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Mallorca Property Valuations needed for the Authorities

Balearic Properties would like to explain here the following main reasons for a property valuation to be carried out on Mallorca and also determine with whom this report should be created.

Buying property with a mortgage: you have found your dream Mallorca property and would like to cover the purchase by means of a mortgage, the mortgage grantor / bank will insist upon a valuation of the property. This will also be confirmed by an entry in the title deeds, that the funding was granted correctly and in accordance to all commercial rulings. This may be assumed providing the declared mortgage debt does not exceed 80% of the value according to valuation reports.

Re-financing a Mallorca property by means of a mortgage: here the essential aspects mentioned in the first section are applicable; with the exception if for a re-financing, a rating of value of the building is determined in the future; the value after conclusion of the construction work is a considered with regards to the actual paid investment and the market value.

The valuation of a property is done for the purposes of a donation or inheritance. Tax offices in particular often want an official valuation to confirm the value of the gift or inheritance.

As a foreign resident / property owner, you basically have the opportunity to have an evaluation by Spanish law or the law existing in your country. Balearic Properties can assist you in this process and alternatively the experts at Finanzkontor SL also collaborate with experts from various legal systems. The decision, whether the valuation should be done either according to Spanish or non-Spanish law, depends on individual backgrounds allowing for lee ways.

Do you plan to have a property valuation carried out for submission to authorities, do not hesitate to contact our experts at Balearic Properties. This helps you to save many thousands of Euros. We would also like to thank our collaborators for this preliminary information.

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The real estate experts at Balearic properties share their knowledge and experience of the real estate market in Mallorca As international property consultants.


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