When buying or selling a real estate property, there are quite a few formalities and processes that have to be gone through. All of us who have bought or sold a property would understand that it is not the same as buying other movable or immovable properties. There is complicated process called property Valuation that often gives lot of problems and creates stressful situations to customers. This is mainly because of lack of knowledge and also because there are quite a few legal issues surrounding Valuation .
In this particular article we will try and find out more about property Valuation and also try to unravel some mysteries surrounding it. First and foremost we should have a clear understanding about property Valuation . It is all about going through the entire processes once an in principle decision has been taken to buy or sell a property. It starts with the drawing up of an agreement of sale or purchase. It culminates when the property has been transferred to the buyer in the government record books. It also ends only when the seller has received his due consideration in the form and kin as agreed in the agreement for sale or purchase.
Between the starting and ending point there are a number of legal, administrative and compliance related issues that have to be sorted out. Whenever we talk about property Valuation we can classify it into three segments, before contract, before completion and after completion. The need for taking help of a property Valuer could arise because of various reasons. It could be for selling and buying of property.
It could be for subdividing land, removing easements and going in for fresh registration. Updating a registration could also call for the services of Valuers especially when there is a death of the deed owner. Now coming to various tasks performed by a property Valuer , the list is quite big. However here are a few important steps that are worth mention. Lodging of legal document is one of the most important tasks of property Valuers .
However, before doing so, he has to prepare the same, have it clarified with the stakeholders and ensure that what is mentioned in the document actually matches on the ground. He will also have the check on the purity of the property and ensure that it is free from easements, covenants and other such encumbrances. Additionally there are also some crucial roles performed by property valuers and appraisers and in many cases the lawyers also take this job upon themselves.
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