Experts in this field are valuation specialists who have focused their studies on the monetary worth of real property, land, and buildings. Valuation is the process of estimating the worth of an item using professional knowledge, expertise and judgement. In this case, it relates to making estimations on the value of residential, commercial, and institutional buildings, as well as blocks of lands and all ‘real properties’ which refers to “the land, everything that is permanently attached to the land, and all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land”.
Valuation of real property is generally performed for the purposes of insurance, sales or trade, taxation, or curiosity. It allows for a proper understanding of the owner’s wealth and estate value, and informs proper taxation amounts. Knowing the value of their items and assets also benefits the owner in that they can then adequately protect and maintain their investments, so that their value is preserved. Valuation of real property is often performed upon the dissolution of a marriage or other partnership, especially business enterprises. Value is a somewhat nebulous thing, but can be determined by examining the condition, historical importance, age, degree of wear, and functionality of a property or the view, aspect, or location of a piece of land.
Experts in this area come from many professional backgrounds. Many will have worked in fields specific to property, such as real estate or architecture. Some will be trained valuation experts, or perhaps have worked in valuation for an insurance company. They may also be historians focused on the historical and cultural significance of particular properties. The specific specialisation and background needed in your real property valuation expert will be determined by the matter which requires examination.
At the bottom of this profile are brief details of a number of the experts that Expert Experts represents. Call our office to discuss your requirements and to obtain a recommendation that suits your needs and budget.Expertise in Action
Experts in valuation as it relates to real property, land, and buildings can be called upon to assist in cases involving estates, taxation of complex collections, insurance matters, and disputes over wills.Sample Reports
For some fields of expertise we have some sample sections of de-identified reports. Please contact our office if you are interested in a sample.Cost
The overall cost of expert opinion depends on the services required. Some of the key factors that affect the cost of advice include:
- The need for a view or inspection of a location
- The quantity of documentary material to be reviewed
- Whether there are reports of other experts to be reviewed and commented on in detail
- Whether there is a need for conferences with the expert either in person or by telephone/Skype
A general overview of property valuation.How a property valuation and sales appraisal differ.
An article explaining the differences between these two types of assessment.Relevant Cases NMFM Property Pty Ltd v Citibank Ltd (No 10) (Includes Summary)  FCA 1558 (10 November 2000)
A case concerning property values and investment.Kenny & Good Pty Ltd v MGICA  HCA 25; 199 CLR 413; 163 ALR 611; 73 ALJR 901 (17 June 1999)
A case concerning the economic loss suffered by a lender in consequence of a negligent property valuation.Related Blog Articles
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