Transfer ownership of condominium to child
Hello,
I bought a condominium in 2017 for €150,000, which has been occupied by my daughter ever since - as part of a rental agreement with me. We also have a rental contract. I would like to transfer the apartment to my daughter. I intend to transfer the apartment without making a profit and am considering a gift. Since the apartment is partially financed, I need to discuss with the bank whether the loan agreement can potentially be transferred, or if my daughter can assume the rights and obligations. Now I am unsure about the tax side of things. In the years following the purchase of the apartment, I had quite high maintenance expenses (approximately 12% of the purchase price for the building portion) and also claimed them for tax purposes. Could there be problems with the tax office here? Are there any additional (tax) costs besides the entry in the land register and the notary? Property transfer tax is not applicable within direct family lines.
The intention for considering transferring ownership is that my daughter would like to take over the apartment herself, including rights and obligations, as long as the associated costs are manageable. Inheritance considerations are not the trigger at the moment, but would then be regulated as well. I just need general statements. Breaking it down into absolute amounts is not necessary at this point.
I hope I have described the situation sufficiently and look forward to your feedback.
Best regards
Siegbert
