I am the heir to a property. What do I need to do?
In some situations, it is necessary to formalize the inheritance through a deed and with the confirmation of legal documents, as is the case with the qualification of heirs.
The qualification of heirs (simple) aims to legally declare who the heirs are who will inherit the estate, that is, it aims to define what each heir will receive, and is carried out through a public deed—it is not a mandatory act, but it is advisable. You only have three months after the death of the family member to apply for identification of the heirs, otherwise you will have to pay fines.
According to the Institute of Registration and Notary Affairs (IRN), to proceed with this formalization through a notary office, you need the following documents:
· Death certificate of the author of the inheritance (€20);
· Documents proving legitimate succession: marriage certificate (€10) and birth certificates of the heirs (€10), for example;
· Certificate of the contents of the will or deed of donation by death, if any;
· Certificate proving payment of Stamp Duty, as provided for in the General Stamp Duty Table, when this has not been paid at the notary's office, in the case of a will.
If the deed is executed through the Inheritance Desk, the necessary documents are:
· Identification of the head of the family and the heirs (Citizen Card, Passport or Driver's License, Tax Identification Number, name, marital status, property regime, and tax residence);
· List of assets and values of the inheritance;
· Terms of the partition agreement.
How much does this formalization cost?
The costs of qualifying heirs vary depending on where the deed is executed. If you proceed with this formalization through a notary, the costs vary between €140 and €200. If it is done through the Inheritance Desk, the cost is €150.
How can I sell the inherited properties?
You should start by appraising the properties to determine their market value. Once the value has been determined, you can sell the properties and divide the proceeds among the heirs.
If one of the heirs prefers to purchase the property for the appraised value, they must withdraw their rightful share of that value and pay the remaining amount to the other heirs (tornas).
Tornas refer to compensation in cash, covering the excess amount received, which is allocated to those who receive less.
If there are several heirs who want to buy the property, a bidding process can be held, and whoever offers the highest price gets it.
In situations of disagreement associated with the sale of real estate, that is, if one or more heirs do not want to sell the inherited properties, the law establishes that those interested in the sale may proceed with the process through legal channels, by means of a court decision.
Therefore, those interested in the sale must notify the heir(s) who oppose the sale of their intention. If the heir(s) do not respond within the defined period, it is necessary to file a lawsuit, in which the judge will determine the appraisal and sale of the property.
Source: imovirtual.com/noticias