To sell an inherited flat in Barcelona, you must first accept the inheritance before a notary, pay/manage the associated taxes and register the adjudication so that the heirs appear as owners. In addition, all co-owners must agree to the sale (price, terms and conditions) so that the operation is not blocked.
Selling an inherited apartment in Barcelona can be a quick process if you follow a clear order: acceptance of inheritance, taxes, registration and agreement between heirs. In this guide we explain the steps, the usual documentation and the errors that most block the sale.
Sometimes the sale is complicated by why the heirs do not agree on the terms of the sale. It is advisable to have a meeting with all the owners to clarify the conditions of sale and be realistic about the term and the price that will be obtained in the sale of the property. We invite you to request an appointment with one of our advisors.
The acceptance of the inheritance is a simple process that is carried out before a notary. The objective is to award the heirs all assets, rights and obligations of the deceased person. To formalise the acceptance of the inheritance, the following documents must be submitted to the notary’s office in the area where the deceased resided. If you live in Barcelona, we can recommend one of our trusted notaries and accompany you in all the procedures prior to the sale.
What documents you will need to accept the inheritance.
Death certificate
The death certificate is the only official document that certifies the death of a person. It is necessary to carry out a wide range of procedures such as managing the widow’s pension, burying or transferring a niche, cancelling a bank account or accessing the deceased person’s life insurance benefits or their inheritance. This certificate is issued by the doctor who certifies the death and is registered in the civil registry where the birth of the deceased person was registered.
Certificate of last wills
The Certificate of Last Wills can be requested at any of the Territorial Offices of the Ministry of Justice, in the Civil Registries throughout Spain. The certificate of last wills is used to know on what date the last will had been granted and at which notary and can be requested by any relative with a legitimate interest.
Will
If you do not have the original, you can request a copy at the notary’s office that appears in the last wills.
Life Insurance Certificate
It is the document that accredits the insurance in which the deceased person appears. This document must be requested from the Ministry of Justice, which has a database on life policies taken out in Spain. The registry was created because a large number of beneficiaries were left unpaid due to ignorance of the existence of a contracted policy. The notary’s office where the inheritance is to be accepted can make the request electronically.
Real estate valuation or Market price appraisal of properties
In the will there is usually an inventory of the assets that the deceased possessed. Since the publication of Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, the way inheritance tax is paid in relation to inherited property has been modified. In the valuation of the inventory, the reference values published in the cadastre will have to be taken into account, and in the event that there is no value, a market price appraisal or valuation can be done by a real estate expert. Residential Architecture has technicians who can do the valuation of the property or real estate appraisal to accept the inheritance. From our website you can also make an online valuation that will serve as an estimate.
It is a document that the notary will request. Once the inheritance is accepted, the deed of acceptance serves as the title deed and must be registered in the land registry.
Bank certificates of the accounts
You must notify the bank of the date of death. The account will be blocked until the inheritance is accepted.
Burial, funeral, medical, and other deductible expenses
The expenses of the last illness, burial and funeral, as soon as they are justified. Burial and funeral expenses must be kept to deduct them from the taxable base of inheritance tax.
All this documentation must be presented to the notary in order to proceed with the acceptance of the inheritance, which once registered will allow us to sell the inherited properties. The notary will ask you to provide a market price valuation of the properties inventoried in the will,
If the final intention is to sell the property, you will need a professional valuation adjusted to the market price. In this way, the taxes you will pay for the acceptance of the inheritance and the sale itself are as low as possible.
We are going to explain the entire process of accepting the inheritance with a view to selling the properties that the heirs receive, whether the deceased made a will or not.
Acceptance of the Inheritance with a Will
The first thing the heir or heirs must do is accept the inheritance. To do this, we must know whether or not there is a will.
When the person dies, their relatives must go to the authorities with the death certificate and request the last wills. This document will allow you to know if the deceased made a will, the date and where it is deposited in order to obtain a copy in case it is not available.
The Certificate of Last Wills can be requested at any of the Territorial Offices of the Ministry of Justice, at the Civil Registries throughout Spain, at the Central Citizen Service Office or any other official body authorized to carry out the application process. This certificate will help us to know if the deceased had granted a will or not, and on what notary and date the deed was granted.
