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?
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.