The real estate market in Andalusia is in luck, not only because of the increase in promotions underway, nor because of the increase in interest from potential buyers.
The activity is being seen in the increase of operations carried out, as well as in the number of mortgage operations formalized, the credit is extended and the market is invigorated.
Specifically, we refer to the good news, to the disappearance since Friday, September 3, of article 28 of the Mortgage Law, which literally said:
“The registrations of estates or real rights acquired by inheritance or legacy, will not take effect in terms of third parties until two years have elapsed from the date of the death of the deceased. Except for registrations by testated or intestate inheritance title, improvement or legacy in favor of forced heirs ".
For many years, this clause has hindered the sale of properties until two years, when the period set out in this article 28 ended.
For practical purposes, the sale was registered in the Property Registry, but there was a preventive notation that it was subject to the clause of article 28. After two years it was already known that the property was free. Now any sale and purchase operation subject to this limitation will be free, that is, it is retroactive.
This good news, together with the decision of the Andalusian Government to reduce the transmission tax from the 8/10% established according to the scale to the current 7%, undoubtedly makes the market much more attractive at this time.
Let's not forget that this transmission tax reduction will only be valid until December 31 of this year, in principle, so if you plan to buy a home, now is the time.