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Tasc Property Appraisals Co Ltd: Business details
â€œValuation is considered as the art /science of estimating the market value for a specific purpose of a particular interest in property at a particular moment in time taking into account all the features or characteristics of the property and also considering the underlying economic factors of the market including the range of alternative investmentsâ€. A F. Millington To properly define the term â€˜valuationâ€™ we must first seek to understand what is meant by â€˜valueâ€™, as they are both linked. Value can be defined as the estimated monetary worth of real property. In other words, it is the assumed price for anything directly attached to land or land by itself. Noting this, valuation can be defined as a professionalâ€™s opinion on value, for real property, which is heavily based on market research. The opinion is normally expressed in a valuation report, which is prepared by the professional. Property sales - A valuation is needed during property sales because it can be used as a guide to assist the owner and/or agent as to how much they can receive for the property in an open market. This allows the owner and/or agent to understand how the market will respond to the property being sold. This will contribute to more speeder sales being experienced within the market. Unfortunately, most persons advertise property without seeking professional advice and this sometimes results in properties experiencing a lengthier time on the market. Acquisition - When purchasing a property, a potential purchaser would want to make sure that they are not overspending when making an investment. This is where a valuation would be needed. It is important to know how much the property is worth before buying it. Mortgage financing - Also, when acquiring property, a potential purchaser may seek financial assistance from an institution in the form a loan. In order for the institution to assist in this way, they have to know how much the property is worth. This is where a valuation would be required. The institution relies on the professionalâ€™s expertise as to the value of the property to derive at a decision to give or not give the loan to the potential purchaser. Legal issues - There are times when the determination of a value for the property is needed to settle disputes. For example, if a husband and wife own a property jointly and they are in the process of getting a divorce, a valuation may be required to determine the propertyâ€™s value. This will assist the attorneys handling the case to separate the asset equally. Tax - Valuations are normally done by government agencies to calculate the relevant land taxes that are to be paid by each land owner annually. There are several other instances for which a valuation may be required to assist a client. However, whatever the reason may be, it must be understood that a valuation is a professionalâ€™s opinion based on research. Therefore, the professional has to do their research proper ly because the accuracy of the value depends on it. Therefore, if the information garnered by the professional is limited, the less accurate the value will be.