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WHAT IS A FORMAL VALUATION?
A registered valuer has formal qualifications gained after an extensive period of academic study and practical experience, and is accountable for the assessment of value made.
A fee valuation by a qualified valuer is completely impartial and can be supported by market evidence.
Formal valuation reports are readily accepted for presentation as evidence in courts or in similar legal situations.
Free appraisals or sales opinions should not be confused with qualified formal valuations, and are normally unacceptable in a court of law or by lending authorities.
WHY ARE THEY NEEDED?
Formal valuations are required for a wide range of situations, including:
- Valuation of commercial, industrial, retail and residential properties or land for the purposes of sale, lease or purchase.
- Valuation of security for financing purposes.
- Valuation for family court matters.
- Individual or portfolio valuation for accounting and financial reports and dissolution of partnerships etc.
- Project feasibility studies for developments.
- Valuations for probate, bankruptcy, litigation or capital gains tax.
- Valuations for mergers, takeovers or company floats.
- Asset upgrading by banks or business management.
- Court litigation by solicitors.
- Independent rental determinations.
- Town planning or rating appeals.
- Stamp duty and statuatory purposes.
- Purchase by beneficiary.
- When using equity in existing property to assist in financing an investment property.
HOW A QUALIFIED VALUATION IS PREPARED
Geoff Payne Valuations will initially establish a complete understanding of the purpose of the valuation.
The valuation is then researched based upon all known facts relating to the property. This may include development potential, title encumbrances, leases, dimensions, condition and size of the property and improvements. It will also include sales evidence for properties in the area.
An on site inspection is also conducted and measurements taken prior to a formal valuation report being prepared and provided to the client with relevant comments regarding the property.
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