Before beginning the process of selling an inherited home, it is essential to follow a series of formal steps. The first thing is to accept the inheritance. Certain documentation is required for this:
We may find ourselves in the situation of whether or not the will exists. If there is a will, the notary makes an inventory of the assets and debts and a deed of partition of the inheritance is created.
But in the event that there is no will, the notary will determine the legal heirs and a deed of declaration of heirs will be generated, followed by the deed of partition.
Once the inheritance has been accepted, you have to take care of the taxes related to the inheritance. On the one hand, the Inheritance and Gift Tax, which must be paid upon receipt of the inheritance. Its fee varies according to the autonomous community and must be paid within six months of death.
The other tax that is paid is known as the municipal capital gains tax. This tax calculates the increase in the value of urban land and must also be paid within six months.
With the new deed of partition of the inheritance, the ownership of the property can be changed at the Land Registry, upon payment of the corresponding taxes.
Once the inheritance has been accepted, the corresponding taxes have been paid, and with the changes made in the Registry, the property becomes the property of the heirs in the proportion agreed in the deed.
Now, it is time to coordinate among the heirs to take the next steps in the sale of the inherited home. Communication between them must be clear and in the search for consensus, so seeking professional advice can avoid conflicts. It is good for valuing the property and setting a suitable market price.
It will also be necessary to prepare the property for sale, such as the possibility of cleaning and basic repairs to the property, in order to make it more attractive to potential buyers.
Interested parties must be offered transparency about the legal status of the property and have all the papers in order. As the negotiation can be between several people, buyers and heirs, it is best to maintain a flexible and negotiating attitude, both in the price and in the conditions of sale.
If an agreement is finally reached, it is time to formalize a contract of sale that includes the agreed conditions and the rights of all the heirs involved.
As soon as the property is sold, the money is distributed among the heirs according to their share of participation, but it must also be taken into account that taxes must be paid on the capital gain obtained from the sale, through the personal income tax return corresponding to the year of the transaction
Conflicts, arguments, and confrontations can occur in inheritances. Bankinter's recommendation is to have a lot of dialogue, with affection and empathy for the feelings and emotions of each heir, trying to reach an amicable agreement.
Although a legal confrontation should be avoided at all costs, it is not always achieved. If there is a disagreement regarding the division of the estate , there are legal options available to resolve these disputes.
One of the possibilities is to request the termination of the condominium, which involves dividing the property into individual parts so that each heir has exclusive ownership over their portion. This allows everyone to freely dispose of their share of the property and to sell or make use of it without the need for the consent of the other heirs.
Another alternative is to sell the portion of the estate to a third party, an action known as a "proindiviso sale." This option is valid when one or more heirs wish to disassociate themselves from the property without the unanimous agreement of all the co-owners. It is important to note that this sale can be made, but it usually involves a below-market price due to the special circumstances of the transaction.
Another situation that can be created is that there is opposition to the sale of the inherited house by one or more of the heirs. In these cases, recourse can be had to the division of common property. This legal procedure seeks to resolve condominium conflicts, allowing a judge to order the forced sale of the property and the subsequent distribution of the proceeds among the co-owners, when there is no agreement between them for the voluntary sale.
One of the most frequent doubts among heirs is whether there is a legal deadline to sell the inherited house. Well, since September 2021, there is no established legal deadline for selling an inherited house in Spain. Previously, it was required to wait a certain period before selling the property, but that restriction was eliminated from the Mortgage Law.
There is no longer the time limitation that previously prevented early selling, which provides greater flexibility to market the property.
Another question that arises is when one of the heirs lives in the property. In the event that an agreement is not reached, the heirs could initiate an eviction action for precariousness.
If one of the heirs resides in the inherited home and there is no agreement between the co-owners for their permanence, the other heirs can take legal action to evict that person.
In these situations, a legal action known as "precarious eviction" can be initiated, through which the possessor without legal title is sought to abandon the property, since he lacks an agreement or established right that allows him to remain in it.
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