.

Thanks

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...

You would still need a Notario Publico.

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.

#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.

Got all the papers; not too bad a price.