General Contracting Conditions

Date 27/10/2022

 

 

1. General Contracting Conditions of the Products and Services Offered

• In the general contracting conditions, the customer can check the terms and conditions of each service or product offered by Sociedad de Tasación S.A (hereafter ST Sociedad de Tasación) and must accept to hire the service. ST Sociedad de Tasación is a company specialized in real estate appraisals, approved under Law 2/1981 of 25 March, which regulates the mortgage market, Register at the Bank of Spain Appraisal Companies Registry under number 4301f , based on C / Príncipe de Vergara, 43-28001 Madrid, CIF A28808145 and registered in the RM of Madrid on sheet M-56673.
• The fact that the Customer accepts these conditions does not imply automatic acceptance of ST Sociedad de Tasación of such request. The contract is concluded at the time that ST Sociedad de Tasación confirms that it has received payment.
• Rates can be viewed in Section 3.8 Adjustment of Fees (Final Funding Provisions & Fees) of this document. The Electronic document where the order is formalized will be filed on the secure servers of ST Sociedad de Tasación, which is the original document of the contract. In case of discrepancies between the customer copy and the contract filed in ST Servers, ST Servers file will be the one that will prevail.
• ST Sociedad de Tasación, will send to the user's email account, in accordance with the information requested in the registration form, an electronic document containing the concluded contract, this e-mail confirms the payment receipt, and the acceptance of the engagement to deliver the work.
• In the event of not verifying the payment, ST Sociedad de Tasación may understand that the client has withdrawn from the order, being able to contact him/her, where appropriate, and through the contact information that said client has provided, in order to obtain confirmation in this regard.
• These Terms of trade have been prepared in accordance with the provisions of Law 34/2002 of Services of the Information Society and Electronic Commerce, Law 7/1998 on General Conditions of Contract, Law 26/1984 for the Defence of Consumers and Users, Law 7/1996 on Retail Trade and how laws are applicable. ST Sociedad de Tasación reserves the right to amend these General Terms and Conditions, and / or special conditions, if any, are included. Modifications will be posted on the website www.st-tasacion.es and will be of appliance to contracts that are made after that time.

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2. Products and Services Offered

ST Sociedad de Tasación offers the client through the website www.st-tasacion.es the possibility of requesting the following products:  

1. Official mortgage appraisals
2. RICS valuations
3. Energy performance certificates
4. Property Surveys

All services are only provided for real estate located in Spanish territory, and will be formalized in Spanish, although, depending on the needs of the client and whenever possible, they may be offered in other additional languages.

 

2.1. Official Mortgage Appraisals

Appraisal orders are made by ST Sociedad de Tasación in accordance with the regulations in force at the time, with regards to valuation of real estate and certain rights for financial purposes. Today the regulation in force is Order ECO / 805/2003 of 27 March and complementary legislation, based on the purpose of the order, and the criteria, limits and conditions shown in Annex 1.

Each appraisal will result in a report and an appraisal certificate signed by electronic signature by ST Sociedad de Tasación, and by a qualified professional appraiser.

The report will consist of the following documentation:

• Appraisal Report where the purpose and scope of the study will be discussed, description and analysis of the subject property and the different units that compose it, the valuation methods will be developed and the findings and conditions to that reported value will be explained. it is completed by appendices containing the additional information deemed relevant to the conclusions of value.
• Appraisal Certificate which summarize the previous report, identify the property valued, describes the nature and extent of the investigations, the assessment criteria used, the calculation methods adopted and the conclusions reached about the present value. Also Appendices Containing the documents and additional information where necessary to be considered relevant to the conclusions of value.

 

2.1.1. Documentation Required to Develop the Valuation

In order to carry out appraisals for guarantee purposes for the mortgage market, it is necessary to have at least the following documentation, which will be treated on the occasion of the execution of the contracted assignment, and with full respect for the current regulations on the Protection of Personal Data:

• Registral Documentation
• Catastral reference
• Plan – Catastral Identification
• Rental Contract and last receipt payed (In the case the property is rented).

