- 14 September, 2020
- Posted by: Fincas La Clau
- Categories: Buy and sell, Fincas La Clau, Fincas La Clau
When an inheritance is received, it is not always as beneficial as we think, in fact, sometimes we have to face certain expenses that may even be higher than the benefit that we can receive. In this case we are talking about an inherited house.
In the event that the inheritance includes a house, there is always the possibility of considering its sale.
From our real estate agency Fincas la Clau, we are going to explain the steps to follow to sell an inherited house.
Before selling the inherited home
1. The first step before being able to sell: gather all the documents to be able to inherit the house. The necessary documents for this are:
2. The death certificate, which is requested in the Civil Registry of the place of the deceased.
3. The certificate of last wills, which is requested in the Ministry of Justice of the corresponding Autonomous Community. This certificate specifies if the deceased has left a will and which notary’s office we have to go to.
4. An authorized copy of the will, if there is one, which the authorized notary can provide us with.
1. The second step is to sign the deed of acceptance of the inheritance so that the inherited house can be included in your patrimony. This procedure is done at the Notary’s Office and all beneficiaries must be present.
2. Thirdly, you have to face the payment of taxes:
3. The Inheritance and Gift Tax, for a period of 6 months from the moment of death. The amount of this tax depends on the patrimony, age, degree of kinship of the heir or heirs, the multiplier coefficient and the percentage of tribute marked by the corresponding locality. There is the possibility of requesting an extension, as well as exemptions and bonuses, depending on the Autonomous Community.
4. The Tax on the Increase in theValue of Urban Land or municipal capital gain. This is a municipal tax levied on the increase in the value of the house inheritedfrom which the owner, now deceased, bought it, until it is received by the heir. It is paid at the City Hall where the inherited house is located, within six months after death.
5. Finally, that inheritance must be registered in the Property Registry, where all the documentation will have to be provided along with the proof of payment corresponding to the taxes.
With these three steps, both you and the rest of the heirs (if any) will become the legitimate owners of those inherited assets.
Sell the inherited home
Once we have carried out all the previous steps, it is time to sell the inherited house, for this, it is highly recommended to go to a real estate agency, especially in the event that there are several heirs and they do not agree. or the own heirs are not in the same place where the inherited house is located, or nobody can take care of these procedures for the sale.
How long does it take to sell the inherited home?
In principle, there is no law that establishes any minimum time to sell an inherited apartment, therefore, once we have it in our name, we can sell it whenever we want. However, if we are clear that we want to sell that inherited house, it is best to do it before the end of one year of ownership, otherwise we will have to pay the municipal capital gain again, since it is a tax that is paid as much when we receive a house as an inheritance as when a property is sold.
What can we do if the inherited house has more heirs?
The first and best option is for all the heirs to agree and sell the inherited house, dividing the profit accordingly.
In the event that there are heirs who do not want to sell, one of the following solutions must be sought:
Or That the heir who does not want to sell buys the parts of the other owners and, therefore, becomes the sole owner of the property.
Or If there is no agreement, the heirs who want to sell their percentage of the property can do so in joint venture, this means that they sell their part to a third party.
Or If finally, neither of these two solutions is reached, a judicial procedure will be initiated that will consist of dividing the property and carrying out the sale by public auction.