If you have inherited an apartment, how long do you have to wait to sell it?
Legally, there is no impediment for the heir to proceed to the sale of an inherited apartment, so the time to sell a minimum inherited apartment does not exist. Although you should know that to be declared the owner of the apartment, the will will not be enough, but you must manage the acceptance of the inheritance, redo the deeds and carry out the property registration.
By accepting an inheritance, under the figure of acceptance pure and simple, you also accept all the obligations that derive from its possession, such as debts. That is why it can be seen that an increasing number of heirs choose not to accept their inheritances.
For this reason, it is useful to know that there is a legal formula that allows the inheritor not to have to face the debts of their inheritance by spending their own assets. This is achieved by accepting the inheritance for “inventory benefit “, which means that debts arising from the inheritance are paid exclusively from the estate of the inheritance itself.
To use this inventory benefit resource, a period of 30 days is stipulated from the date that the heir is recognized as such, or that he has taken steps as heir.
When and how is inheritance accepted?
Interestingly, the Civil Code does not establish a deadline for accepting an inheritance. Given this omission, it considers that the term is open for thirty years from the date of death. The length of time to sell an inherited apartment also depends on the time it takes to accept the inheritance.
The first thing is to know if the deceased had been willing or not to the will. The registry to which all testamentary provisions are communicated is the General Registry of Last Will Acts, from which the certified will can be requested from the notary’s office. As a general rule, the last will is the valid document, revoking all the others, if any.
If there is a will, you must request an authorized copy of it at the Notary where it is. If there is no will, you must file a declaration of intestate heirs, in order to determine who has the right to inherit.
You can accept the inheritance tacitly or expressly, this by public deed before a Notary. The person who wishes to make use of the inventory benefit must notify the competent Notary Public within the aforementioned period (thirty days), presenting the title of succession. Either the will or, failing that, the declaration of intestate heirs. It will also require the death certificate and finally the General Registry of Last Will Acts.
To formalize the acceptance of the assets, the deeds of adjudication and acceptance of the inheritance are signed before a notary public.
For the disposition of an inheritance, it is necessary to make an inventory and proceed to the valuation of the deceased’s assets. Likewise, it is necessary to determine what debts or charges weigh on the assets of the inheritance. Both the acceptance of the inheritance and its resignation are irrevocable acts, which once formalized cannot be undone.
The Department of Economy and Finance of the Autonomous Community where the deceased lived, is responsible for carrying out the appraisal of the apartment. The Autonomous Communities on their web pages offer the list of minimum values of real estate. These valuations take into account the surface area, location, age, and its condition of being on urban or rustic land.
What taxes do I have to pay?
There are two taxes that you must face as the heir to a home:
Inheritance tax and donations
It is managed by the local estates of each Autonomous Community and, therefore, its amount will vary depending on the domicile of the deceased.
It should be noted that the different exemptions and bonuses that apply to this tax are the responsibility of each Autonomous Community. The term for this liquidation is six months from the death of the deceased.
To register the property that will accredit you as the owner of the property, the following are essential requirements:
- The proof of settlement of this tax
- The deeds of adjudication and acceptance of the inheritance.
This step is essential to be able to sell an inherited apartment, since without ownership you will not be able to execute the transaction.
Municipal capital gain
The second tax to settle is the municipal capital gain. This tax is also collected by the city council and applies only if the property is on urban land – rustic land is exempt. The amount of this tax is calculated from the cadastral value of the land, to which coefficients and the percentage that corresponds to the tax rate are applied.
In which locality does it correspond to pay each tax?
This is one of the most frequent questions. Is the location of the flat taken into account? No, taxes must be paid at the place of residence of the deceased. This is so even if the apartment is in a different Autonomous Community. The importance of this fact lies in the fact that these taxes change in their amount between one or another Autonomous Community.
As you already know, there is no time to sell an inherited apartment. However, the time that elapses between the acceptance of the inheritance and the sale of the apartment can have tax consequences.
Each case of inheritance is particular and has its peculiarities. That is why having the best advice will help you in all your procedures.
At Sky Marketing we are looking forward to helping you. Tell us about your case and let’s start working together!