For client information at Annex 2 of the present document appear the valuation methods admitted and used to do the valuations of the properties. As per the established regulation the appraisal reports will be valid for 6 months since the delivery date.

 

2.2. RICS Valuation

RICS Valuations are made by ST Sociedad de Tasación in compliance with the Royal  Institution of Chartered Surveyors standards. ST Sociedad de Tasación is a company  regulated by RICS. Valuations are donde according to the professional and ethical standards  of the Red Book by our team of technical experts designated MRICS by the Royal Institution  of Chartered Surveyors. A RICS valuation includes:

• Survey done according to RICS standards (Not for Finance in Spain purposes).
• Property visit, develoment of floormap and pictures of the property during the visit.
• Measurement the real surface of the property.
• Alert about possible urban problems (licenses, green areas, protected areas).
• Review the Registry Documentation exploring if there are any issues with the identification of the owner, pending debt or taxes.
• Alert if there is any discrepancy with the information which appears at the Cadastre.
• Provide market information of the area where the subject property is located Valuation Report.

 

2.3. Energy Performance Certificates

The energy performance certificate is a document issued by a technician who is in possession of any of the academic and professional qualifying for writing projects or construction management and managing and executing construction works or for the realization of projects of their thermal installations.

The basic procedure for the certification of energy efficiency is described in Royal Decree 390/2021, of June 1, which approves the basic procedure for the certification of the energy efficiency of buildings. It establishes the scope of application (newly constructed buildings, existing properties that are rented or sold, as well as certain buildings or parts occupied by a public authority frequented by citizens, among others).

To see limitations and conditions of the works to develop and Energy performance Certificate please go to Annex 3

 

2.4. Property Survey

Spanish Property Survey is a service offered by ST Consultores, company member of Grupo Sociedad de Tasación.

ST Consultores offers through www.spanishpropertysurvey.com the following services:

- Condition Report

- Building Survey

- Structural Report

The Surveys don´t include market value. The service includes a thorough inspection of the property; and a detailed report based on the inspection.The surveyor who provides the RICS Building Survey Service aims to help the client make a reasoned and informed decision when purchasing the property, or when planning for repairs, maintenance or upgrading the property;provide detailed advice on condition;describe the identifiable risk of potential or hidden defects; where practicable and agreed, provide an estimate of costs for identified repairs; and make recommendations as to any further actions or advice which need to be obtained before committing to purchase.

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3. Description about the Process of Delivering the Service (Development of the Product)

3.1 Order Registration

For de development of any order of any product we offer, first of all the client must complete an electronic form at the web site www.st-tasacion.es.

The client, once the form is completed and before continuing, must read the general conditions of use of the website and accept the Privacy Policy and General Contracting Conditions.

Following to that, the application show the user a summary of the product or service requested and depending on the product it shows the client the following information:

- The Price of the Product (at our online product)

- The provision of funds needed to go ahead with the order (at our offline products)

- Or alternatively it will indicate the user that due to the complexity of the order a Budget proposal will be send (at our offline products)

If the client, after reading the summary of the requested Service or Product, detects an error in the data he/she entered and sent, he/she may correct it by clicking on the "Correct" button that appears at the end of said summary.

In those cases in which a provision of funds is requested, the above mentioned provision of funds will be a standard quantity necessary to begin the order of the product or service and therefore,it will not be possible to establish the definitive fees for the service / product until ST Sociedad de Tasación does not finish the order and solves any incidents before the delivery that could influence, the rate established by ST Sociedad de Tasacion, in the final price. AT this moment the client can choose to cancel the order or decide to go ahead with it.

If the client decides to continue, he would have to proceed to the payment of the pending fees.

The exception to this procedure are all of our online products where 100% of the payment can be done. EG: Official mortgage valuations up to 200 sqm.

 

3.2. Payment of Provision / Payment of the Product

The payment of those fees as provision of funds or product payment are necessary so that the service or product preparation begins.

Nowadays there are two forms of payment at the website.

