What happen to my property in Spain if I die?

In addition to the pain involved, a person’s death requires a great deal of legal and bureaucratic paperwork. Especially if this person had a mortgage and owned a home in our country. In this case, you will have to follow a series of indispensable steps. 

The notification to the bank

First, the bank must be notified of the situation. When someone dies, the heirs take on obligations such as paying the mortgage on a property. However, these heirs can accept the inheritance and the mortgage, reject it completely or accept the inheritance as a beneficiary of inventory, receiving the remaining part of the inheritance after the mortgage has been paid. 

The bank’s action

Depending on each entity, the bank will request a series of documents from the heirs: death certificate, certificate of last wishes, will or declaration of heirs, deed of inheritance, certificate of payment of inheritance tax, public deed of renunciation, etc. 

The mortgage that covers the life insurance

There are mortgages that life insurance can take over, paying part or all of them. To do so, you must submit the documentation to both the insurance company and the bank. 

A property without heirs

If no family member up to four degrees of consanguinity claims the property on the death of the owner and the owner has not left a will, the legitimate heir of the property becomes the Public Administration, either the State or the Autonomous Government. These bodies will have to auction the property, the same as happens with rejected inheritances. 

It is therefore very important that the owner of a property can make a will as far as possible to avoid cumbersome procedures for the heirs. In this way, they will be much clearer about what they can do in the event of the owner’s death.

Recent Posts

Leave a Comment