End article 28 of the mortgage law: the inherited houses are free of charge for sale

Future home buyers will have a less cause to worry about from today. This Friday, September 3, Article 28 of the Mortgage Law disappears, an article that has

End article 28 of the mortgage law: the inherited houses are free of charge for sale

Future home buyers will have a less cause to worry about from today. This Friday, September 3, Article 28 of the Mortgage Law disappears, an article that has frustrated not a few operations about to be shining in practice.

What this article says is that there is a two-year period in which the goods of a deceased without forced heirs will not have an effect on the registry. That is, if someone dies without children and the home goes to his brothers or other indirect heirs, it will not really be of them until 24 months elapsed. In the hypothetical case that an illegitimate child appeared, a manuscript will be found or reappeared an unknown direct heir, said heighter would have the right to claim. And he would win. Hence the nickname of the law, the law of Cuba, since it was established in the War of Cuba so that the putative children could reach the peninsula and claim what belonged to them.

In recent months, many people interested in acquiring housing have been found with this rule when it comes to formalizing its operations, that is why the government decided to put an expiration date. The day has arrived and from 3 September the article disappears, thanks to Law 8/2021, of June 2, by which civil and procedural legislation is reformed for support for people with disabilities in the exercise of their juridical capacity.

The standard published in the BOE includes that "Article 28 of the Mortgage Law is eliminated, given that the assumptions that this article is eventually called to protect are very residual compared to the damage it causes in the succession of collateral and strangers and the Disturbance of traffic, generating uneconomical situations ".

Most buyers who were with article 28 used to cancel the operation for the risk that entailed for them, since if in that 2-year period appeared a direct heir and claimed the property, they could not refuse to return it. Of course, the buyer stayed with the payment of the mortgage.

That risk not only threw back potential buyers, but the banks themselves, aware that they could remain without the guarantee that supported the mortgages granted, hence many entities refuse to give funding for these cases.

The few buyers who dared to acquire in this situation, opted for alternative formulas such as paying a rent with a right to purchase for two years and, after that period, execute the acquisition. Or, they assumed that the property could be paralyzed or that the price required could be below the market.

Now all those conditions disappear, both for future operations and those that are in a term of validity, since the law is retroactive. The heir of a home becomes directly his holder, regardless of the degree of kinship he keeps with the deceased, and he can carry out his sale without any type of burden that limits her.

Updated Date: 03 September 2021, 08:40

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