Property valuation reports are very important statements that are required, when a property transaction has to take place. This piece of document is used at a number of other references, as well. In the article, I will throw light on some of those occasions and references. But before we step further, let us know a little more about property valuation report.
Property Valuation Report –
Property valuation report estimates the worth of a given real estate entity, in the current market scenarios. Some estates were developed decades ago. Since then, the property market has grown and developed vertically. And if you own an old property, which you are planning to sell, you will need its price estimation document, calculated by an expert property valuer. This report will display its present monetary worth, on which the price negotiations will be made.
What Else Does This Report Show?
Apart from current market value, it exhibits the present and previous owners of the property and its geographical and demographic location.
Owners of the property – This report will display how many times this entity has been sold and purchased, so far. It will also show the number of owners it has presently and had previously. It is important as it plays an important role in defining the current worth of a realty structure.
Demographic location – When the property was built twenty or thirty years back, the locality was less developed. But today the location is well-developed, and situated amidst a herd of important commercial structures. Surrounding locations of a property affect the prices of a property significantly. Therefore, it is important to include nearby landmarks in a property valuation report.
Occasions When These Reports Are Required
Property Transactions: Considerably, these reports are used before and during real estate sale-purchase deals. It verifies the present market value of it.
Ownership Transfer: As a will, your grandfather nominated you the owner of his entity after him. To become the legal owner of the entity, an estimation report will be required. It is required to collect the necessary amount of legal stamps and to prepare the ownership papers in your name.
Court cases: God forbid, but if you lose the ownership of your house in a court case, you will have to calculate the worth of your property. For this, you will be required to submit its estimation report before the court.
Matrimonial settlement: When separating from your spouse, again God forbid, you might have to lose the ownership of some of your entities to compensate him/her. You would need property valuation for matrimonial settlement.