Selling an inherited property can be a very complex process for many people.
Imagine, for example, the inheritance and intended sale of the family home.
On the one hand, it is undeniable that this can be complicated from an emotional point of view, but it is no less so from a legal point of view, firstly, if there are several heirs and they do not agree among themselves, and secondly, due to the complex legal and fiscal requirements and formalities that apply in Spain in this matter.
Below, we will try to summarise and explain this process as simply as possible so that you can get to know or get an idea of this process.
What are the steps for selling an inherited property?
When we are about to put a property we have inherited up for sale, it is essential that the heirs, if there are several of them, agree on this sale in order to facilitate the whole procedure.
In some cases, it may be necessary to appoint an estate administrator or executor to handle matters related to the sale of the inherited property. The administrator of the estate is responsible for representing the interests of the heirs and carrying out the necessary legal formalities for the sale of the property.
Below, we summarise the main points for proceeding with an inherited property:
- Obtaining the death certificate:
The first step is to obtain the death certificate. This document is necessary to prove the death and to establish the basis for the inheritance or transfer of the property. It is necessary to prove the death and to establish the basis for the transfer of the property.
- Identification of the heirs
It is essential to identify all legal heirs of the deceased, either through the will or the laws of succession, depending on whether or not the deceased left a valid will. This may involve reviewing legal documents, such as the will, birth and marriage certificates, to determine who the legal heirs are and what their share in the property is.
- Appointment of an administrator of the estate
In some cases, it may be necessary to appoint an estate administrator or executor to handle matters related to the sale of the inherited property. The administrator of the estate is responsible for representing the interests of the heirs and carrying out the necessary legal formalities for the sale of the property.
- Obtaining the Authorisation of the Heirs
Once all heirs have been identified and the necessary legal documents have been obtained, it is necessary to obtain the authorisation of all heirs to proceed with the sale of the property. This may involve the signing of an agreement of sale by all heirs, as well as obtaining any other legal documents that may be necessary to formalise the sale.
- Obtaining the legal documents
Before putting the flat on the market, it is important to obtain all the necessary legal documents to support the sale. This includes the title deeds, debt and encumbrance certificates, and any other relevant documents that may be necessary to complete the sale legally and effectively.
- Settlement of any debts and liabilities on the property
It is essential to ensure that all debts and liabilities associated with the property and the estate have been properly settled before proceeding with the sale. This may include payment of property taxes, outstanding mortgage loans, outstanding debts and other related expenses.
7.Sale process and negotiation
Once all the previous legal formalities have been completed, the negotiation and formalisation of the sale of the inherited flat can proceed. This may involve hiring a real estate agent to list the property, conducting visits and negotiations with potential buyers, and signing a sales contract setting out the terms and conditions of the sale.
- Signing of the deed of sale
Once an agreement has been reached with the buyer, the legal transfer of the property takes place. This involves the signing of the deed of sale and other relevant legal documents, as well as the payment of the purchase price by the buyer. Once the transfer is completed, the property becomes the legal property of the buyer, and the heirs receive the agreed sale price.
Do I need professional help to sell an inherited property?
As you may have read, many of the procedures that must be carried out for the sale of a property that we have inherited, inevitably require the help of specialised professionals, as well as notaries in several of the procedures.
At MAM Solicitors we always recommend that you seek the most specialised professional help possible given the changing nature of certain tax provisions and procedures depending on the different Autonomous Communities in Spain.
Our specialised lawyers have been providing coverage to our clients for more than 30 years from our offices in Vera (Almeria), San Javier (Murcia) and Orihuela Costa (Alicante).
Do not hesitate to contact us if you think we can help you!
