- Identification Data
The online Appraisal Service consists of drawing up a property Appraisal Report by Instituto de Valoraciones S.A.:
• Tax ID Code (CIF): A-85872646
Registered in the Bank of Spain’s Licensed Appraisal Specialists Registry.
Registered under number 4498
• Address: Avenida de Europa 34 D, 28023 Madrid
• Email: firstname.lastname@example.org
Acceptance of the General Terms & Conditions set out in this document is compulsory for the contracting of the online Appraisal Service offered through the website www.valumre.com.
- The Client
A Client is considered to be a natural or legal person, with the capacity to become bound as per the legislation applicable to their nationality, who registers on the site using the form for this purpose and requests the service.
The supply of personal data and the purchase of products on our website require that you (the client) be of legal age, as per Spanish law, and that you have the necessary legal capacity to contract the services offered on this Website.
The services are provided to the client as a recipient or end-user thereof. The resale or marketing of the Service, as well as the assignment of the contract without the express authorisation of Instituto de Valoraciones is strictly prohibited.
The service consists of purchasing appraisal report through the website, for which we will administer the preparation, payment and delivery of the report.
This service is only available for appraisal services whose ultimate purpose is to take out a mortgage loan, a potential purchase and/or sale or to dissolve a community or hereditary partition where the value of a property should be ascertained.
For any other properties or purposes, please contact customer service so that they may prepare an individualised and personalised quotation.
The methodology for calculating the value of the property will be that contained in Order ECO/805/2003, and the reports will be drawn up from the visit to the property during which the features will be checked. Compliance with the determinations contained in the municipal plan or whether the property has any other restriction deriving from any public protection regime shall also be analysed.
The occupancy and limitations of use or rights in rem that encumber the property will also be considered, provided that they can be verified with the visual inspection carried out or are registered in the land register or reported by the applicant.
Charges that encumber the property (mortgages, embargoes, fiscal affections, etc.) shall not be considered.
The reports shall consist of a certificate and an Appraisal Report and shall be drawn up according to the provisions of Order Eco 805/2013 on Valuation Standards.
If the necessary documents are not available or if some of the relevant features for the appraisal of the property cannot be verified, the report might say so in the terms set out in Section 10 and 11 of Order Eco 805/2003.
- How it works
4.1. Online Application
The process starts by completing the electronic application form. The form will ask that you state the type of property. Depending on the value of the property, select the appropriate rate.
Once all the data has been filled in, and before moving to the purchase process, the programme will show the quote, and you will be asked to complete your personal data.
The payment platform screen will appear as soon as all the information in the application form has been verified. Payment must be processed according to paragraph 9 of this document.
Once the payment has been made, the service will be understood to have been contracted, and the purchase will be confirmed by an email to the email address provided.
4.2. Preparation of the report
The assigned technician will contact the person indicated in the request in an approximate period of between 24 and 48 hours (Saturdays and public holidays excepted) to schedule a visit to the property and the delivery of the necessary documentation by the client.
The visit will take place in the shortest possible time, as determined by the availability of a person designated by the applicant to grant access to the property and the commitments of the technician, according to the order in which service requests are received.
4.3. Documentation to be provided by the applicant:
The client must also provide the cadastral reference of the property and, if available, a plan of the property.
If the property was encumbered with an in rem right, usufruct, the right of use (e.g. option to purchase.), or suffer any legal limitation (social housing), the applicant must inform the technician accordingly, providing supporting documentation in this respect.
If the property is rented or transferred to a third party, the applicant must provide a contract attesting to the conditions under which the lease or transfer has been agreed, also providing the last receipt of rent paid. A PDF version of the appraisal report will automatically be sent to the email address provided within three to five days after the technician’s visit has taken place (Saturdays and public holidays excepted).
Delivery of the report
Once the appraisal has been completed, the appraisal report and the digitally signed certificate will be sent to the email address provided.
The appraisal report will be delivered in digital format and PDF. A fee shall be applied for physical copies. Reports are written in Spanish.
Price of the service
The price of the Service will be shown to the client before contracting it.
The price will be calculated according to the type of service and the value of the property. If after the issuance of the report, it turns out that the value of the property exceeds the value declared by the applicant, IV reserves the right to increase the price in proportion to the deviation, i.e. if the value is 10% higher than the stated value, the price will be increased by 10%.
Should this be the case, the difference between the amount paid in advance and the final invoice must be paid before the report will be disclosed, and IV may withhold the report until payment is received in full.
If it is found, before or after the visit to the property, that the garage and/or storeroom are located in a different building from the one in which the property is located, a quote must be made to appraise these independently, and the current rates will apply. In this case, the amount reflected in this quote must be paid in full before the disclosure of the report. The price of the service may include the appraisal of a parking space and/or a storage room, but if IV finds that there are more units to be appraised, either before or after the visit to the building, a quote must be made for the total of the works to be carried out. Should this be the case, the difference between the amount paid in advance and the final invoice must be paid before the report will be disclosed.
