A real estate appraisal is the process by which an expert in the field values a real estate property based on criteria or market parameters to know the market value of that property or object at this time.
Logically, in a capitalist system like ours, this valuation is temporary and is subject to the law of supply and demand. Hence, the real estate appraisal that we carry out has an expiration date because years later the value of said property can decrease or increase.
Mainly the real estate appraisal is used to know the current value of our home according to the current values and parameters of the market. Thanks to this value, it will be easier to sell it to a bidder or potential buyer.
It is advisable to have this information when we go to buy or sell a property so that we are not only clear about the real value of that property; but also the values to face some taxes such as Patrimonial Transmissions and; later, capital gains and losses.
However, a good appraisal is not only an assessment by an expert in the field; but also this must be reviewed and ratified by an Appraisal Society.
Therefore, on the one hand we will have appraiser technicians who are normally architects for real estate; industrial engineers for industrial buildings or agronomists for rural properties.
And on the other hand, we have the appraisal companies that are private companies approved and regulated by the Bank of Spain; whose function is to supervise, review and ratify the evaluations of the technicians.
All official real estate appraisal documentation must be signed by both the Technician and stamped by the Company.
Otherwise, this document will not have official validity and will only serve as a guidance document to advise. If we want this assessment for a judicial test, we have to make the official modality.
