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An association of financial entities inquires whether the transfer of the primary residence to an asset management company (distinct from the creditor), imposed by the bank to cancel the debt, allows for the application of exemptions for deed in lieu of foreclosure. The DGT responds that it does, provided that the legal requirements are met.
Question posed: Whether the exemptions provided for deed in lieu of foreclosure in letter c) of paragraph 1 of article 105 of the consolidated text of the Law Regulating Local Treasuries, and in letter d) of paragraph 4 of article 33 of the Personal Income Tax Law, are applicable to said transfers.
The deed in lieu of foreclosure does not lose its nature if the transfer is made in favor of a third party other than the creditor, provided that this party imposes the condition and accepts it to extinguish the obligation. The regulations for exemption in Property Transfer Tax and Personal Income Tax do not require that the deed in lieu of foreclosure be made in favor of the credit institution, but rather that the requirements of primary residence, cancellation of mortgage debt, and lack of other sufficient assets are met. Likewise, the deed in lieu of foreclosure may involve the total or partial cancellation of the debt as agreed.
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