Author: A. Gil

Source: La Información

An inheritance consists of the deceased’s estate, which, following the minimum legal requirements in the case of legitimate inheritances, is left to each heir according to their will. Part of this estate includes real estate, and there is a specific procedure to follow to inherit these assets and have them become part of the heirs’ property without issues or complications.

Regardless of the type of property being inherited, whether it’s a house, an apartment, or even a parking space, it’s important to follow the procedure precisely to ensure everything is completely legal. This way, whether you want to sell, rent, or use the property, you can do so without hindrance.

The first step is always to accept the inheritance, as obvious as it may seem. To do this, you need to request the deceased’s death certificate and read the will. At this stage, it’s important to know if the property is inherited by will or by law, that is, as part of the legitimate inheritance entitled by right. This article explains the procedure for accepting an inheritance.

If there is no will, you must certify that you have the right to inherit the property by succession, which requires presenting the certificate of last wills and the family record book or a certificate indicating the type of relationship. To inherit without a will, you need to follow this procedure.

Taxes to Pay for Inheriting a Property

With all this documentation in order, you must go to the notary to prepare the appropriate deed of acceptance of the inheritance. Meanwhile, all applicable taxes must be paid: the Inheritance Tax and the property’s capital gains tax.

The first is paid to the tax authorities and affects the entire inherited estate. It is managed differently in each autonomous community, and some heirs may be exempt from paying it in some regions, depending on the conditions and percentages established.

Additionally, you must pay the local capital gains tax to the municipality where the property is located, which refers to the value the inherited property has gained from the time of purchase to the time of inheritance. In both cases, you have six months from the date of death to settle these payments, although it’s possible that in the case of the capital gains tax, it may not be claimed once the deadline passes and it prescribes.

Finally, with the taxes duly settled and the deed of acceptance of the inheritance drafted, the heirs can go to the Property Registry and register the deed, paying the corresponding fee.

Besides this procedure, the property’s ownership must be changed in the real estate cadastre. It should be noted that the deadline for modifying the ownership is two months from when the acceptance of the inheritance was registered.

Other Aspects to Consider When Inheriting a House

Moreover, as a final step, it is important to change the name on all utility services if they were in the deceased person’s name. You will need, especially, the ID of the new owner and the deceased person.

Similarly, if the property is rented, it is advisable to notify the tenants of the change in status, understand the obligations that correspond to you as the owner that were stipulated in the rental contract, and provide the new bank account number where they should deposit the monthly payments.