What is an independent property valuation report

An independent property valuation report, also referred to as an appraisal report, is a formal document created by a qualified professional that estimates the fair market value of a property on a specific date. Here are the key points to remember:

Who Creates It?

A qualified professional, typically a Chartered Surveyor (RICS) or a certified appraiser, conducts the assessment and creates the report. These professionals are independent of the property itself, meaning they have no vested interest in the sale or purchase.

What's Its Purpose?

The report serves various purposes, providing an unbiased and objective assessment of a property's value for different situations:

Financing: Banks and lenders often require an independent valuation before approving a mortgage to determine the property's worth as security for the loan.
Buying or Selling: Both buyers and sellers can benefit from having an objective assessment to inform their decisions. A seller can use it to set a fair asking price, while a buyer can ensure they're not overpaying.
Taxation: Valuation reports are sometimes needed for estate tax purposes or property tax appeals.
Legal Disputes: In property division during divorce settlements or eminent domain cases (where the government acquires private property), independent valuations can be crucial for determining fair compensation.
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Mike Wilczynski
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