In the professional practice of selling inherited property (or selling property from inheritance), it is essential to understand that it is not just a legal procedure, but also a strategic real estate operation. Factors such as the real market valuation, the condition of the property, the associated tax burden, and the demand in the area (especially in cities like Barcelona) directly influence the final outcome of the sale. Therefore, anticipating planning and knowing the steps of the inheritance well allows for speeding up the process and avoiding losses in value of the inherited asset.
Selling an inherited property can be a long and tedious process if you do not know the procedures to follow and the most appropriate steps to take. At Gumper, we have extensive experience and can effectively advise you to make it an easy process, which is why we have prepared this article about how to sell an inherited property and what you should consider to successfully close the transaction.
Preliminary procedures for selling an inherited property
When we have inherited a property, there are some preliminary procedures we must carry out before we can put it up for sale. These procedures are essential to successfully complete any future operation, whether it is the sale of the inherited property or renting it out.
- Property deeds: The first and essential thing you must do with the inherited property is to proceed with its deed before a notary, which is referred to as acceptance or adjudication of inheritance. If there are several people who have inherited the property, all of you must sign before the notary, as it will be a shared asset, unless those who cannot attend authorize a third party through a notarial power of attorney.
- Payment of fees. In most autonomous communities, we must pay the fees known as Inheritance Tax. It is important to keep in mind that it is mandatory and that you have 6 months to complete it. However, there is the possibility of requesting a moratorium for its deferral under certain circumstances as well as discounts. The tax is set by each Autonomous Community, so it can vary considerably depending on the place of residence of the deceased person. This aspect is really important, as the tax is calculated based on the place where the deceased person had their habitual residence, not on the location of the property, so to settle the inheritance tax of your inherited property, you must take this into account.
Another particularity of this tax is that it is a progressive tax, meaning that the higher the value of the inherited asset, the higher the tax to be paid.
- Payment of municipal capital gains tax. If you thought that after paying the inheritance tax you were done with payments, you still have a couple more steps to go through. The first of these will be the payment of the municipal capital gains tax that you must pay at the town hall; this payment refers to the difference in value that the property may have had since its previous owner bought or inherited the home until today.
- Property Registration. We have completed our preliminary procedures to hold the title of owners, and to finalize this process, we must proceed to register as the owners of said property with the property registry. This step will be what truly makes us owners of the property, so if we are preparing the sale of our inherited apartment, we must be listed as the holders of the property in question.
A key aspect in the professional practice of real estate inheritance management is to carry out an updated appraisal of the property before starting the sale of the inherited apartment. This allows us to know its real market value (not just fiscal) and define an appropriate sales strategy. In many cases, a correct initial valuation prevents selling below the optimal price or unnecessarily delaying the transaction.
The amount of the registration will depend on the property, as well as the personal situations we may find ourselves in, since some groups may have some tax reductions, so our recommendation is to seek advice from the beginning to avoid overpaying. We have discussed the 4 essential steps to have our inherited apartment in ownership, as we remind you that being an heir does not make you the legitimate owner of the assets until you complete the mentioned procedures. These procedures can generate important doubts, especially regarding the amounts to be settled, as we have already mentioned, there are multiple nuances that can modify the payments to be made; for example, in some cases, if the heir has a recognized disability, they may have a compensation in the different tax charges. Next, we will focus on the area of Catalonia to define the tax payments:
How much do I have to pay to inherit an apartment in Barcelona?
In the current context of the real estate market in Barcelona, the sale of inherited apartments is usually influenced by high housing demand and a limited supply in certain areas. This causes many properties from inheritances to have a good exit in the market, especially if they are properly regularized and with all the tax documentation up to date. Therefore, knowing the costs associated with the inheritance is key to calculating the real profitability of the future sale.
As we mentioned earlier, each Autonomous Community has different ways of valuing the amount to be paid in an inheritance. In Catalonia, the Tax Agency has prepared a small guide to help taxpayers keep in mind their obligations and rights for the payment of taxes derived from the inheritance of a property. You can access https://atc.gencat.cat/web/.content/documents/02_doc_tributs/02_isd/guia_isd_es.pdf, as you will see it is very simple and you can download it in a few minutes by filling out a form. Within this guide, we can also find the reductions in Catalonia for inheritances of properties, for example:
- Reduction of inheritance tax by kinship
In Catalonia, kinship relationships are established taking into account the degree of closeness to the deceased:
- Group I: The children of the deceased who are under 21 years old have a reduction of 100,000 euros. Each year they are below the set age (21) will add 12,000 euros to the bonus up to a maximum of 196,000 euros in total.
- Group II: Children over 21 years old, spouses, ascendants, and adopters:
- Child over 21 years old: 100,000 euros
- Spouse or stable partner: 100,000 euros
- Other descendants: 50,000 euros
- Ascendants: 30,000 euros
- Group III: Siblings, nephews, uncles, and ascendants or descendants by affinity have a reduction of 8,000 euros.
- Group IV: Cousins and more distant degrees, as well as unrelated persons, will have no reduction.
- Reductions for disability
The reduction for disability is complementary to all the aspects mentioned before. That is, we can benefit from applying this disability reduction in addition to what corresponds to us from the groups mentioned earlier.
- Application of disability equal to or greater than 33%: In this case, the reduction applied is 275,000 euros.
- Application of disability equal to or greater than 65%: In this case, the reduction applied is 650,000 euros.
- Reduction for elderly people
If we are over 65 years old, we can apply for a reduction of the taxable base of up to €275,000; however, to enjoy this reduction, we must be included in group II (Children over 21 years old, spouses, adopters…). In addition to these reductions, there are other specific ones, so it is advisable to contact an expert who can manage all the inheritance processing, the study of its liquidation, and its subsequent sale.
What happens if I am not the only heir and want to sell?
It is very common that when we inherit a property, we may find ourselves in the situation of not being the sole heirs of that property. This determines our options for managing the asset. Next, we will delve into how to sell an inherited apartment of which I am not the sole owner. When we are faced with this situation, we refer to wanting to take actions on an undivided asset, since we cannot take a tool and divide the property among the heirs. Thus, we begin a particularly peculiar process, as it is unlikely that someone will buy a percentage of a house alone. In future posts, we will refer to the different sales processes you can focus on when you want to sell your inherited apartment in case of disagreement. But we anticipate that, although it may seem obvious, good understanding among the owners will greatly facilitate the process and avoid partial purchases. Remember, as a co-owner of the asset, you are not obliged to sell your share, under normal circumstances, but if you want to sell the property, you may need to acquire the shares that are not yours to carry out the transaction.
Is it worth inheriting a property and facing the payments?
Advised by an expert and with a calculator in hand, we must evaluate what it means to inherit the property. At first glance, the procedures may seem complex, to which we must add the initial outlay of capital that can be significant and may even seem unmanageable. It is essential at that moment to think in the medium and long term to consider the different forms of profitability, such as the sale of the inherited apartment, renting it out, etc.
At Gumper, we are experts in asset management, so we can accompany and advise you throughout the process. You can send us inquiries about the sale or inheritance of your apartment, and our advisory team will be happy to help you. Additionally, you can also leave your questions in the comments of this article or on our social media. We are here to help!
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