At Quikprokuo, we are a renowned law firm in Madrid with over 20 years of experience, and we are passionate about the real estate world. Our specialization in Real Estate and Urban Planning has led us to provide high-quality services to both small business owners and top-level international companies. In this article, we will provide you with a detailed guide on “Inherited Properties: Step by Step Adjudication”, in the context of Spanish law.
1. What is Real Estate and Urban Planning Law?
Real Estate and Urban Planning Law encompasses all the rules and regulations related to real estate properties, their use, acquisition, and transfer. In Spain, it is a fundamental legal field, especially in real estate transactions. From buying and selling properties to inheriting real estate, having specialized legal advice is essential to ensure compliance with the law and ensure security in all transactions.
2. Inherited Properties: Fundamental Aspects in Spain
One of the crucial topics in Real Estate Law is the inheritance of real estate properties. The adjudication of properties in these cases can become complex, making it essential to understand some fundamental aspects:
- The importance of obtaining the death certificate of the deceased and, if applicable, the will, as the first step in the adjudication process.
- A comprehensive analysis of the deceased’s estate is necessary to determine the existence of real estate properties in the inheritance.
3. Step by Step Adjudication of Inherited Properties in Spain
We will now present a detailed process on how the adjudication of inherited properties takes place in Spain. Pay attention to the following steps:
a) Obtaining the Death Certificate and Will in Spain
The first step is to obtain the death certificate of the deceased and, if applicable, the will. These documents are essential to verify the situation and facilitate the inheritance process. If there is no will, the rules of intestate succession will apply.
It is important for heirs or their legal representatives to go to the Civil Registry where the death occurred to request the death certificate. If a will exists, it must be presented before a notary and subsequently registered in the Registry of Last Wills.
b) Analysis of the Deceased’s Estate in Spain
Once the necessary documents are obtained, it is essential to conduct a detailed analysis of the deceased’s estate to determine the existence of real estate properties and other assets in the inheritance. This evaluation should be carried out by experts in Real Estate Law and accounting, who will verify and assess the deceased’s properties, rights, and debts.
The determination of the hereditary estate is a crucial process in the adjudication of real estate properties, as it will establish the proportions corresponding to each heir.
c) Declaration and Settlement of Inheritance Tax in Spain
The declaration and settlement of Inheritance Tax are mandatory steps in the adjudication of inherited real estate properties. This tax applies to the transfer of assets and rights by inheritance, and its amount may vary depending on various factors, such as the degree of kinship between the deceased and the heirs, the value of the inherited assets, and the applicable deductions in each autonomous community.
The heirs must submit the Inheritance Tax declaration to the corresponding Tax Agency office within the period established by law. It is important to have specialized legal advice to ensure compliance with all requirements and avoid potential sanctions.
d) Formalization of the Inheritance Title in Spain
Once the tax procedures are completed, the formalization of the inheritance title takes place through a public deed before a notary. This deed will describe the real estate properties corresponding to each heir, specifying the proportions in which they will be adjudicated.
This document is essential, as it provides legal security to the transfer of properties and proves the ownership of the heirs over the adjudicated real estate.
e) Registration in the Property Registry in Spain
The registration of the property in the Property Registry is a crucial step to ensure legal security. Once the public deed of inheritance is obtained, it is necessary to go to the Property Registry corresponding to the location of the real estate property to register the transfer of ownership to the heirs.
Registration in the Property Registry confers ownership rights to the heirs and protects their legal interests against third parties.
f) Distribution and Adjudication of the Properties in Spain
In this phase, the real estate properties are distributed and adjudicated among the heirs according to the provisions of the inheritance deed. It is important to highlight that heirs can choose between selling the properties or establishing co-ownership.
The sale of inherited real estate is a common option, especially when heirs seek liquidity or do not wish to retain ownership. In this case, the distribution of the proceeds from the sale will be carried out according to the proportions established in the inheritance deed.
On the other hand, some heirs may decide to retain ownership and establish co-ownership, meaning that each heir will hold an undivided share of the property.
4. The Importance of Having Specialized Real Estate Lawyers in Spain
The importance of having specialized Real Estate lawyers throughout the process of adjudicating inherited properties cannot be overstated. Our expert lawyers can provide advice at each step, ensuring that all procedures are carried out correctly and in compliance with Spanish law.
A lawyer specialized in Real Estate can help avoid potential errors and delays in the process, as well as resolve any situations or controversies that may arise during the adjudication of the properties.
At Quikprokuo, we have witnessed the complexities and challenges involved in adjudicating inherited real estate properties in Spain. Our extensive experience and dedication in the field of Real Estate Law make us the reliable partner you need to tackle these situations successfully. If you require legal advice and assistance in real estate matters, do not hesitate to contact us. We are here to assist you at every step of the way.