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Apartment inherited by several siblings: how to get the most out of it

14, Dec 2022 | General News | 0 comments

When the time of death of the parents arrives, it is possible that the inheritance includes an apartment inherited by several siblings. After the bereavement, the children often discuss the different options they have when it comes to managing the home and which of them is most beneficial for all.

What to do with a house inherited by several siblings

When parents die and own a house, the children inherit it in equal shares in what is known as proindiviso, copropiedad or comunidad de bienes.

Each sibling will have a percentage of the property, without being able to specify an exact part of the property for each one of them, as it is an indivisible property. When there is an apartment inherited by several siblings, there are several options after the inheritance has been accepted by all of them:

  1. Maintain co-ownership and be used by the same heirs. It usually occurs in apartments located on the coast or in the mountains, where the children spend vacation or leisure periods, alternating or coinciding with each other.
  2. Rent out the housing and share the profits among all. This provides a fixed monthly income for each of the heirs.
  3. That one of them wants the entire property and buys the corresponding part from the rest of them.
  4. Sell the home and divide the money among the heirs. Before doing so, it might be a good idea to carry out a renovation in order to revalue the property and obtain the greatest possible benefit.

For any decision it is necessary to have the support of all the owners. If one of them does not want to sell the inherited house among several siblings, other options should be sought, such as the division of the property or the extinction of the condominium.

An apartment in inheritance for several siblings is more problematic when the heirs receive it as the only property, since when there are more properties each one will be able to decide on one of them. In these cases it usually happens that one or more of them do not want to sell their part and, as we have said, the consent of all is necessary to sell the apartment inherited between siblings.

It may be that one or more of them have a strong sentimental attachment to the property or want to wait until another time to obtain a better price for the sale of the property. It is also common that some heirs want to rent the property to obtain a monthly rent and others prefer their share of the money from the sale, or that one of them wants the entire property.

In all cases the conflict may be difficult to resolve and family problems may arise. To avoid this, the best solution is to reach an agreement between siblings to decide between all of them the most beneficial option regarding the property received in inheritance.

How to reach an agreement between siblings

As we have said, when several siblings inherit a house, it is best to reach an agreement. This is because going to court is always more complicated and costly and, in this particular case, it may be difficult to force one or more of the heirs to sell their share.

A recommended first step is to appraise the property. With the appraisal, the heirs will be able to know the exact value of the property and the real situation of the property. This is something basic when making a decision about the property, since all the options can be evaluated to choose the most beneficial one.

If, after knowing the valuation, there is still disagreement as to the most beneficial option, a lawyer specializing in inheritance and successions can be contacted to help resolve the conflict. It may also be a good idea to have investment specialists analyze the situation and possible options, providing a professional opinion on the benefits of each option and the best choice for the particular situation. For this reason, Inversión Madrid is at your disposal to offer you advice about the sale of the property and the benefits that all the siblings could obtain.

If, after trying to reach an agreement by all means, it is still not possible, it will be necessary to go to court. Although it is not the most advisable, it is the last option to try to carry out the most beneficial action, to get out of a conflictive situation and for everyone to obtain benefits.

 

When there is an apartment inherited by several siblings, it may happen that each of them wants to do something different with the property. Among the most common options are the use by the heirs, rental, sale and purchase by one of them of the shares corresponding to the rest of the siblings. To carry out any of these actions, the consent of all heirs is necessary. In the event that one or more of them do not want to sell or rent, it is best to try to reach an agreement to avoid going to court.

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