Purchase price V bank valuation ITP implications?

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    • July 7, 2017 at 1:19 pm #213835
      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.

    • July 9, 2017 at 12:17 pm #213908
      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

    • July 18, 2017 at 11:22 am #214184
      Yolanda P. – Ypama Abogados
      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.

      • July 18, 2017 at 11:48 am #214186
        fpegman
        Participant

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

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