Can a real estate agent value my home in Portugal?

Not the property the agency is selling or letting. Law 15/2013, article 17(2)(d), forbids a real estate agency from valuing properties it mediates, and those in the portfolios of agencies in the same group or brand. Valuations for banks, funds, insurers and pension funds may only be done by a CMVM-registered valuer (Law 153/2015).

What is an agency allowed to do?

Mediação imobiliária is the search for counterparties and the promotion of deals in property (Law 15/2013, article 2). The agency must describe the property, the price and the payment terms clearly, so as not to mislead (article 17(1)(c)). Suggesting an asking price as part of that work is not a valuation under Law 153/2015 or under the Red Book.

Who can value a home for a mortgage?

The lender must have the property valued by an independent valuer registered with the CMVM (Decree-Law 74-A/2017, article 18, and Law 153/2015).

What should I commission if I want an independent figure?

A written valuation that agrees the purpose, the basis of value and the valuation date with you — for example a Red Book valuation. I do that work as a CMVM-registered valuer and a RICS Registered Valuer. See What is a Red Book valuation?.

Read next

• What is a Red Book valuation?
• Market value under IVS
• José Covas FRICS
• IVS vs Red Book

José Covas FRICS — about the author

Sources

1. Law 15/2013, articles 2 and 17(2)(d) (Diário da República, official PDF of the original text)
2. Law 15/2013 (Diário da República, detalhe)
3. Law 15/2013 (Diário da República, consolidated)
4. Law 153/2015, articles 2 and 3 (Diário da República)
5. Decree-Law 74-A/2017, article 18 (Diário da República, consolidated)