Mortgage appraisals are reports conducted by an independent expert and supervised by an appraisal company approved by the Bank of Spain, under the provisions of Ministerial Order ECO 805/2003, that determine the appraised value of any real estate and other rights involved in the granting of a mortgage loan.
PURPOSES OF THE APPRAISAL:
- For mortgage guarantees for credits or loans.
- To appraise properties belonging to insurance companies to determine their fair value.
- To assist in determining the assets of collective real estate investment institutions.
- To assist in determining the real estate assets of Pension Funds.
- Appraisals are also mandatory for the valuation of properties owned by financial institutions, for real estate guarantees or adjudicated properties.
Other purposes include ascertaining the real value of dations in payment, leasing operations, goods in advice of purchase-sales, inheritances or wills, fiscal processes or as guarantee on taxes, allocations in auctions, separations or divorce proceedings, cadastral revisions, property taxes (IBI) and financial balances and mortgage guarantees for people of an advanced age (inverse mortgage).
- Mortgage guarantees
- Market values
- IVS and RICS valuations
- Market studies
- Company valuations
- Cost consulting
- Project monitoring
- Energy Performance Certificates
- Reports for Servicers
- Evaluation reports