Purchase price V bank valuation ITP implications?

This topic contains 3 replies, has 4 voices, and was last updated by Profile photo of fpegman fpegman 1 week, 1 day ago.

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  • #213835
    Profile photo of kanjipeg
    kanjipeg
    Participant

    Hello, we are completing on a property in Murcia. The bank have just given us their valuation, over 20,000e more than we are paying. How can I protect myself from getting a readjusted bill in the future and will by ITP be based on actual sale price. Do I need specialist tax adivise now?

    Thank you.

  • #213908
    Profile photo of freddo
    freddo
    Participant

    Why have you asked the bank for a valuation

    The IVA is based on the valuation as held by the Tax Office not the bank

    Your legal advisor should be able to give you advice on this matter that’s what you pay for

  • #214184
    Profile photo of Yolanda P.
    Yolanda P.
    Participant

    When you ask for a mortgage, the bank needs a valuation as they need that value to justify to fulfill some Banco de España financial requirements. Also, this value is used to stablish values in case of a future judicial proceeding. BUT this valuation is for private use only (you and your relations with the bank).
    The valuation is not used for tax purposes.

    • #214186
      Profile photo of fpegman
      fpegman
      Participant

      But there was no mention of a mortgage in the original post

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