July 30, 2021

The bank will pay all the formalization expenses of the mortgage except the appraisal

The bank will pay all the formalization expenses of the mortgage except the appraisal


The political parties have agreed that the new Mortgage Law establish that the notarial expenses linked to the signature of the mortgage are paid by the bank and that the appraisals are paid by the client. A) Yes the financial entities will have to pay the deed of the mortgage, the agency and the notarial tariff. The bank will have to pay the costs of the first copy of the contract, although in case the client requests a copy, he must pay for it. .

In addition, notaries will perform, at no cost, a questionnaire to the borrower to make sure he understands all the clauses of the mortgage contract.

The presentation of the Mortgage Law has returned to meet this Tuesday in the Economy Committee of Congress once the Government has approved a royal decree law stipulating that the tax of legal acts documented (AJD) be paid by the bank and not by the client.

The new Mortgage Law includes this decision and makes it clear that the financial institution will pay the first copy of the deeds of the notary and the client who requests it, while the registry costs will also be borne by the bank and the borrower will pay the appraisal costs since You can choose it freely.

However, other matters of relevance remain to be agreed upon such as the commissions for early amortization, interest for late payment or the clause for the early maturity of a mortgage that allows the home to be executed according to the debt that the borrower has acquired.

The spokesman of the PSOE in the Economic Commission, Gonzalo Palacín, has confided to the Congress media that an agreement in this area can be reached next week, although the deputy of Unidos Podemos Rafael Mayoral keeps warning that an additional provision should be eliminated transitory that appears in the law and that is contrary to European courts. Mayoral points out that in case this transitory provision is maintained, many foreclosures that are now paralyzed could be unblocked. In this regard, the PSOE proposes that the early termination clause linked to certain quota payments only affect judgments and firm judgments and not those that may be in process. Unidos Podemos proposes that you can only run a home when the debtor capital is 10% of the mortgage loan.

Transposition of a directive

On the other hand, the political parties will also have to decide on the entry into force of the regulation, since the financial sector asks that there a six-month margin compared to the 15 days proposed by the bill.

The Mortgage Law, which is a transposition of a European directive, seeks to provide greater consumer protection and promote transparency in the granting of mortgages, which is why political parties have agreed that appraisers can be independent, natural and legal persons.

The expenses that involve the constitution of a mortgage loan depend mainly on the amount of the loan, as they remember from the OCU. For a loan of 150,000 euros with a mortgage liability of 270,000, the approximate costs can be very variable. In this case, they would be about 600 euros for the notarial tariff, 400 for the agency, 200 for the registry and 300 for the appraisal.


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