Everything you need to know about the property valuation report

To most citizens, the real estate valuation procedure seems very dubious and incomprehensible and therefore causes confusion. To set the record straight, the article below will cover everything you need to know about property valuation.

What is a Property Valuation/Valuation Report?

The term ASSESSMENTincludes the determination of the replacement, market or liquidation price of a finished or constructed object, as well as the land occupied by this object.

REPORT ON REAL ESTATE ASSESSMENTis a document that presents an appraisal study of real estate. It is compiled in accordance with international standards and is divided into chapters where all the key aspects of the subject, conclusions and arguments are described. As a result, the report calculates the real value of the property.

The cost of a real estate property can be of several types:

•Restoration- cost of construction of a new similar facility

• Market – the amount for which it will most likely be possible to sell the property in a competitive market.

• Liquidation value – the value is lower than the market average, which depends on the period established for the sale of the object.

Why do you need a real estate appraisal report?

The real estate valuation report is a necessary and mandatory document for:

• Sales/purchases of real estate (apartments, houses, buildings, land, etc.).

• Pledge of real estate as part of mortgage financing - an appraisal report is necessary for the bank to determine the market value of the property that it accepts as collateral.

• Renting out an object (apartment, house, building, land, etc.)

• Transfer of real estate to the authorized capital of the company

What properties are subject to valuation?

The following types of real estate are subject to the real estate valuation process:

• Earth

• Buildings and buildings

• Residential premises (apartments, flats, individual houses)

• Objects under construction

Evaluation procedure

The real estate valuation procedure is very simple and consists of several steps:

•Placing an order for an assessment report and paying for it. This can be done here:ORDER AN ASSESSMENT REPORT

• Customer support service contacts the customer and arranges a convenient day and time for him

• An expert appraiser goes to the site and inspects it.

• Within 72 hours, the customer receives the valuation report via email in PDF format, or can go to one of the pre-selected bank branches to receive the valuation report on paper.

Important: You can apply for mortgage financing at the same bank branch at the same time. The appraisal report is one of the documents strictly required for the mortgage applicant's file, therefore, thanks to this combined procedure, the applicant saves a lot of time in preparing and submitting documents.

Necessary documents for real estate valuation

To conduct an assessment, the customer must present a set of documents to the inspector. They vary depending on the object being assessed, as follows:

In the case of appraising an apartment:

• Property document (sale and purchase agreement, gift, inheritance, privatization certificate, etc.)

• Extract from the real estate register

• Location and demarcation plan

• Copy of applicant's ID/copy of registration certificate (commercial companies)

In case of assessment of residential, commercial and industrial properties (building + land):

• Property document (sale and purchase agreement, gift, inheritance, privatization certificate, etc.)

• Technical passport or cadastral file

• Extract from the real estate register

• Act of certification of the land owner's right

• Situational plan/location and delineation of real estate

• Survey (sketch) at each level of the structure

• City certificate

• Permit for construction/dismantling

• Reception protocol upon completion of work

• Copy of applicant's ID/copy of registration certificate (commercial companies)

In case of assessment of land plots for construction

• Document of ownership (Act certifying ownership of land, purchase and sale agreement, gift, inheritance, etc.)

• Extract from the real estate register

• Copy of applicant's ID / Copy of registration certificate (commercial companies)

Now you can order and pay for a real estate valuation report online, without having to visit one of the bank branches.

Place your order here:ORDER AN ASSESSMENT REPORT
 

Conclusion

In conclusion, real estate valuation, although it may seem dubious to most citizens, is an integral process in various contexts such as the sale, purchase or mortgage of real estate. The appraisal report provides important information about the true value of the property, helping to determine the market price or restoration cost. The assessment procedure is simple and includes ordering a report, inspection by an appraiser and receiving the report in a short time. This report is also required for mortgage applications, saving the applicant time. The required documents vary depending on the type of property being valued, and now ordering and paying for a valuation report can be done online, without visiting a bank branch.