What A Typical Property Valuation Report Includes According To RICS Standards


What A Typical Property Valuation Report Includes According To RICS Standards

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The Valuation Reports include mainly the following information:

Date of Inspection

The Report states the date of the onsite inspection of the Property by our Surveyors.

Purpose of Valuation

The Purpose varies according to the clients instructions. It may be instructed for Bank Purposes, or informationalpurposes or for the client to know the value of his property, or tax purposes or even for any court purposes or government procedures such as land compensation etc.

Updated Title Deed Information

The property may have a Title Deed with updated Land Registry Details, which we will acquire and state on the valuation report.

Location of the Property

There will be a detailed analysis of the address and location of the property including google map location.

Description of the Property

In the valuation report there is a detailed analysis of all the characteristics of the property and its surrounding area.  The square meters of the property, the amenities and the existence for electricity and water.  Also if the valuation is done for a building such as  house or flat or factory etc, then a detailed description of the areas is including analysis of the measurements of the building. In case that the valuation is referring to land and the land falls in various building zones, then analysis will also be given of the area and value of each zone separately.

Updated Building Zoning and Zoning Characteristics

A search will be made regarding the zoning of the property and an updated analysis of the zone and its characteristics are set in the report.

Local Market Description

The local market will be analysed as to the prospective of the property if it will be given to the market for sale or rent or whether it is considered a good investment. The prospects of the surrounding area will be analysed and it will be stated what exists in that area which might affect the value of the property in the immediate future.

Valuation Methodology

The value of the property is calculated following according to the clients instructions and always according to various methodologies approved by RICS.

Market Value

The property is evaluated and a price is given which represents its current Market Value or if its needed past values. Past values are mainly needed for court purposes and mostly in divorce cases or land compensation cases.

Forced Sale Value

This is a percentage over the Market Value that the property valuer will determine that this property can be sold to the property market with no delays.

Insurable Value

This price is given for the client or for insurance in order to know how much to insure the property.

Attachments to the Valuation Report:

Cadastral Plan

An updated cadastral plan from the Land Registry Department showing the property under valuationis always attached.

Building Zone

An updated building zone is added showing the zone of the property and the zones surrounding the property. In this way the future zoning expansion potentials can be somehow extracted only by viewing this attachment.

Comparable Sales

A list of all the comparable sales of the surrounding area of the property with the same type of property under valuation, is attached to show to our clients how we concluded to the Market Value of the property.

Satellite ‘Picture’

A satellite ‘picture’ showing the property and its boundaries  acquired from the Department of Land and Surveys.

For more information and guidance please email Michalaki, Pitsillidou & Co LLC – iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com or visit our website at www.impklawyers.com

Tel. +357 25660092 – Fax +357 25 660097.

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