Supreme Court and liabilities of Banks and Property valuers

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07 Feb 2014 3:21 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

Legal tip 1103. Supreme Court, valuers and Banks 
07 February 2014 @ 13:35 
 

Chamber for Civil Matters of our Supreme Court  passed last summer a decision against a  Property Valuation Company, for damages resulting from an overvaluation of several properties. The Highest Civil Court found out that the value assigned to those properties were well above the market value.

The damaged party? A bank. Yes, incredible as it sounds. Bank as damaged and causer 50/50.

Supreme Court found liable the appraisal company (Tasvalor Group, SA), its insurance company and the technician who signed the appraisal.

Supreme Court argues  that the damage to the bank was not latent but real, as it lended against something of a much lower value. The decission precises the necessarycause-effect relationship between the conduct of the Valuation Company and such harmful result

Supreme Court acknowledges that the damage was also possible due to the lack of diligence of the Bank. So Bank and Valuation Company are liable 50-50

This is a good precedent for these actions to be brought about by individual buyers who bought and took mortgages for properties over valuated by Valuation companies and accepted by Banks.

We have got clients who took mortgages on illegal properties, who are now paying huge sums of money for nothing.

We also have clients that were "pressed" by Banks to keep paying the second mortgage that the developer took after consuming first loan and left unpaid before running away. Clients have no option but this or to lose their properties.

A couple of crazy expamles to be added to the catalogue of irregularities and illegalitiespractised by Banks during the " happy" financial years.

I trust Spanish Courts  will keep being as strong and clear as they are being whenpunishing banks. Good for healthy society.

Maria

 

 


_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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