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Business

Why do you need a property valuation appraisal?

Professional property valuation appraisal is necessary not only for large companies whose business processes are related to this sector, but also for ordinary citizens in case of property issues regarding land plots, domestic andnon-residential structures, apartments,etc.
The sanctioned opinion of an expert on the request price of real estate is a necessary document for submission to the court, in case of action, agreement of heritage issues, enrollment of purchase and trade deals, insurance and other effects.
Indeed an ordinary real estate appraisal procedure is relatively time- consuming and has certain nuances, so a specialist who undertakes this business must have the necessary position of qualification and experience in this area.
When is a property appraisal necessary?
Services for an independent examination of real estate valuation may be demanded in the following situations
• enrollment of a mortgage loan;
• establishment of heritage rights;
• deals of exchange, purchase and trade, donation;
• the perpetration of the division, redivision or allocation of individual shares;
• redemption of property( state or external property);
• drawing up a rental agreement
• structure wear and tear assessment;
• property insurance;
• privatization of property;
• determination of the value of the object to establish the taxable base.
Some of the below options are relatively specific, and aren’t in demand in common real estate deals. Some of them are obligatory, and must be carried out with a certain chronicity. Real estate objects subject to appraisal include all types of areas apartments, apartments, individual domestic structures, land plots with construction in progress and natural objects.

property valuation


The need for real estate valuation for doing business
In certain areas of business, a proved real estate valuation may be demanded in situations similar as
• conformation of the authorized capital( the object is considered as a donation);
• revaluation of means;
• planning the marketable use of real estate, including it in the business plan;
• creation of operation by deputy;
• magnet of investors and mates;
• making opinions on the reconstruction, construction, liquidation of the property;
• transfer of rights to execute deals.
The course of the procedure and the result
It’s important for what purpose the results of the real estate appraisal will be used. Since the choice of system and approaches to evaluation depends on that. For illustration, for insurance companies, first of all, it’ll be intriguing to estimate property from the viewpoint of a cost approach, for an investor it’s intriguing what income real estate can bring in the future, so an income approach is demanded. For banks, first of all, the cost of dealing real estate in the current period of time is important, then only a relative approach is frequently used.
It doesn’t count for what purposes the value attained in the report on the request value will be used. The following factors always affect the value of any property valuation to one degree or another
• listed property rights
• type of property, its functional and factual purpose( use)
• object position
• original characteristics of the position structure of a domestic microdistrict( especially for apartments, retail demesne), transport availability, position relative to the main roadways of the megacity
• specialized and physical characteristics of the assessed object, individual features.

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Categories
Business

BUYING PROPERTY WITH LAND : PROPERTY VALUATION

Property valuation At the end of October this year, amendments to the law came into force, according to which, when buying real estate (a residential building or other structures), the land plot under this real estate simultaneously passes into ownership. 

Key points to pay attention to :

  1. When buying a property, the buyer automatically transfers the right to use or own the land.
  2. This right extends to lands that are in permanent use, as well as leased lands.
  3. The law does not apply to apartment buildings. In the case of buying an apartment, you buy only an apartment, without land.

If the new owner of real estate does not have the right to receive land for permanent use, then he must submit an application to the local authorities to receive the land for ownership or use. 

It should be borne in mind that when buying a piece of real estate, the new owner has the right to use part of the land for their own purposes. The size of the plot must be proportional to the area of ​​the piece of real estate that is being purchased. Part of the land must be allocated to a separate plot and assigned a new cadastral number.

PROPERTY VALUATION

There is no need to conclude a separate contract for the land. The contract for the purchase of real estate also includes a land description, including the cadastral number of the plot. Documents confirming the ownership of a real estate object are the basis for registering the right of ownership or use of land. 

Also, when a house or other structure is inherited, the right of ownership of the land passes to the heir simultaneously with the Property valuation. 

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