Thank you very much to AM Fairway Lawyers , and again to Maria de Castro , for your interest and helpful replies.
We will want to sell the property in the next 3-5 years--if not before--assuming the market does eventually improve!! and it would be best to take our son in law out of the equation before sale to prevent any problems later.
Our son in law does not want any financial benefit from the property and would willingly sign any deed(s) at any time to transfer his legal 33% to us. Equally he does not want any liabilities either.
Assuming a value of say Euros150,000 now ( value before the current slump was circa Euros 200,000) , is it possible to estimate the likely costs now of transferring his interest to us (my wife and I ) , including 7% transfer tax, Legal, Notary, & Registry costs etc.? You also refer to a tax on gifts- is this an alternative method and if so would there be any financial difference ?
With the drop in values we might be able to justify an even lower value now as only really "bargain " priced property is likely to sell in the current market--this perhaps could be to our advantage ?
Depending on overall cost we would be willing to have the necessary work carried out this year on our behalf.