​Real Estate Appraisal: what you should know

If you are going to buy a second-hand home or a commercial establishment, it is an important investment, so do not hesitate and make an appraisal of the property.

When should I assess a property?

• Commercial. When you simply want to know the value of a property before putting it on sale or buying it.
• Mortgages The appraisal agencies authorized by the Bank of Spain are in charge of preparing the appraisal document for the purpose of the granting of the mortgages by the banking entities. The regulations require the appraiser to be totally independent from the financial institution that grants the mortgage.
• Judicial. When the distribution of assets, inheritances, divorces or foreclosures is necessary, among others.

Why should I assess the property I want to buy?

To know the value of the property you would like to buy according to the current real estate market and also needed for the bank to grant you a home mortgage to buy the property.

Mortgage real estate appraisal

You know your home is the guarantee in case of default of your mortgage monthly payments. It is important to know that as an obligation, banks before accepting any home loan, need the property to be appraised. But did you know that you can be in charge the appraisal? You just need to provide that it is certified by an approved appraiser that complies with the ECO / 805/2003 standard according to Law 1/2013 of May 14 and is supervised by the Bank of Spain.

This home assessment has to be made by an architect, technical architect or engineer specialized in appraisals, following a specific legal regulation. There is a physical and legal criteria to which your home has to respond.

What is needed to start an appraisal?

1. "Nota Simple" (Simple Note) to verify who the owner is.
2. Copy of the deed to check the reality of the property match up with the information the Land Registry and City Hall has.
3. Energy Certificate
4. Appraiser visit to check the status of the house. He or she will perform an extensive examination, taking pictures and measurements. Developing a report on all aspects regarding; location, state of the property, construction materials, age of the building, energy efficiency … Among some.

After this process you will obtain in your hands the full report, very important specially if you are the buyer or the person to whom the property is transferred.

If you have any questions about this process, do not hesitate to contact us. We are Naranja Spain, real estate advisors with more than 15 years of experience in the area of Guardamar del Segura and Costa Blanca. We are happy to guide you with the sale process even if it is not one of our homes for sale.