Questions answered
Appraisal of co-owned properties: everything you need to know
Short answer
It is the appraisal of a property owned by several people at once. It sets an objective value before dividing it, selling it or having one owner compensate the others.
The appraisal before ending a co-ownership is crucial to guarantee an objective and realistic valuation for all co-owners.
What is a co-ownership appraisal?
Spanish law distinguishes between condominio and proindiviso. Legally there is no difference, but:
- Condominio: the asset can be divided without fundamentally altering it.
- Proindiviso: it cannot be divided without altering it. The property belongs to all owners as a whole, without specified parts.
A co-ownership appraisal is an objective and realistic valuation report of an asset owned by more than one person, without physical division. For example, several siblings who inherit their parents' flat.
Common situations
- Inheritances. The appraisal makes it easier for heirs to reach an agreement.
- Divorces. Essential for an objective division of the shared home.
Benefits of a proper co-ownership appraisal
- It ensures fairness between co-owners.
- It makes legal processes easier, including court proceedings.
- It speeds up the sale of the property.
- It prevents future conflicts.
- It enables better financial decisions.
No different criteria apply: the valuation is objective under Order ECO/805/2003. Always check that you choose a company approved by the Bank of Spain, such as Tasvalor.
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