How much does it cost to process an inheritance?

Yes. In Spain, it is possible to accept, accept with the benefit of inventory, or renounce an inheritance.

Pure and simple renunciation: the heir does not acquire the assets or the debts of the deceased. The renunciation must be made before a notary and is irrevocable.

When is it advisable to renounce? When the debts of the deceased exceed the value of the assets, or when it is more advantageous from a tax perspective for the children to inherit directly (transferring renunciation).

Acceptance with the benefit of inventory: allows accepting the inheritance by limiting the liability to the value of the inherited assets, without responding with personal assets. It is the most prudent option when there is uncertainty about the debts.

The deadline to accept or renounce is indefinite, but the Tax Authority may claim if the tax is not settled within 6 months.

The property purchase process in Spain has the following steps:

1. Search and negotiation: agreement on the price and conditions of the sale.
2. Simple land registry note: verify that the property is free of encumbrances (mortgages, attachments).
3. Deposit contract: reservation with a deposit (usually 10% of the price).
4. Financing: if a mortgage is needed, apply for and obtain bank approval.
5. Notarial deed: execution of the purchase deed before a notary (in person or online via videoconference).
6. Tax settlement: ITP (for second-hand) or IVA + AJD (for new construction), within the established deadlines.
7. Registry inscription: register the deed in the Property Registry.

A notarial power of attorney apostilled is valid in all the signatory countries of the 1961 Hague Convention, which include more than 120 states:

Europe: all countries of the EU, United Kingdom, Switzerland, Norway, Turkey, Russia...

America: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, Peru, Venezuela, Ecuador, Bolivia, Uruguay, Paraguay...

Asia-Pacific: Australia, New Zealand, Japan, China (only Hong Kong and Macao), India, Israel...

Africa: South Africa, Morocco, Tunisia...

For non-signatory countries (some African and Asian countries), the document requires consular legalization. Our team informs about the procedure according to the destination country.