Inherited properties are an increasingly important part of the property market in Spain. Besides, the profile of heirs is changing, moving towards an increasingly younger population.
The age of the person who inherits varies, as does the final destination of these properties. Between selling an inherited flat or renting it, the first gains weight. But what is the process like?
Selling an inherited flat step-by-step
The first thing is to accept the inheritance. It is necessary to take a few steps:
• Prepare the documentation: death certificate, last will certificate and certified copy of the will, if there is one.
• If there is a will, there are two possibilities:
◦ There is one heir: it is enough to draft and sign the document of acceptance of the inheritance.
◦ There are several heirs: it is necessary to inventory assets and debts and make a partition deed. When there is no agreement, it'll be necessary to go to the judicial division of the inheritance.
• If there is no will, the notary will determine who inherits according to the law. It will then be necessary to declare heirs and a partition deed if there are several.
The process of selling an inherited flat
The sale of an inherited flat is no different from any other property. However, before this, there are some essential formalities:
• Pay the corresponding taxes:
◦ Inheritance and donation tax: varies considerably depending on the autonomous community.
◦ Capital Gains Tax: this taxes the increase in the price of land.
• Register the inherited flat in the Property Registry in the name of the heirs: to do this, you must provide the owner's death certificate and a copy of his/her ID, a certificate of last will, a deed of acceptance of the inheritance, a declaration of heirs if there is no will, proof of payment of the taxes and a copy of the ID of the heirs.
Once these formalities, which involve some additional costs, have been completed, the sale of the inherited flat can begin. Of course, once the sale has been completed, it will be necessary to report to the tax authorities, declare capital gains for personal income tax purposes and pay the municipal capital gains tax.
Specific circumstances in the sale of an inherited flat
Selling an inherited flat is not always easy, and various obstacles may arise along the way:
• If one of the heirs opposes the sale, there are three possibilities:
◦ One of them buys his share from the others.
◦ The other heirs sell their share to a third party.
◦ A legal process is initiated that forces the sale.
• When there is a mortgage, there are two scenarios:
◦ If the former owner had life insurance, the insurer faces the mortgage.
◦ If there is no life insurance, it is possible to face the mortgage or accept the inheritance for the benefit of inventory, which means the sale to pay off the loan.
If you have inherited a home, completed the procedures to take ownership of it and want to sell it, go to Spainhouses.net. It is one of the main property portals in Spain. Besides, it reaches a large international audience, with more than 25,000 daily visitors, mainly from European countries.
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