• POS: Where to proceed with the payment, a screen will appear where the client will visualize the amount and the reference of the order and the Client will be requested to provides the following information: a) Number of card; b) Expiry date; c) Safety code, as well as any other one that it is required on screen. 
  In order to guarantee the major safety to the Client, ST Sociedad de Tasación offers the POS service of La Caixa.
• Paypal: In this case to proceed with the payment, a screen will appear where the amount will, be visualized as well as reference of the order and the Client will be requested to provide its PAYPAL account information.

 

3.3 Formalization of Contract with the Client

Once the payment of the provision of funds have been done (see 3.2. Of the present document), ST Sociedad de Tasación will show to the client, on screen, a document that summarizes the contract which includes the information of the order and if it is the case the provision of funds payed. Finally, the electronic document in which the contract is formalized, will be sent, via e-mail, to the address that he client indicated in the electronic form completed to complete the order and will remain filed in ST Sociedad de Tasación servers. A copy of this document will be filed with the corresponding security measures at ST Sociedad de Tasación servers.

Exception to this process is the official mortgage appraisals, RICS valuations and energy performance certificates under 200sqm where the formalization of the contract is produced once the confirmation of payment is produced through the POS or Paypal.

 

3.4 Order Reject by ST Sociedad de Tasación

ST Sociedad de Tasación may reject the order, explaining the reason, and will notify the client in a maximum 24h period. Rejection may apply for reasons not expressed at article 13 of Law ECO/805/2003 dated March 27th.

 

3.5 Visiting the Property (Only in the Products which require it)

In those cases in which the production of the product (report) needs a visit to the property by a qualified professional, a collaborator appraiser of ST Sociedad de Tasación will get in touch with the client to visit the property

 

3.6 Development of the Report

Once the visit is developed (In those cases when the visit is needed), and after the client has provided the needed documentation (in the case of an official mortgage appraisals), the appraiser will develop the valuation/appraisal in his office.

Appraisal quality control

Once the report has been done by the appraiser, the valuation will be subject to quality control by qualified staff of ST Sociedad de Tasación.

An exception to this process is the product Online Valuation – Tasación Online (AVM ) which does not require quality control where staff participates.

 

3.7. Fees adjustment (Provision of Funds and Final Fees)

Below you will find the applicable fees offered by ST Sociedad de Tasación from the web www.st-tasacion.es.

Official Mortgage Appraisal

Valuation for:	Rates**
Flats with surface* <= 100 m2	349 € Taxes Included
Flats with surface* > 100 m2 y <= 150 m2	399 € Taxes Included
Flats with surface* > 150 m2 y <= 200 m2	449 € Taxes Included
Other type of properties	Once you send us the property details we will contact you to send you a proposal

*     The surface informed must correspond with the real surface (including walls) and the correspondant surface of common areas.

**   Those rates are subject the verification of the surface done during the visit of the property. In the case there is discrepancy with the surface informed by the client, there will be a modification in the rate which will be informed previously to the delivery of the valuation.

Comments:

Those fees are applicable for dwellings, retail stores, warehouses, offices, parking’s, buildings, property developments/offices, urbanized land and rural land.

For other typologies like hotels and other economic exploitations, shopping centers, land with pending urban management, administrative concessions, retrospective valuations and other type of properties and singular products, and portfolio valuations ST Sociedad de Tasación will develop a previous economic proposal.

The management and adquisition of the “Registry Information - Nota Registral” of each property will have an additional cost of 18 €.

The delivery of all of the reports will be done in pdf. If the client requires a physical copy the costs will be as follows:

- Impression Cost 0,5 € per page

- Delivery Service: 15 €

In the case that the work is ordered and due to reasons not attributable to ST Sociedad de Tasación the work is not done, a management report will be delivered to the client, charging 30% of the total cost with a minimum charge of 100 €.

