Legal tip 103. Consumers protection on mortgage valuations.
Friday, June 19, 2009 @ 12:29 PM
Provision 15 of Act 2/2009 established March 31, which regulates consumer contracting of loans or mortgages and brokerage services for loan or credit contracts, establishes some rules for the valuation of the property that will serve as a guarantee of fulfilment of the credit or loan (in order to assess the extent of the mortgage liability) and other ancillary services.
In situations in which the financing company directly hires out or performs the valuation of the property or another service to be paid by the consumer, the financing company must indicate the company or professionals chosen for this purpose and its applicable costs.
Additionally, the company must provide the consumer with a copy or original version of the appraisal report, even if the transaction was not completed.
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