One of the most important steps in a sale transaction is the appraisal of the property since it’s a necessary procedure in case of asking for mortgage finance.
The appraisal of a property is carried out by a specialized and independent company and has relevant information for both parties:
-For the seller as it will be the information on which the price of the house is established.
-For the buyer because in an appraisal different parameters are taken into account and this means that the property being purchased has a series of conditions.
The appraisal companies are the ones in charge of carrying out this operation, they are regulated by the Bank of Spain and therefore, they have to meet certain established requirements. The professionals who are in charge of carrying out the appraisal of this type are usually architects or technical architects. These professionals will visit the property and will carry out different measurements and checks to verify that what is written in the deeds matches reality. These real estate experts will also request the deeds (or the simple note of them) of the property in the property registration office before making the visit.
There are several factors that can influence the appraisal of a property:
- The location, not only the fact that is in a certain neighborhood but also the facilities and services in the surroundings.
- The state of conversation of the property: of the facilities or if any renovations have been carried out, etc.
- Energy efficiency (all properties have got an efficiency certificate).
- The distribution and characteristics of the property, as well as the building (in the case of an apartment) or if its in a condominium, the common areas will be taken in consideration, too.
- The current market situation, that is, offer and demand, at the time the appraisal is made.