Energy Peformance Certificate

Energy Performance Certificate for		Professional Fees
Properties with surface <= 250 m2		99 € + TAX
Properties with surface > 250 m2		195 € + TAX
Retail and Offices <= 250 m2		195 € + TAX
Other Type of Properties		Once you introduce the information of the subject property us we will send you an economic proposal

 

Rates of Registering the Energy Performance Certificate

Autonomous Community		Professional Fees
Asturias, Cantabria, Extremadura		Presential Registration: 30 € + tax + fees
Aragón, Murcia, Baleares, Castilla y León, Comunidad Valenciana, La Rioja, Navarra, País Vasco, Castilla La Mancha, Galicia, Andalucía, Cataluña, Canarias y Madrid		Telematic Registry: 15 € + tax + fees
Ceuta y Melilla		No Registry Available

 

Comments:

The concept CHARGES depends on the Municipality where the property is located, being in some cases 0. We will inform you of the total amount before confirming your contact details.

The delivery of all of the reports will be done in pdf. If the client requires a physical copy the costs will be as follows:

• Impression Cost 0,5 € per page
• Delivery Service: 15 €.

Complementary comments with regards to fees:

1. In case, that as consequence of the liquidations the difference between initial price (Provision of funds) and final price or for any other reason derived from the general conditions or from the applicable regulation, it is necessary to effect a total or partial return to the Client of the quantities, ST Sociedad de Tasación will proceed to the return using the same way with which the payment was done, or through bank transfer to the account number that the client indicates. In any case this will imply any additional expense for the client.
2. In all of the cases IVA or any applicable tax will be invoiced appart.

 

3.8. Delivery of the Reports

Once the adjustment of fees has been done, and with immediate effect the product ordered by the client will be send telematically.

 

3.9. Customer Service

Sociedad de Tasación S.A. has a Customer Service Unit, to address and resolve complaints and claims that their clients may have, relating to their legally recognized interests and rights, which can be accessed at the following link:

Sociedad de Tasación S.A. Customer Service Unit

If once you have previously made a complaint or claim, it has not been resolved, or has been denied admission or has been rejected, you can go to the Department of Market Conduct and Complaints Bank of Spain Alcalá, 48-28014 - Madrid.

Department of Market Conduct and Complaints Bank of Spain

All this in accordance with Order ECO/734/2004, of March 11, on customer service departments and services and the customer ombudsman of financial institutions, and Order ECC/2502/2012, of November 16 , which regulates the procedure for submitting claims to the claims services of the Bank of Spain, the National Securities Market Commission and the General Directorate of Insurance and Pension Funds.

 

3.10. Conflict Resolution Online

According to law 524/2013 of May 21st 2013, about disputes concerning online sales and service contracts concluded between consumers resident and traders established in the Union, the European Commission offers a new Alternative Dispute Resolution (ADR) tool: the European online dispute resolution (ODR) platform/, and available at the following website: https://ec.europa.eu/consumers/odr/main/?event=main.home2.show

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Annex 1 “Limitations and Conditions of the Valuation Works”

The appraisals are realized for exclusive use of the solicitor according to the purpose. The valuation cannot be considered to be a recommendation of purchase or sale. Sociedad de Tasación, S.A., does not assume responsibility for the use for third parties, except in the supposition that the purpose is a mortgage Guarantee of credits or lendings (Art.2 Order ECO/805/2003, of March 27) respect of the Financial institutions to which the same one goes.