In the presence of a notary, the heir or heirs must sign the deeds of adjudication and acceptance of the inheritance in question.
Acceptance of inheritance without a will – Ab intestato
In the absence of a will, the legitimate heirs; spouse, children… They must go to the corresponding notary by neighborhood, with the death certificate and the last wills, to open an inheritance claim procedure. To do this, they must prove the relationship with a birth certificate. Finally, the presence of at least two witnesses will be required to corroborate the veracity of the facts that are declared before the notary. Once the heirs have been determined, the deed of acceptance of the inheritance may proceed.
Property valuation in the event of inheritance
A relevant point at the time of accepting the inheritance is the award price of the properties. If you intend to sell the properties in the near future, given the existing bonuses in the case of kinship; children and spouses, the ideal is to request a professional valuation at market price.
At Residential Architecture we have experts who, after visiting the property, will make a professional valuation of the property at market price so that you can contribute to the notary’s office.
Currently, and since January 1, 2022, the acceptance of the inheritance cannot be made below the values estimated by the Ministry of Finance and updated annually. The value can be consulted on the Cadastre website, This value is calculated automatically by an algorithm that takes into account the latest sales in the area. It is an approximation and can sometimes be quite imprecise. In addition, to optimize the payment of taxes, it is advisable to consult with a real estate professional to verify what value is convenient for you to declare in the acceptance of the inheritance.
Ask for advice from one of the experts of Residential Architecture without obligation. You can request an assessment by completing this form.
Inheritance tax
This first step is followed by the cancellation of the Inheritanceand Gift Tax before the expiry of a period of 6 months from the date of death. When paying, the heir will receive a proof of payment that will enable the registration of the inheritance.
Inheritance and gift tax can be deferred or paid in instalments
Paying the Inheritance and Gift Tax, as we mentioned before, is often an impediment to the acceptance of the inheritance: many people are forced to renounce their inheritances because they do not have the necessary capital to face the tax or because they are often calculating the taxes of the acceptance and the charges of the properties. it is not profitable to accept the inheritance.
Because of this, there is the possibility of requesting a deferment that allows you to pay later, giving the heir time to obtain financing or sell. Currently, the law allows you to request a deferral of payment to 6 months from the Treasury, which in turn can be extended to one year and even split payments over 5 years. If the heir is interested, he or she must apply for it within 5 months of the time of death.
At this point, the well-known inheritance tax would already be canceled. However, a second tax must be paid in the case of real estate by the heir in order to proceed with the sale of the property. It is a municipal tax, the Municipal Capital Gains Tax or IVTNU, levied on the increase in values of urban land, and to date, it is calculated taking into account the number of years that have elapsed since the deceased acquired the property until the date of death. This tax reaches its maximum value after 20 years, when it will no longer increase. In turn, in the event of a sale, the heir pays this tax again from the date on which he or she has inherited, until the date of sale.
For this reason, some real estate agencies recommend the quick sale of the property. However, it is worth assessing whether we are interested in keeping it and obtaining an income from it. Currently in Catalonia there is a maximum rental price for homes located in stressed areas. Practically all the most populated areas of Catalonia have a cap on the price of rent and many heirs decide to sell the properties after accepting the inheritance. In these cases, it is essential to confirm the valuation at market price of the property to optimize the payment of taxes. Consult our experts, we will carry out a valuation at market price without obligation.
Beware of the Municipal Capital Gains Tax
Once the inheritance tax has been paid and the heir or heirs have been duly registered as the new owner of the flat, it is necessary to pay the Municipal Capital Gains Tax to enable the possibility of selling said property. In the case of inheritances, the heirs are the taxpayers of the tax. In the case of a sale, the taxable person is the seller.
As we mentioned before, the Municipal Capital GainsTax represents the updating of the value of the urban land where the property is located. The amount depends on the years that have elapsed since the acquisition of the property.
Once the properties have been registered in the land registry , the heirs can decide if they are interested in selling or renting the properties, everything will depend on the situation of the real estate market and the economy of each one. In general, when there are many heirs, it is advisable to sell to avoid future complications in the management of the estate.
At Residential Architecture we can advise you depending on the current state of the real estate sector in Barcelona. What are you most interested in selling or renting to obtain maximum profit depending on the type of property inherited and where it is located?
Contact us and we will advise you without any obligation.
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