Property Valuation (Tasacion)
Definition
A property valuation, known in Spanish as a tasacion, is an independent assessment of a property's market value carried out by a certified appraiser (tasador) who is recognised by the Bank of Spain. The valuation is based on comparable sales in the area, the physical condition of the property, and its location. In Spain, lenders use this figure rather than the agreed purchase price to determine how much they will lend.
Why It Matters
If you are applying for a mortgage in Spain, the bank will commission or require a tasacion before approving your loan. The bank typically lends up to 70 to 80 per cent of the valuation figure, not the purchase price. If the valuation comes in lower than the price you agreed to pay, you will need to cover the shortfall in cash. For cash buyers, a valuation is optional but can provide useful leverage in price negotiations.
Where It Appears in the Buying Process
The tasacion is ordered once you have signed the private purchase contract and are applying for mortgage finance. Most lenders have a panel of approved valuers. You pay the valuation fee, which typically ranges from 300 to 600 euros, directly to the appraiser. Results are usually delivered within three to five working days and are valid for six months.
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