• Ocular limited inspection: The appraisals are realized on the basis of an ocular limited inspection of the real estate to be valued, without being carried specific tests to determine the condition of conservation of the structure, secret elements or facilities which to the effects of the valuation are presumed in condition of normal use, without the existence of faults or secret vices. Respect of the lands, topographic measurements or environmental studies are not done unless that in the report another thing is expressed.
• Charges or due payments: The building is valued under the supposition of which the same one is free of loads, charges and limitations, as well as free of taxes and due payments. Therefore, all the loads and due payments over the property must be deduced of the value
• Procedures: Unless otherwise specified it is understood that there are no judicial or administrative procedures which affect the legality, use or ownership of the property valued
• Veracity of the documentation: The documentation and information used for the work of valuation, supplied by the person who orders the valuation or by third parties, which are indicated in the Report of Appraisal and / or accompanies him at the budget of the same one, is considered to be trustworthy and complete, and except that the opposite is indicated, the certainty of the same one is assumed. Therefore Sociedad de Tasación, S.A., does not assume responsibility over its veracity and the consequences that the lack of this one could have on the value
• Rented real estate: In case of rented real estate, inquiries are not carried out on the financial statement or solvency of the tenants, and it is presumed that these, can face their obligations and that they are updated with them
• Properties under construction: In the real estate in construction, or rehabilitation, it is presumed that the project of building approved by the professional competent college, is technically and legally feasible . The constructive and material technologies are estimated on the basis of the facilitated projects. Our reports reflect the condition of the works and the percentage of work developed, we neither realize measurements nor verify if the quality of the finished units correspond with the projected ones or with the good procedure of the construction, in consequence, the report does not substitute the certification of the work, document issued optionally by the management. In case the real estate is in phase of construction or it has finished recently, no reduction is realized in the value, in consideration to the pending payments or other obligations derived of that construction, unless otherwise expressed
• Construction characteristics: The constructive, material characteristics, facilities and finishings are estimated by the appraiser from an ocular limited inspection. In case of already built-up real estate the constructive technologies and materials which have not been visualized have been estimated on the basis of the most probable and usual in the zone for the appraised building
• Breakdown of value: The breakdown of value between building and land and in its case inseparable annexes, is specified only as information, and cannot be used the partial values, in a separate way unless other criteria is expressed at the report. The values that are indicated in the appraisal refer to the real estate, and not to parts isolated of the same one. Conclusions reached by means of a partial analysis of parts of the report can spoil the global conclusions of the same one.
• Surface Measurement: The values are determined in base of the constructed Surface of the properties including the common areas.
• The verification of the surface is realized on the basis of the floormaps and registral and catastral documentation provided, and in its absence by a sketch done during the visit the building, without doing a topographic analysis by the appraiser, unless otherwise indicated. In consequence ST does not assume the alterations of the value motivated by discrepancies between the indicated surfaces and the real one, which cannot be stated by a mere ocular inspection.
• Licenses: It is presumed that all the licenses, certificates of occupation or other authorizations of the administrative local, autonomous or state authorities, or of any private entity, have been, or they can be, obtained and they can be renewed for the use that is considered in the estimation of values contained in the appraisal.

The urban information is obtained through verbal consultation to the local authorities and examination of the public information of the planning, in the date of the appraisal. Unless otherwise expressed and is enclosed to the report from the competent administration have not been requested on the urban development situation of the building. The result of the Valuation can be altered if the information included in the report is not correct

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Annex 2: “Valuation Criteria Generally Admitted”

Market Value (VM):

Is the Price at which the property can be sold, through private contract between a voluntary seller and an independent buyer at the date of the appraisal under the supposition that the property had been offered publicly to the market, that the market conditions make it possible to buy the property in an organized way and that a normal timeline exists to negotiate selling the property taking into the nature of the property and taking into consideration the following:

1. That between seller and buyer there is not exist a previous link, and that none of the two has a personal or professional interest in the transaction apart of the reason of the contract.
2. That the public offer to the market is aligned with an appropriate selling process for the real estate property typology and that there is no privileged information at any of the parts which participate at the transaction.
3. That the price of the property is consequent to the mentioned public offered and which reflects a reasonable estimation of the most probable price that would be obtained in the conditions of the market at that specific appraisal date. d)Taxes are not included in the price.

Cost of selling the property is also not included.

Comparable, Residual and Updated Value:

Are those obtained through the application of the residual, update and comparison technical methodologies. The comparison method determines the Market Value comparing the information of similar real estate to the one that is appraised, homogenizing the existing differences and for the mortgage market adjusting it when it corresponds. The update method determine the Market Value determining the actual value that is obtained updating the rates of market, the net profit attributable to the building, or in case of rented real estate, the existing net rent to the date of the valuation. The residual methods determine the Residual Value from the current value that it is possible to pay for a building, considering that his investment will provide, in the average conditions of market, profitability appropriate to the risk

Replacement Value (VR):

The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth using current materials and Technology.