IV undertakes to inform the client as soon as it becomes aware of a difference in surface area of more than 15% and will suspend the order until the client pays the difference in fees.
The scope of appraisal reports and certificates issued:
Appraisal reports have a limited extent in respect of some of the checks that are made for their preparation and in particular, please be informed that:
(1) The features of the property to be appraised are checked from a limited visual inspection of the IV technician visiting the building who is unable to verify elements hidden away from plain sight. The state of the installations and non-visible materials are estimated based on the age of the building and the apparent state of exterior conservation of the structure. IV does not assume any liability for defects or latent defects.
(2) Properties are valued solely on the basis of the actual charges levied on them, provided that the charges are entered in the land register, have been brought to the attention of the customer requesting the valuation or by third parties or can be ascertained from a visual inspection of the property.
(3) Urban information is limited and is obtained through verbal consultation with municipal technicians as well as consultation of public information on municipal planning. IV does not assume responsibility for the existence of administrative sectoral affections or the modification of the conditions of urban legality of the property
Use of the report and Responsibility
IV assumes no liability vis-à-vis third parties other than the applicant using the appraisal report. The use of the report by third parties shall require the express authorisation of IV and the issuance of a new report incorporating the new holder or the financial institution that is going to grant the loan.
The client may only use the appraisals for the purpose for which they were requested. IV shall not be liable to the customer for damages caused by the use of the appraisal report for a purpose other than that contained in the report.
The limited scope of an appraisal report under the terms set out in paragraph 7 above determines the limits of liability assumed by IV.
Form of payment
IV has enabled an electronic payment system by credit card or debit card (Visa and MasterCard). To make the payment, fill in your card number without spaces, its expiration date and the security code directly in the area provided for this purpose (safe introduction and protected by maximum privacy through SSL encryption: Secure Socket Layer) through the platform.
You, as the website user, are responsible for transactions made by card or other means of electronic payment. Your authorisation confirms that the numbers and payment details are correct, that neither the card nor the account is recorded as lost or stolen, and that the funds are available at the time of payment.
The payment commitment made using a credit card is irrevocable. You may object to its use only in the event of loss, theft or fraudulent use of the credit card. Note that you, as the credit card holder, depending on the situation, may be considered guilty of fraud if you object to a payment that has already been authorised.
If the card has password protection (Verified by Visa / MasterCard Secure Code ), it will be redirected to the website of the issuing bank of the card to authorise the transaction. For payments made with cards issued outside Spain, the issuing bank must be covered by the Secure Electronic Commerce Security Protocol (CES). Payments with cards that do not meet this requirement will not be accepted.
The charge on the card will be made online, live, that is, at the time of sending the data of the payment form. Should the payment platform deny payment, the order will be automatically cancelled, and you will be immediately informed online of such cancellation.
The payment of the fees stated on the website for the different services does not entitle you any other type of right other than that determined in these general terms and conditions or in the special terms and conditions of each of the services offered.
Once the payment has been made, the service will be understood to have been contracted.
According to Section 164. One, 3 and Two of Law 37/1992, of 28 December, on Value Added Tax Law, you give your consent to IV issuing the corresponding invoice in electronic format on your behalf, as well as for it to be sent by email to the address provided at the time of the formalisation of the contract with IV.
You may at any time revoke your express consent to receive the invoice in electronic format. To do so, please send an email to the following address: email@example.com, providing the identifying data with which you have contracted the service and state your interest in receiving the invoice in paper format.
Should you wish to report an incident, make a comment or file a complaint, please send us an email to firstname.lastname@example.org.
Entry into force and duration
The contract will come into force and take effect from the moment you accept it and have paid for the service. The contract will have a defined term, starting from the moment you receive an answer to the contracted service.
By accepting these terms and conditions, we understand that you give your express consent to us providing you with the service requested and that you know and agree that once the service has been delivered, you will not be entitled to withdraw and/or return the service provided.
If you had the right the withdraw from the service once initiated and you did so within the terms stated above, IV will return a proportional amount of fees attributable to the part of the service already provided by the time IV was informed of your withdrawal concerning the total subject matter of the contract. The proportional amount to be paid shall be calculated based on the total price agreed in the contract.
Should you decide to cancel the order after it has been created, you will be required to pay a minimum of 70 euros as administration costs (generation and cancellation of the order and arrangements for the return of fees).
Moreover, should the cancellation happen after the visit to the property, you will be required to pay a minimum (notwithstanding the possibility that this percentage may be higher ) of 60% of the services contracted, as compensation for damages caused by the withdrawal.
IV undertakes to treat the information to which it has access in connection with the provision of services confidentially.
Governing law and jurisdiction
For whatever is not stipulated in these general conditions and in the specific conditions governing each of the services offered, the current Spanish laws shall apply.
Any dispute that is not resolved amicably will be submitted to the jurisdiction of the Courts and Tribunals of Madrid in respect of clients that is not a consumer or user according to the definition given by the Spanish sectoral regulation and those that are determined according to the effective norms of procedural distribution for consumers and users.