Receiving a house as an inheritance involves carrying out procedures prior to the sale, which cover legal aspects, taxes and agreements with other heirs. It is essential to understand these steps to approach the process with confidence.
The process before selling an inherited home involves several key steps:
- Acceptance of inheritance: Gather death certificates and last wills, as well as an authorized copy of the will. Decide whether to accept or reject the inheritance within a period of 30 days. If there is a will, it is necessary to prepare an inventory and a partition deed in case of multiple heirs. If there is no will, proceed to sign the declaration of heirs.
- Manage the mortgage: Evaluate if the home has a mortgage. If there is linked life insurance, the bank settles the debt and the inheritance is received without encumbrances. Otherwise, they can assume the loan or accept the inheritance for the benefit of inventory, which could involve selling the house to cover the outstanding loan.
- Pay taxes: Pay the Inheritance Tax, the amount of which varies depending on the value of the house and the autonomous community, and the municipal capital gain, which taxes the increase in the value of the land from the purchase to the inheritance.
- Registration in the Property Registry: After paying the taxes, register the inherited house in the Registry, providing documents such as the certificate of last wills, the deed of acceptance of the inheritance and proof of tax payment.
To sell an inherited house, the process will depend on the number of heirs:
The process to sell an inherited apartment with a single heir is similar to that of any property. The payment of the municipal capital gain, the Real Estate Tax and the inclusion of the capital gain in the Income Tax Declaration are required.
- A single heir: The process is similar to that of any other property. The payment of the municipal capital gain, the Real Estate Tax and the declaration of the capital gain in the Income Tax Return are required.
- Several heirs with agreement: In case of consensus, the expenses of the sale and the profits must be distributed, with each heir assuming his share and declaring it.
- Several heirs without agreement: There are three options:
- Extinction of condominium: An heir acquires the share of the others.
- Proindiviso sale: The corresponding part of the house is sold to a third party.
- Division of the property in common: It involves a judicial process that can lead to the mandatory sale of the home.
Tips before selling an inherited house:
- Seek an agreement between the heirs to expedite the sale and avoid additional expenses such as taxes and community fees.
- Establish a competitive price in the market.
- Consider making improvements or renovations to the house since it is usually old, which can increase its sale value.
If you wish, we can accompany you in this process and help you sell your house. Do not hesitate to contact us, and we will provide you with all the information on how to list your home with Elisa Properties.