Legacy homes can be sold now without waiting for unforeseen heirs
With the pandemic and the death of many elderly people, the real estate sector has received a significant injection of housing stock for sale and rent. With the legal change on Friday, inherited home purchases that in the past required a warning from notaries to buyers, are no longer valid. Until now, many of these operations could be blocked or be susceptible to mistrust, due to the risk they entail for the buyer, since, if in the two years after the purchase the property is claimed by the forced heir (an illegitimate child), the buyer could not refuse to return it. But in return, the buyer should continue to pay the mortgage granted by the bank.
Historical reasons
In any case, conflictive cases have been very few in recent years, although in the past it had relevance because it allowed the children of Spanish emigrants to have time to find out about the death and return to Spain and thus be able to claim their part of the inheritance. In case of doubt, article 28 of the mortgage law could be a reason for haggling in the final sale price, but in the most doubtful cases it could even block operations for two years. In real estate sources, it is suspected that the prices of inherited homes could reflect a small increase from now on. In addition, this repeal is retroactive, so banks should reduce risk rates in mortgage operations with recently inherited homes. The criteria when issuing an appraisal for the granting of a mortgage guarantee are not affected.
Certainly the pandemic has caused a considerable increase in home inheritance. According to the INE, between January and June there were 103,116 transfers of property ownership by inheritance in the whole of Spain, which gives an average of practically 570 per day. This is the highest number recorded in the historical series that began in 2007.
More inheritances in Catalonia
Catalonia was the autonomous community where there were more home inheritances in the first five months of the year, with almost 18,000. It is followed closely by Andalusia (17,225), and at a distance, Valencian Community (13,610) and Madrid (13,358). The next most prominent regions are Castilla y León (6,553) and the Basque Country (5,246). La Rioja is the only community where fewer homes have been inherited in the first half of the year (1,026 units), while the autonomous cities of Ceuta and Melilla close the national ranking, with 100 and 84 transmissions of this type between January and June.
The 'Financial Times' puts sa Pobla on the map of Majorcan luxury estates
The brainy Financial Times has just put Sa Pobla on the real estate map of Majorcan luxury estates. The world-renowned economic newspaper dedicated two pages to Mallorca in its highly-rated edition last Sunday, under the heading “Where the hills meet the sea”. No, it is not about the adaptation of the balcony to natural spaces, perfected this week on the island.
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REU in now Portalreu.com
Being consistent with our great progress as a public property portal and in accordance with SEO and SEM standards, we have changed the access domain to REU.
Now it is: www.portalreu.com Much easier to remember!
House sales soar 42% in the Balearic Islands
n the second month of the year, 1,416 homes changed hands in the archipelago.
In Spain, home sales and purchases increased by 24% compared to a year earlier and for the twelfth consecutive month, to 56,623 units, the highest figure for a month in almost 14 years (since April 2008).
Home sales in the Balearic Islands increased by 42% in February (1,416 homes), compared to the...
The purchase of housing by foreigners sweeps the Balearic Islands
Foreigners are rushing to buy homes in the Balearic Islands. According to data from the General Council of Notaries published, sales to the public from outside Spain soared 81.5 percent in the second half of 2021, making the archipelago the leading community in this respect.
Regarding average home prices, in the Balearic Islands they grew by 9.3 percent in the second half of 2021, to...
The reference value of the Cadastre, Law 11/2021 on measures to prevent and fight against fraud
his law came into force on July 11, 2021 but it was not applied until January 1, 2022 that the new reference value of the cadastre is applied, this being the tax base for taxes such as ITP, inheritance tax or donations.
It is no longer the real value of a property that determines the taxable base of these taxes, but its market value, which is determined from the real estate reference...
Compensation for termination of the lease Art. 34 of the LAU.
«BOE» no. 282, of 11/25/1994. Law 29/1994. of November 24, of Urban Leases
Entry into force:
01/01/1995
Article 34. Compensation to the tenant.
The termination due to the expiration of the conventional term of the lease of a farm in which during the last five years a commercial activity of sale to the public has been carried out, will give the lessee...
Holiday rental licenses in the Balearic Islands.
On Friday, February 18, the Balearic Government issued Decree Law 3/2022, of February 11, on urgent measures for the sustainability and circularity of tourism in the Balearic Islands, in which, among many measures, there is a moratorium or prohibition of new tourist accommodation places during the next four years.
In the first additional provision, the suspension of the acquisition of...
"If Palma limits the rental price, a part will be paid with black money"
Palma City Council's claim to promote effective control of housing rental prices creates the risk of promoting the circulation of black money in the real estate market. This is how the employers' organization Pimem considers it, and it does so by appealing to a specific case: if the maximum amount that the owner can charge his tenant is 900 euros, there will be situations, according to...
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The sale of homes in the Balearic Islands returns to the figures prior to the 2008 crisis
The Balearic property market is undergoing a revolution in many ways. While only 1% of rental homes in Palma fall below 600 euros, the sale of homes registered its best month of November since 2007, with figures close to the years prior to the global crisis. In the eleventh month of 2021, the Islands recorded 1,496 operations to buy and sell homes. Compared to the same month a year ago,...
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