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What to Do If You Receive a Property as an Inheritance and Want to Sell It

What to Do If You Receive a Property as an Inheritance and Want to Sell It - What to Do If You Receive a Property as an Inheritance and Want to Sell It

Receiving a property as an inheritance requires carrying out some procedures before selling besides those associated with the sales process. We'll have to assess aspects such as legalization, taxes or even agreements with other heirs. Knowing the steps allows you to face the process with confidence.

Steps before selling an inheritance property

Acceptance of inheritance

It is the first thing to do when receiving a property as an inheritance. These are the steps to follow:

Collect information: death and last will certificates and authorized copies of the will.
Acceptance or not of the inheritance: there are 30 days to decide. If there is a will, it is necessary to make an inventory and sign a partition deed (if there are several heirs). If there is no will, the declaration of heirs shall get signed.

If the home has a mortgage, it is advisable to do the math. When there is linked life insurance, the bank settles it, and the inheritance is received free of charge. If not, there are two alternatives:

• Assume the mortgage.
Accepting the inheritance for the benefit of inventory: may involve selling the property to repay the mortgage and receive the remaining amount.

Taxes and registration in the Property Registry

Accepting a property as an inheritance means assuming two taxes:

Inheritance Tax: its amount depends on the home value and the region.
Municipal capital gains: taxes the increase in the value of the real estate from the purchase until the inheritance is received.

After that, the final procedure will be the property registration, providing documents such as a certificate of last wills, a deed of acceptance of the inheritance and proof of tax payment.

How to sell the inherited property

If there is only one heir

The process will be the same as any other property. You will have to pay the municipal capital gain and the local property tax and include the capital gain in the income statement.

When there are several heirs

If the heirs agree, only the expenses derived from the sale and the profits will have to be shared. Each heir must assume their corresponding part and declare it.

If there is no agreement, there are three possibilities:

Termination of condominium: one of the heirs acquires the share of the others.
Proindiviso sale: selling the corresponding part of the apartment to a third party.
Division of the property in common: involves a judicial process that usually ends in the mandatory sale of the home.

Tips before selling an inherited home

To obtain the maximum benefit from the sale of an inherited property, it is worth taking into account some aspects:

• The ideal is to reach a consensus among the heirs, thus speeding up the sale and avoiding having to face expenses such as taxes or community fees.
Set a market-adjusted price.
• Inherited homes are usually old, so it is advisable to consider some renovations to increase their value.

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