Selling an inherited flat is not as simple as it may seem at first glance. Before being able to put it on the real estate market, it is essential to comply with a whole series of procedures that allow the operation to be carried out with guarantees and within the law. And not only that, it is necessary to reach valid agreements with the rest of the heirs, which is not always possible.
First steps: accept the inheritance, pay taxes and register the property
To be able to sell an inherited apartment, it is essential to get recognized as an owner. For that, you have to follow a sometimes long and complex process for the sale that, schematically, would be the following:
- Accept the inheritance: previously, you must have a copy of the testament, the certificate of last wills or make a declaration of heirs. Afterwards, the deed of inheritance partition must get done before a notary public.
- Settle taxes: the first is that of Inheritance and Donations Tax, which depends on the autonomous community. The second is the one on capital gains tax, which depends on the municipality, and charges the revaluation of the property since the deceased person or persons acquired it.
- Registration of the property: it is not a mandatory procedure, but it is desirable since it gives legal certainty to the buyer that the person who sells is, in fact, the owner. Taking into account the confrontations that inheritances sometimes cause, registration builds trust.
Sell an inherited flat without problems
If the previous procedures can be very complicated, the sale of the house can be worse. In the first place, because the agreement of all the heirs is necessary. If there is not, there are two possibilities: whoever doesn't want to sell pays the corresponding part to the rest of the heirs or end in a legal procedure that will end with the sale of the apartment at auction and the distribution of the amount obtained.
None of the above is the ideal solution. We'll obtain a higher economic benefit if the house is put on the real estate market to sell to a third party. But, even if this is the decision agreed by the heirs, we shall consider several issues:
• Inheriting a property always leads to thinking about the economic benefit that the sale can provide. But before accepting the inheritance, it is advisable to check if there is any burden to satisfy.
• That the capital gain obtained by selling an inherited flat gets taxed in personal income tax (IRPF).
• An agreement between heirs is always better than a confrontation. Any solution that goes through the courts will be a financial loss. If an understanding for the sale tourns out impossible, renting may be an option.
• Setting a realistic sale price will allow selling the flat faster, thus avoiding the maintenance, community expenses and taxes that a home entails.
• To get the most out of the inherited home, it is desirable to make a small investment in improving its appearance, especially if it is an old property. A reform can revalue the property up to 20%.
And, of course, it is convenient to use all the tools available to give visibility to the inherited flat you want to sell. On Spainhouses.net, you can advertise your property for free and reach out further and to more people. It is as simple as registering. Do not miss opportunities.
1 thought on “What to consider when selling an inherited flat”
How easy is it to get the heirs on the property registration on initial purchase and, what are the typical additional costs?