Can an inherited flat be sold without having settled the estate?

Question

José Manuel Alburquerque · Accepted Answer

Not directly. The inheritance must first be accepted and the flat put in the heirs' names, because otherwise the buyer cannot register it. The acceptance and the sale can be signed before a notary on the same day. Selling requires the agreement of all the heirs. The surviving spouse or partner who holds the usufruct must also sign. If the will appoints an executor with power to sell, the executor sells without waiting for the heirs to accept. What is needed A deed of acceptance of the inheritance in which the flat is allocated. If there are several heirs, they can allocate it to all of them jointly and sell it together, without yet dividing the rest of the estate. Having filed the return for the “impuesto de sucesiones”, the Spanish inheritance tax. The “Registro de la Propiedad”, the Land Registry, will not register the inheritance without proof of this, even if there is nothing to pay. Having filed the municipal capital gains tax return for the inheritance. The sale gives rise to a further municipal capital gains tax, which is paid by the seller. If not everyone wants to sell Until the estate is divided, selling any asset requires the agreement of all the heirs. Each heir can sell their share of the estate. If they sell it to someone who is not an heir, they must first notify the others. The others have one month to buy it at the same price. If they are not notified, they can claim it for themselves within three months of learning of the sale or of its registration. If there is no agreement, any of them can ask the court to partition the estate or to divide the flat. Watch out for tax If the 95 % allowance for the deceased's principal residence was applied on inheriting, selling it within five years of the death means paying the tax saved, with interest. This is not necessary if, within six months, all the proceeds are used to buy the seller's own principal residence or to repay its mortgage. The seller pays tax on the capital gain in their income tax return. The gain is the sale price minus the value on which they were taxed when inheriting and minus the costs and taxes of inheriting and selling. If the flat is sold soon and for a similar price, the gain is small. Selling an asset of the estate amounts to accepting the inheritance. If there may be debts, draw up an inventory of the estate first. That way you will only answer for them with what you have inherited.