Valuation Rules According ECO/805/2003 (VI)
Documents Required for the Valuation of Properties
The calculation of the value requires to previously have all the documents necessary for the complete identification of the property. Among those documents, the following ones should always be included:
- the Registry Certificate attesting both title and charges associated with the property, or any legal equivalent in alternative media
- the Cadastral Document, with all descriptive and graphic information associated with the property, as obtained directly from the Electronic Site of the Cadastre (www1.sedecatastro.gob.es).
Both documents must have been issued within three months prior to the valuation date.
Documentation for Valuations in the Mortgage Market
In the valuation of properties intended to serve as mortgage warranty for loans that are or will be part of the portfolio of mortgage securities issued by institutions, developers and builders, the Registry Certificate can be replaced by any of the following documents:
- original or copy of a Registry Note (‘Nota Simple’, in Spanish), issued within three months prior to the valuation date, at least expressive of ownership, the complete description of the property, the real rights and the limitations of domain
- photocopy of the Registry Book of the property
- photocopy of the Title Deeds
- any document equivalent to the above ones, issued by the Property Registry by the use of telematic procedures.
Documentation for Valuations Outside the Mortgage Market
When the purpose of the valuation is the coverage of the technical provisions of insurance companies, the determination of the assets of the institutions of collective real estate investment, or the determination of the real estate assets owned by pension funds, the inclusion of the Cadastral Document will only be necessary in the following cases:
- prior valuations
- regular valuations of real estate in which changes have occurred that affect the description.
Documentation for the Valuation of Assets of Institutions of Collective Investment
If the purpose of the valuation is to determine the assets of the institutions of real estate collective investment, the Registry Certificate is only required in previous periodic valuations of the properties under construction; in other cases, the Registry Certificate may be replaced by any of the documents considered as valid in the mortgage market.
Daniel Trujillano, Architect