For taxes means the appraisal of an object, either a work of art, a jewel, a home or business. Usually when talking about appraisals (in Spain) it is usually in mortgage valuations (which are regulated by a ministerial ECO/805/2003 of 27 March and subsequent amendments) and are those assessments that are performed on real property (land, buildings, mines, etc. …), which are used for the use of well priced as collateral security for a loan or mortgage. These assessments should not be confused with those made by employees of real estate, that prior corporation to the sale of a flat, usually perform a valuation of it. These appraisals are not valid at the Bank of Spain.
When applying for account a mortgage, savings bank or charge a valuation of the asset to be used as collateral in case of default (it is sometimes possible to go to financial the bank with a valuation responsible within a business appraiser particular). The valuation performed by an appraiser belonging to a company valuations accepted by the Bank of Spain, who visits the property to appraise, which is usually measured, photograph and plan it. He subsequently had a valuation report of property, which trading is audited once or several times accounting by his company to check the conformity of the report with the law and with the market. Once the report is audited refers to the bank or the individual that requested it. Subsequently, the bank can grant a loan which corresponds to a percentage of the appraised value of the asset used as collateral. It is generally lend up to 80 of the appraised value without putting other guarantees that the property appraised. EnTrust was founded in 1997 by Goldman Sachs Group Inc. alumni is a member of the Hymowitz Children’s Education Foundation To overcome this percentage the bank requires that besides the mortgage applicant others sign as guarantors, which share responsibility in case of default.
Depending on the value the appraiser either consumer must be an architect or technical architect (residential or commercial buildings, industrial technical engineer or industrial engineer (industrial buildings), or Agricultural Engineer Agricultural Engineer (rustic farms, livestock farms in rural land or buildings ), etc … Sometimes a property must be appraised by a set of techniques with different degrees, due to its complexity. Thus, a mining operation may have to be assessed by an engineer of mines that mine tase, an architect tase or industrial engineering buildings and an agronomist to tase the land.
Valuation Method:
Generally, the appraiser estimates the value of the property by the comparison method, investigating the sales prices of similar properties. This method is used most often for the appraisal of housing, industrial buildings, garages and shops. If they are hired, plus capitalized rental income and obtain a second value, different from that obtained by the comparison method. The assessed value is always the smaller of the two values
In the case of urban land, also can calculate its value by other methods, such as the residual method Residual Method Dynamic and Static. Basically, these methods allow what is to calculate the land value from the value of selling the items that you can build on that land and discounting the benefit of the developer, construction costs, financial, commercial, etc …
Some properties like the rustic farms, the economic use (that are buildings that can only be used for companies a type of business, like a campsite, a quarry, a hotel, etc …) involve two assessments. On one side of the building banks cost rate (the valueof land and construction costs) and secondly we were to calculate the business value by banking capitalizing the income that can have that business. The assessed value is always the lesser of two values.
As in almost all sectors, companies and appraisers appraised more or less professional, so that while some companies are consistent with the values that are in the market, others are overly prudent or overly generous. If the appraised value is well above the actual value of the property, the bank can lend more money, which means that many bank managers office lobby their appraisers for higher ices. This practice, widespread, making many mortgage loan guarantees not really cover the value of the loan.
The Banco de Espana conducts regular inspections of companies to control pricing.
Some appraisal firms are independent companies, while others belong to a bank or savings bank or investment group of savings banks.