Net or Current Replacement Value (VRN):

It is the result of deducing of the Gross replacement Value the physical and functional depreciation of the building in the date of the valuation. The Physical Depreciation. It is the loss that experiences the Net Replacement Value of a good depending on his antiquity, condition of conservation and duration of his components.

The functional Depreciation is the loss attending to the defective adjustment to the function to that is destined and comprises the losses produced in the building by obsolescence, design, lack of adjustment to his use, etc.

Legal Maximum Value (VML):

Is the maximum Price of a property subject to public protection and which is established in the applicable regulations.

VM o VRB for the hypothesis of finished building:

Is the market value or the Gross Replacement Value that will likely achieve a building which is under construction or rehabilitation on the date of its completion, if it is built in the estimated time frame and with the specifications contained in the building or renovation project provided assuming the current market situation remains.

Mortgage Value (VH): Mortgage Value (VH):

It is the value of the property as determined by a prudent assessment of the future marketability of the property taking into account long-lasting and long-term aspects of it, the conditions of local and normal market, its use at the time of the appraisal and its alternative possible uses. Speculative elements are not included.

Appraisal Value (VT)/ Mortgage Value (VH):

Is the obtained according to the criteria and current regulation. Particularly for the purpose of Mortgage Market, the appraisal value and the mortgage value are the same and the value is determined without exceeding in any case de market value (VML) when it exists in the following way (except special cases):

a) For properties under renovation or construction b) For properties constructed linked to an economic activity, the smaller between the Market Value (VM) , in its case adjusted, the Updated Value (VA) and the net replacement value (VRN). c) For properties constructed rented or which destination is the rental market, the smallest between the Market Value (VM), in its case adjusted and the Updated Value (VA). d) For the rest of properties the Market Value (VM) , in its case adjusted.

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Annex 3 “Limitations and Conditions of the Works to develop and Energy performance Certificate”

The Royal Decree RD 235/2013 of April 5th, by which the basic procedure for the Energy performance certificate is approved is the result of partially transposing the European Directive 2010/31/EU with regards to the Energy Efficiency of existing buildings which was approved by the European Parliament 19 May 2010, with the objective of completing the current existing regulation the RD 47/2007 of 19th January over the basic procedure for the energy performance certificate of buildings of new construction.

Attending to the above mentioned regulation, the competent technical professionals will issue the documents named Energy Performance Certificates, and after its registry, the certificate of energy efficiency will be obtained.

ST Sociedad de Tasación offers its clients, as a complement to the rest of the services and products that it offers, the possibility of contracting though its website Energy Performance Certificates which are requested by contacting the necessary agents for its production, expedition and turnover (Company Collaborator).

ST Sociedad de Tasación has established collaboration agreements with companies which are Energy Performance Certificates service providers (Collaborators).

Through the platform www.st-tasacion.es, ST Sociedad de Tasación receives from the client the needed information to define the order: typology of the property to certify, complete address, the contact details to arrange the visit of the property and the information to prepare the invoice of the services provided.

For those properties with an established fee and which is specified in the fee´s section, www.st-tasacion.es offers a payment platform. Once the payment is done ST Sociedad de Tasación will communicate the order to the collaborating company who will assign a qualified professional for the development of the work and will deliver and invoice the certificates.

For those properties on which the fee is not established ST Sociedad de Tasación will manage the order and will try to do the best possible economic proposal to deliver the work. The client can accept or reject the proposal. In this last case the procedure described in the above paragraph would be done.

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*In case of discrepancy or difference between the english and the spanish version of the "General Contracting Conditions", the spanish version will prevail.
You can access the spanish version at the following link: http://www.st-tasacion.es/es/condiciones-generales.html