There are many reasons why property valuation is considered as an important step towards smooth transfer of ownership from the seller to the buyer. Whenever a property is bought or sold there is no doubt that it involves thousands of dollars and sometimes the stakes involved good be quite a few millions dollars too. Hence, all the stakeholders would like to be very carefully and treat with great care and caution. They would like to check things more than once before committing themselves to it. The two main stakeholders when a property is bought or sold are without any doubt the seller and the buyer.
While the main objective of the buyer is to ensure that he buys a good property at a great price, the seller also has the same mind set. He would like to make a handsome profit out of such sale and ensure that he gets more than anticipated return on his investments. Hence, there is a very strong commercial and economic objective that is making both the parties to enter into this transaction. While there is no doubt that the market is a reasonably good indicator about the value of a property there is no legal sanction attached to it. Hence, there must be a professional valuer or appraiser who can establish a legal stamp on such valuations. That is what the main role is of property valuers.
However, it is also very important that the property valuers also should be competent to undertake such valuation. It is expected that apart from being experienced and qualified they should have a certificate from the relevant government authorities. This certification is mandatory and is akin to a patient getting treated by a doctor who has the required qualification, experience and permission under the law.
Certifications for property valuers are issued by the local government authorities after taking into account various factors. They look into their credentials, qualifications and the procedures and processes that they have in place for valuation of properties received from customers. They evaluate the efficiency levels, the mechanisms that are in place, the time taken, the integrity and transparent levels and other such important factors. Only when they are fully satisfied do they offer them certification. This certification is valid for a limited period after which it has to be validated again by allowing inspection of the processes by the concerned authorities. Hence, certifying a property valuer is not only important but mandatory.Read More