Real State

If there is one trend that has marked the evolution of work, products and services in recent times, it is clearly digitalization. At a time when we are witnessing the creation of native digital professions and companies, other professional sectors, born in an analog era, have also been joining the advantages (and challenges) of digitization. As could not be otherwise, this has also been the case for professional appraisal, which, thanks to the integration of technology, has achieved substantial improvements in quality, agility, accessibility and security. Some of the objectives to be achieved by the introduction of digital procedures in valuation are: – The reduction of the time it takes for an appraiser to produce a report.– Mitigation of the most frequent mechanical or computational errors.– Increasing the amount of information available to the appraiser.– Increased data security.– Improved communication between clients, companies and technicians. The following infographic shows some examples of digitization implemented by different appraisal companies, which, as can be seen, have an impact on the entire process of preparing an appraisal, from its commission to its reception:

Among the possible doubts that may arise when we start the appraisal process of a property, this may appear: will I need to provide any document to the appraiser? Although in the most common case (the valuation of homes) the documentary requirements are not high, depending on the type of property and the use that is being made of it, the requirements increase, as you can see in the following infographic: The documentation required for a mortgage appraisal is defined in Article 8 of Order ECO 805/2003. Thus, the common requirement for any type of real estate is the provision of registry documentation, necessary to carry out a correct identification of that which is to be valued. And, as we have commented on other occasions, a mortgage appraisal certifies the value of one or several registered properties, which are those objects of law on which the mortgage will be encumbered and registered. Therefore, the first check carried out by the appraiser is whether the description of the property in the registration documents coincides with the reality that he/she perceives during the on-site inspection (in terms of address, boundaries, surface area and other characteristics). For this reason, a registry certificate or nota simple less than three months old, or a photocopy of the land registry book or property deed, must be provided. Likewise, it is a general requirement to provide cadastral documentation, i.e., the Descriptive and Graphical Consultation of the property that can be obtained at the Electronic Headquarters of the Cadastre, although this is usually obtained directly by the appraiser himself. In some occasions, when the registry documentation induces some type of doubts of identification, the appraiser can ask for a receipt of the IBI or a Cadastral Certification in which it can be verified that the registry holder of the property appraised coincides with the cadastral holder of the visited property. From this point on, the documentary requirements increase depending on the different circumstances of the property being appraised: Finally, some requirements are established for certain particular types of properties: As can be seen, the documentation requirements established by the regulations respond to the need to verify whether there is any condition or circumstance on the property that may affect its value, so it is essential that all these documents be made available to the appraiser in order to obtain a correct and accurate valuation.