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Regulation comes into force on the Valuation of Land Act
Today Thursday, November 10, entered into force on the Regulation of Securities of the Land Law. A text that develops this standard and aims to improve the functioning of the soil, making it more transparent and efficient fighting potential speculation in the use thereof. The Regulation was published in the Official Gazette dated November 9, 2011.
The scope of regulation covers reparcelaciones assumptions, expropriations, forced sales and replacements, as well as in cases of liability of public authorities.
The text incorporates specific methodologies applicable to every situation and specific mathematical formulas, in order to overcome the technical complexity that accompanies the real estate valuation, and intends to introduce more rigorous assessments.
For the first time in the history of Spanish urbanism is endowed with a regulatory development of real estate valuation criteria in order to get the right value in each case of application and incorporate greater transparency in the knowledge of valuation techniques and more legal certainty derived from this transparency.
Among the highlights of the text include the development of valuation methods, according to the criteria for quantitatively estimating the replacement value of buildings by similar ones in the same situation, without consideration, therefore, possible expectations urban planning.
