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Selling My Inherited Home: Things To Do

There are many aspects to take into account when selling an inherited home. If we think only of the economic aspect, a priori inheriting a house may seem like very good news. But this is not always the case, the various procedures that we will have to carry out and the taxes and expenses associated with the inheritance that we will have to face can make our dream become something more similar to a nightmare.

Keep in mind that the taxes to be paid for the sale of an inherited home will always be those of the place of residence of the deceased person, regardless of where the property that has been inherited is located. In addition, the sale of any property is considered a capital gain, taxed as income in the income tax return for the year in which the inherited home was sold.

When establishing a sale price for the inherited property, we must take into account the expenses incurred by inheriting the home. Including the Inheritance Tax as one of these expenses.

If we inherit a home and want to put it on the market for sale, it is very important that we always put ourselves in the hands of professionals who advise us correctly, such as real estate consultants , your reference real estate consultancy with more than 35 years of experience in the sector.

Preliminary steps to sell an inherited home

Before selling an inherited home , it will be necessary to follow a series of preliminary steps:

  • Deed of Acceptance of Inheritance: It is always necessary to publicly express the acceptance of the assets and rights of the deceased person so that they are transferred to the heirs, who will become the new owners. This is done by going to a notary public and signing the heir or heirs the Deed of Acceptance of Inheritance , which details the assets and rights to inherit, and the manner of distribution of these. In order to sign this deed, a series of documents are necessary, such as the Death Certificate, the Certificate of Last Wills, the DNI of the deceased, the will, the Deeds of ownership of the real estate and the IBI receipt, among others.
  • Inheritance and Donation Tax and registration in the Land Registry: This tax affects more or less depending on the place of residence and can be up to 34%, with six months to settle it. Once paid, the property can be placed in the name of the heir in the Property Registry, in order to be able to sell it.
  • Municipal Plusvalía Tax : It is theTax on the value of urban land (IIVTNU), a municipal tax that taxes the profit obtained when selling a property. In the case of inheritance, this tax must be paid by the heir or heirs when registering the property. Its maximum rate is 30%.

Necessary documents

Before selling an inherited home we will need to have the following documents up to date:

  • Certificate of occupancy.
  • Energy Efficiency Certificate.
  • DNI of the holder or holders.
  • Deed of acceptance of inheritance.
  • Last IBI receipt.
  • Latest utility bills (water, electricity, gas).
  • Updated Simple Note.

Without them we will never be able to start the process of selling the property. For more information on home sales, read this article on procedures and expenses when buying a home .

How much does it cost to inherit a house?

Therefore, inheriting a home entails a series of expenses that in many cases the heir or heirs cannot assume, which is why many of them end up renouncing the inheritance. As a summary of the above, the expenses to be faced would be the following and are prior to selling the inherited home:

  • Notary: A notary is needed to accept the inheritance and the transfer of ownership of the assets of the deceased.
  • Lawyer or manager: To be able to help and advise you throughout the process. Their fees usually depend on the value of the assets to be inherited.
  • Inheritance and Donation Tax: Varies depending on each autonomous community, and can range from 7.65% to 34% of the tax base.
  • Municipal capital gain: It is calculated based on the capital gain and may never exceed 30%.

It is very important to know what I must take into account to sell an inherited home, what steps we must follow and what are the expenses that we are going to have to assume in order to have ownership of that home. Because being a beneficiary of the inheritance of a property implies a series of procedures and expenses of a variable amount depending on the autonomous community in which we find ourselves.

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