About Spanish Property Valuations

January 12, 2008

Official property valuations in Spain are performed by registered real estate appraisal companies, also known as property valuers, or property appraisers (tasador in Spanish).

You need a property valuation report to get a mortgage in Spain, because mortgage lenders will only lend on the basis of an official valuation report from a registered Spanish property appraisal company. Most lenders insist on using one of their preferred Spanish real estate appraisers, and might not accept a valuation report from other companies. So if you need a valuation for a mortgage, discuss it with your mortgage broker or lender first.

As a buyer you may wish to have a property valued before you make an offer or commit to a purchase. Be warned that many vendors, especially Spanish vendors, will not allow you to send in an property valuer before the price has been agreed, and a commitment made. Vendors know that buyers will use a conservative valuation to negotiate a better price.

Official property valuation reports are useful for vendors looking for guidance on asking prices, and as a negotiating tool. They are also often required to execute a will, and in divorce settlements.

Spanish property valuation companies prepare their reports in Spanish. Some companies can provide a copy in English, at considerable extra expense. There is also the option of a summary of the report in English, which is usually cheaper than a full translation. You are advised to discuss all the options and respective costs with an appraisal company before making your decision.

For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.