I’m often asked, “how much should I sell my property for?”. It is advisable that all sellers and purchasers of properties obtain a current valuation (report) of the property from a certified valuator/appraiser in order to determine the current market price at which the property should be sold.
A valuation report or a real estate appraisal is a written report, independently and impartially prepared by a certified appraiser justifying his/her opinion as to the market value of the property.
If the purchaser is relying on a mortgage, the financial institution granting the mortgage loan will require a valuation in order to ensure that the value of the property exceeds the value of the mortgage loan. This valuation report should not be more than one (1) year old.
Although the content of real estate valuation reports varies depending on the type of property being appraised, reports generally contain the following information:
- The purpose of the appraisal being sought and the appraiser’s terms of reference
- Certification of report
- The market value of the property
- a description appropriate for the type of the property being appraised including, but not limited to: address, map reference, copy of a survey or map and property photographs
- the appropriate land use regulations, zoning and other restrictions that may affect the market value of the property
If you are considering to sell your property, it is important to obtain a valuation report from a certified Appraiser.
Abi-Gaye White-Thomas B.A., LL.B (Hons)