HOME VALUATION

It is a report issued by an approved appraisal company certifying the market value of a property that you can use with full validity for many purposes.

The appraisal of a home for mortgage purposes is mandatory when a bank loan is requested for home purchase and sale operations, as established in Law 5/2019, of March 15, regulating real estate credit contracts. The value that is collected in the appraisal is used by the bank when evaluating the amount of the mortgage loan.

In the buying and selling processes so that the buyer and the seller have the best information when making their decisions. And the same thing happens in distributions of inheritances, estates, marital separations, business operations, and many other cases in which we need to be very well informed to make the best decisions.

To carry out an appraisal, an approved appraiser, who is a duly qualified architect or surveyor, will visit the property and carry out a technical inspection, plan of the house, take the appropriate photographs and check its condition and quality. Then he will review the registry and cadastral documentation to see if the square meters coincide with his measurements and will make the necessary urban checks. All this is processed with our databases and market analysis and ends up completing the appraisal report.

Less than 7 days. This is usually the average time to complete the process of preparing a home appraisal, and that goes from the receipt of all the necessary documentation, to the appraiser’s visit, preparation of the report, and its quality review by a supervisor who will certify the same. The last thing is to sign it electronically and send it to the client or the requesting bank by email.

The payment of the appraisal is usually borne by the applicant (of the appraisal itself or of the loan) except in the cases of some banks that take charge of the amount of the appraisal on certain occasions.

The formal validity of these appraisals is 6 months from the time they are issued.

And as for where the official appraisals can be validly used, as they have been carried out by an appraisal company approved by the Bank of Spain and given their mandatory nature for mortgage operations as set out in the law, anyone has the right to present them at any bank or financial institution to apply for a mortgage loan. In cases where the appraisal is requested by the bank itself, it will be the bank that chooses the appraiser.

THE SIMPLE NOTE IS AN ESSENTIAL DOCUMENT in the purchase of a HOUSE.

The simple registry note is the document that collects different circumstances of the situation of a given property. It informs of its ownership, as well as its charges and encumbrances. It is a concise summary of the information that appears on a certain property.

Specifically, the following information is reflected:

• The Property Registry that issues the simple information note, as well as the petition number or the alleged reason for its request.
• Description of the farm. Information appears here about the square meters of the house, the cadastral reference, its division, the boundaries, etc.
• Ownership of the farm. The name of all the owners and the percentage they have on said property are displayed.
• Charges. One of the most important parts of the simple note. It includes mortgages, liens, judicial auctions, encumbrances, etc.

How to request the simple note?

It can be requested by going in person to the Land Registry, through the official website of Registrars of Spain and from Valmesa we can also request it with a cost independent of the budget of €15.- (VAT included).

When you receive your appraisal report, any query, modification, review will be handled free of charge. If a review is required, it should be studied to assess whether a new technician visit is required.