Receiving a house by succession means getting hold of a precious
estate. If the choice was for the sale of the inherited property, it is
important to know all the aspects that this sale entails, in terms of necessary
documents, taxation and bureaucratic requirements.
On the other hand, the buyer of an inherited home will have to pay
attention to some aspects to avoid the risks associated with the transfer of
ownership by inheritance.
Documents necessary for the sale of an inherited house
To guarantee a protected transfer of ownership, the purchase and sale
of a property obtained by succession requires the presentation of two documents
additional to those necessary for a normal real estate sale: the declaration of
succession and the transcription of the acceptance of the inheritance.
Declaration of succession and transcription of the acceptance of the
inheritance: when the heir becomes owner
Anyone who inherits a property does not automatically become its
owner. In fact, the heir has the right to accept or reject the inheritance. A
choice that, obviously, is fundamental for the effective disposition of the
property right.
The inheritance can be accepted by signing two deeds:
·
succession declaration ;
·
Acceptance of the inheritance.
The first document must be submitted by the heir (or heirs)
electronically to the Revenue Agency . It can be completed with the support of
Caf or professionals in the sector (for example, the notary). It lists all the
assets subject to the succession and their values.
Acceptance of the inheritance can be formalized with a written
document, but it can also take place tacitly. The second case is the more frequent
one, but it is also the one that requires an extra step when buying and selling
an inherited property. At the same time as the deed, in fact, the notary must
formalize the tacit acceptance (made manifest through the will to sell the
asset) with the transcription of the acceptance of the inheritance by written
deed.
The transcription of the acceptance of the inheritance is therefore
one of the documents necessary for the sale of the inherited house.
Sale of a property received as an inheritance: taxation
The property whose property was inherited was subject to inheritance
tax. It is liquidated by the Revenue Agency within the third year from the
declaration of succession or within the fifth, in the absence of such
declaration. It is due to the extent of 4% -8% depending on the degree of
relationship that binds the new owner to the deceased. In some cases there is a
fixed minimum amount (deductible) to be paid, beyond the value of the property.
In addition to this taxation, the other taxes due for the sale of the
property are the classic ones related to this deed (cadastral tax, mortgage
tax, stamp duties and secretarial rights), which form the costs of the sale and
buying property in Curacao.
Sale of the house inherited before the age of 5: is the capital gain taxed?
In general, in the event that a property is sold whose property was
acquired for consideration in the previous five years, the seller must also pay
a capital gain tax. This is a withdrawal on the difference (capital gain)
between the sale price and the value of the property at the time of acquisition
of the real right. This is a necessary measure to prevent speculative activities
on the real estate market. However, this does not apply to the sale of an
inherited house.
" ... the capital gains realized through the sale for
consideration of real estate purchased or built for no more than 5 five years,
excluding those acquired by succession ... ".
The sum obtained from the sale of a property acquired by succession,
even if it occurs before 5 years, does not determine a taxable capital gain .
Property in communion between multiple heirs
In the event that the property object of the succession due to death
is jointly owned, the sale can only take place following the consent of all the
heirs. Alternatively, it will be possible to proceed with the sale of only the
portion of inheritance due, after having offered this share to the other heirs,
who have the right of pre-emption.
Buying an inherited house: the risks for the buyer
As we have seen for the purchase of a property subject to donation ,
the purchase of an inherited property is also not without risks for the buyer.
This is why it is always advisable to contact professionals in the sector,
avoiding to run into problems that can invalidate the act of sale or, in any
case, create uncertainty.
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