Real estate
Division of property
you still have to visit the notary for that!
Separating and dividing the home
A divorce, the ending of a registered partnership or the breakdown of a cohabitation relationship means a lot to deal with. Besides the emotional side, practical and financial matters also have to be settled. Think of the division of joint assets, debts and, of course, the home. If you jointly own a house, it must be determined what happens to that home.
Will one of you continue to live in the home? In many cases a deed of partition is then required. This is a notarial deed that officially records that the home will be registered solely in the name of one of the two partners. The notary ensures that this deed is drawn up and, after signing, registered with the Land Registry (Kadaster). From that moment on it is legally clear who owns the home.
A deed of partition is often necessary when the home is registered in the name of both partners, when you are married in community of property, or when the home is jointly owned under a marital property agreement. Without this deed, the departing partner may remain co-owner and liable for the mortgage, even though he or she no longer lives in the home. This can create unwanted financial risks.
The deed of partition contains all agreements relating to the home and the mortgage. Think of who becomes the owner of the home, how any equity or residual debt is divided, and what happens to the existing mortgage.
When one partner continues to live in the home, the mortgage must also be adjusted. This can be done in two ways. The bank can release one partner from joint and several liability, so that only the partner who stays behind remains responsible for the mortgage. Another option is to transfer the mortgage entirely into the name of the person who continues to live in the home.
A deed of partition is not necessary when only one partner owns the home or when the house is sold to a third party. In that case the sale proceeds are divided in accordance with the agreements made.
The notary ensures that all agreements are recorded in a legally correct manner, so that both parties have clarity and can move forward with confidence.
What can we do for you?
Frequently asked questions
The notary may only pay out the funds once all documents have been correctly processed by the Land Registry. The average processing time at the Land Registry is two working days.
In addition to the amount you borrow, the deed includes an increase for interest and costs. This serves as security for the bank. In the event of a forced sale, they can then also recover their costs. A so-called increased registration may also be included in the deed. This allows you, for example, to borrow more in the future for a renovation without having to go back to the notary.
You do not pay interest on the increased amount. You only pay interest on the amount actually borrowed. In a forced sale, the bank cannot claim more than the amount you actually borrowed plus the costs incurred.
Pursuant to the Anti-Money Laundering and Counter-Terrorist Financing Act and the secondary legislation arising from it (the ‘WWFT’), we are required to record certain details of our clients. In connection with this legal obligation, we ask you a number of questions about your identity in our questionnaire.
In addition, the Dutch government has imposed on us the obligation to report unusual transactions and to investigate the organisational structure and the origin of funds. We understand that you may not find it pleasant to provide this information. However, this obligation to inform was not devised by us, but is a consequence of the law. As a result, even if we have known you for years and feel good about the transaction, we are obliged to verify the origin of funds.
We ask all of our questions in order to put your file in order and allow the transaction to proceed. Please also bear in mind that we may need to ask you to provide further relevant documentation and specifications.
