Housing Valuation Company condemned by Supreme Court for overvalued properties

by David Lorenzo on October 29, 2013

  • Sumo

The Supreme Court in Spain condemns a Housin Valuation Company  for overvalued properties

The First Chamber of the Supreme Court resolved a dispute concerning the liability of an appraisal company, compared to a financial institution, for damages resulting from a sobretasación of several properties on which mortgages were collateral for two loans, resulting in the value at the time assigned to each property in the proceedings prior to the granting of loans was much higher than the market value of such property at the time.

The appeal judgment now under appeal, pleaded responsible to the appraisal company (Tasvalor Group, SA), your insurer (Asema) technical and one that signed the certificates (which had been acquitted in the first instance).
In short, consider:

  1. That the responsibility of the appraiser against plaintiff bank was contractual (tort not been appreciated as the Court) because of the existence of a cooperation agreement between Tasvalor and financial entity, which should be understood in force on the date of the facts under the acts of the contracting parties
  2. That the damage to the bank was not latent but real, which equals the difference between the assets of the entity as a result of the overvaluation of the mortgaged properties and would have had it not been for this
  3. And finally, that there was a definite causal link between the conduct of the appraisal and that harmful result, which, however, had also contributed causally cheating and criminal behavior of one office manager had managed bank loans, why compensation should be reduced by the appraiser and your insurer to 25% of the total.


David Lorenzo-Spanish Lawyer UK                                       
Foreign Law | Birchall Blackburn
www.birchallblackburn.co.uk                                                                                       www.spanishpropertiesintheuk.co.uk  www.spanishlawintheuk.co.uk

David Lorenzo

David Lorenzo

Spanish Lawyer UK at Birchall Blackburn
HI, I am David Lorenzo Spanish Lawyer in UK at Birchall Blackburn Solicitors . But that’s just part of my job, the other, which also is my true passion is the Real Estate Market, I love to search for properties, compare prices and qualities and find some real bargains
David Lorenzo
David Lorenzo
David Lorenzo

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