Property valuation without any doubt is a very important formality and procedure that needs to be gone through. Unless proper valuation is done, it would be difficult to transfer the ownership of the property from one entity to another. This is because valuation of properties has many implications. While there is no doubt that getting the right information about the fair market value of the property is the main reason for property valuation, there are other important aspects which are also attached to it. When it comes to calculation of property tax or even when there is a need to find out the right stamp duty payable, valuation reports come in very handy. Additionally it would be pertinent to mention here that many property valuers also go beyond the obvious and provide a number of subjective pieces of information.These are very useful because they mention about the development of infrastructure in the neighborhood, the quality of people who make up the neighborhood, availability of amenities and facilities and other such useful information.
Given the fact that the valuation reports have a very vital and critical role to play, it is important that the professionals who are in this line should be of the best from all points of view. They should be well qualified, experienced, competent, honest and last but not the least certified. Certification of property valuers is extremely important failing which their services will not have a legal sanction. Further certification will help the authorities to oversee the functioning of the valuers on a regular basis. They will help remove any anomalies or problems that could adversely impact the customers and also the property valuers.
These valuers are generally appointed by the government agencies and it is another form of outsourcing the job. The rules and regulations are well described and the onus is on the certifiers to ensure that the valuers are following the same. This is done by regular inspection of the work being done by the valuers. Based on their performance and adherence to rules and regulations, the valuation reports are renewed periodically. The whole process is quite time consuming and would call for spending of quite a bit of time in the valuers’ place. Only when everything has been examined perfectly is the certification accorded to the service providers. The certificates have a time span after which they have the renewed. Renewal is done by having look at the operations closely once again.