Tasación
Valuation · Appraisal · Mortgage valuation
The valuation of a property by an approved appraiser, required for a Spanish mortgage.
A mortgage valuation must be made by an appraisal company approved and supervised by the Banco de España. Under Ley 5/2019 the borrower pays for it and may choose among approved appraisers. A valuation is valid for six months.
Banks lend a percentage of the lower of the price and the valuation, so a valuation below the price increases the amount you must fund yourself. See non-resident mortgages.
Source: Banco de España, Portal del Cliente Bancario: the valuation is not a formality; BOE: Ley 5/2019 reguladora de los contratos de crédito inmobiliario