Buying a real estate property is a completely different ball game and is unlike buying and selling other movable and immovable assets. There are quite a few formalities that have to be gone through. Amongst the various formalities the role of property valuation is considered very important. While the main objective of any property valuation is to ensure the fair market value of the property in question, there are a number of other value additions that the customers can expect. Over the next few lines let us try and find out the various duties that could be expected of a professional and successful valuer.
The foremost and most important duty of a valuer is to establish the fair market value of the property that is being bought or sold. Though the market could play a role in giving a rough indication, this will not stand in good stead as far as legal enforceability is concerned. It is therefore important to look for qualified and certified valuers who valuation reports serve the purpose. It would be pertinent to mention here that a good valuation report serves more than one purpose. It is the basis for calculation of property taxes and it is also useful for having a fix on the stamp duty payable.
Apart from the above, a good valuer will also go beyond his normal call of duty. He will play a big role in helping the buyers in particular to get some qualitative and subjective pieces of information which will be of help to him. Good and professional valuation reports will talk about the state of infrastructure in the location. It will also make a mention of the various amenities and facilities that are available in the area. This will help the buyer to take a decision whether to go in for such a property or not.
It would also be pertinent to mention here that many valuers are masters in valuing any property, however complicated the case may be. When it comes to backdated or retrospective property valuation, you must choose valuers who have the right experience and expertise to handle the same. It is also the case with compensation valuations where the property owners are compensated for land that is taken away by government authorities. This is usually done to complete some socially relevant projects that will benefit society as a whole. Hence, you must choose a valuer who can handle any type of valuation.