Note
Spanish mortgage appraisal (tasación)
Quick answer
The lender orders an appraisal of the home, called a tasación. Under the mortgage credit law the borrower bears its cost. The result can limit the loan, so ask early what the lender does if the appraisal is lower than the price you agreed.
Applies toBuyers whose lender will order an appraisal and who want to know what to expect.
On this page: 9 sections
§ 1What it is
The appraisal, called tasación, is a valuation of the home made for the lender. The lender uses it to decide how much it will lend against the home as security. It is not a survey of the building, and it does not guarantee that the home is sound or well priced. This page belongs to the chapter in more on applying for a mortgage.
§ 2Who pays
The mortgage credit law says that the cost of the appraisal falls on the borrower, and that the cost of the notary fees for the mortgage deed, the registry fees for the mortgage and the gestoría falls on the lender. Ask the lender what the appraisal costs before it orders one, and ask whether the cost is returned if the loan does not go ahead.
§ 3How the value is used
The lender compares the appraised value with the price. If the appraisal equals or exceeds the price, it lends against the price. If the appraisal is lower, the lender may base the loan on the lower value. The loan to value page explains the ratios. A lower value therefore increases the cash you need.
§ 4The appraiser
Lenders use appraisal companies on an approved list. You may not choose the company, though you can ask whether an appraisal done for another lender can be accepted. The appraiser visits the home, measures it and compares it with similar homes, using registered data on prices.
§ 5Your own survey
A building survey checks the condition of the home: structure, damp, roof, installations. The legal process section explains surveys and building checks. They are separate from the appraisal, and an appraisal tells you nothing about hidden defects.
§ 6If the value is low
Ask the seller whether the price can fall. Ask the lender whether another appraisal is possible. Consider whether the price was too high. A low appraisal is a signal worth heeding, since it is an independent estimate by someone who knows local prices.
§ 7Information
The standard information sheet states the costs of the appraisal. Compare it with what the lender told you. If they differ, ask for an explanation in writing.
§ 8Reading the report
Ask for a copy of the appraisal report. It shows the area, the comparable homes and the value. Check that the area matches the deed and the cadastre. An error in the area can lower the value, and can be corrected.
§ 9More on this topic
More on mortgage documents explains what lenders usually ask for and how long it takes explained explains the timetable and the legal minimum.
Costs and fees explained explains who pays which cost of a mortgage and mortgage brokers explained explains how to check and use an intermediary.
Pre-approval explained explains what an early indication is worth and the 2019 mortgage law explained explains what the 2019 law changed.
FAQRelated questions
Who pays for the appraisal?
You do. The 2019 statute assigns that single item to the borrower while shifting the other deed charges to the bank. Get a quote before the lender orders anything.
Is the appraisal the same as my own survey?
No. The appraisal values the home for the lender, and is not a check of the building’s condition. If you want to know the state of the building, commission your own survey, as the legal process section explains.
What if the value is below the price?
The lender may lend a share of the lower figure, which leaves you to fund the gap. Ask in advance how the lender treats a low value, and whether you can challenge it or use another appraiser.
Sources
- Boletín Oficial del Estado: Ley 5/2019, de 15 de marzo, reguladora de los contratos de crédito inmobiliario (official source, opens in a new window), Articles 8, 10, 14 and 15 read; later articles not readLast checked 18 October 2026
- Banco de España: La ley reguladora de los contratos de crédito inmobiliario (Boletín Económico, 1T 2019, recuadro 5) (official source, opens in a new window), Allocation of costs, early maturity, information dutiesLast checked 18 October 2026
Financial note. No rate is printed unless it comes from a dated, official publication. Capital is at risk, exchange rates move, and no lender, broker or provider is recommended here. Mortgage terms are set by each lender; ask a registered intermediary about yours.