Property inventory: what it is and how to do it

The death of a loved one is a delicate and painful time for everyone. When the deceased leaves assets for his heirs, it is necessary to carry out an inventory of the property, a bureaucratic and tiring process if there is no help from a specialized professional. Even so, it is important to know the whole process that involves the sharing of assets so that no errors occur.

What is a property inventory?

A property inventory is a survey of properties left by a deceased person to their heirs. It needs to be registered with a notary in order to be able to start the inheritance process. The completion of the inventory and the sharing of assets involves a lot of bureaucracy and the process can be done in two ways: judicial or extrajudicial.

Judicial

The judicial form is the most common. However, this is also the most time-consuming process. That’s because, he needs to be accompanied by a judge. In some cases, heirs can wait up to 15 years for ownership of the property. This option is widely used when one of the heirs is underage or incapacitated, the deceased has left a will or there is no family consensus on sharing.

Extrajudicial

Extrajudicial proceedings are more recent and faster, and may take between 30 and 45 days. In this case, the property inventory is done at a notary and requires certain requirements to be met. This means that for this process to take place extrajudicially, all heirs must be of legal age, in addition to an agreement on sharing or values. Another important point is that there cannot be a will for this option to be viable and the presence of a lawyer is mandatory.

Step by step to do the property inventory

Knowing what a property inventory is and the ways to carry it out, it is important to know the entire step-by-step involved for the extrajudicial way, even if you hire a professional responsible for the activity.

Define a notary and hire a lawyer

The first step is to define the registry office where the process will begin and to hire a lawyer. This professional will be an intermediary between the parties involved and ensures that the entire process will be done without errors and in a safe manner. Ideally, you should be a lawyer specializing in inheritance and family law. However, the extrajudicial process does not require the presence of the lawyer, the professional being only a security for the process.

Define the inventory

The inventor is the one who acts as the spokesperson for the other heirs during the process. The appointment of this person is made by the lawyer with the family and it is he who is legally responsible for the referrals given in the inventory and collaborates for its conclusion.

Raise debts and assets

The property inventory not only raises the deceased’s assets and possessions, but also his debts. In some cases, it is necessary that part of the goods left be used to pay the pending items. Thus, in some cases, heirs must use their own resources to pay off the debts and debts of the deceased. However, this is not a recurring strategy and with the help of a good lawyer it is possible to get out of these situations without any problems.  

Pay taxes

Another very important point in the property inventory process is the payment of the Transmission Tax Causa Mortis e Donação (ITCMD). With a maximum rate of 8% of the total value of the property, this fee is stipulated by law, however, with the attorney’s fees and service, the costs of the inventory may be higher. This fee represents the end of the process and the sharing of assets.

Thus, it is enough to register the goods in the name of the heirs and allow them to access the properties. For the extrajudicial process, a clerk registers the assets to be shared and then the assets are registered in the name of each one and the process is finalized. For legal cases, the contracted lawyer prepares a petition that must be judged and ratified by a judge.

The importance of professionals to carry out the inventory of real estate

As stated earlier, hiring a professional who specializes in property sharing can ensure the success of the entire property inventory process. Even though it is possible to carry out extrajudicial procedures without hiring a lawyer, there are some advantages for those who choose to rely on the help of these specialists.

Knowledge of bureaucratic processes

Taking inventory of a property requires mastery of laws and bureaucratic matters that most people do not have. Thus, it is very important to have the look of a professional, specialist to avoid inconvenience. In addition, this is a way of ensuring that the property is valued according to its conditions, since the evaluations will be carried out carefully.

Safety

As stated, the property inventory process involves bureaucracies and laws and without the help of a professional it may be that there are failures. In addition, an expert prevents the parties involved from directly entering into conflict, creating further disruption in a situation that is already delicate.

Thus, hiring a professional is an investment in someone who will guide each stage of execution in the best possible way. In some cases, after the heirs take possession of the properties, this professional still assists them in proceeding to sell or rent the property.

Time and resource savings

Hiring a professional helps you save time and resources. In addition to having to deal with the grief of the loss of a loved one, the property inventory process requires many procedures and bureaucracies which can be quite time consuming. Hiring an expert helps you save time.

Survey

The property inventory requires that some inspections be carried out. They need to be done in a very detailed way so that nothing goes unnoticed and a professional specialized in the area can carry out this survey in order to minimize errors. In this way, family members know the real conditions of the property and what should be repaired.

Contracts

An important part of the property inventory is the execution of contracts between the parties involved. They will be validated by a legal sector and that is why it is important that the professional who wrote them has a lot of knowledge of the area, to avoid errors and problems. The ideal is to look for a trustworthy real estate agency that asks for advice from these professionals. Many of them rely on these specialists, so there is no need to waste time looking for a good indication.

Property inventory: a real estate agent can help you

The entire process of property inventory, inheritance and sharing of assets can be very tiring and require a lot of family members who are already weakened by the loss of their loved one. In addition to taking possession of the property, in many cases the procedure involves renting or selling the property and, therefore, having the support of a trusted real estate company may be the solution. The Mining House Estate has a trusted portal for those who want to sell or rent a property in park view city and advertising is very easy. In addition, the real estate company has years of excellent reputation in the Belo Horizonte real estate market, proving its reliability. Be sure to visit our portal and blog, with relevant and current issues on the real estate market and tips that can help you.

Property inventory: what it is and how to do it
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