valuation expertise consists of determining the market value of a property or a real estate right, taking into account legal, technical and economic factors.
Definition of Property valuation appraisal in market value
Property valuation expertise consists of determining the value of a property or a real estate right, taking into account legal, technical and economic factors. It differs from a simple opinion of value. It is understood that a market value search is not a building expertise. It is always carried out provided that there is no hidden defect. The Property valuation expertise supposes a complete visit of the premises or the building concerned as well as its equipment. Nevertheless, for buildings made up of a large number of lots or units, the visit may be limited to the choice of a representative sample of each of the categories of premises. When certain parts are inaccessible, the expert must mention this in his report and take this into account in his opinion.
An appraisal implies, moreover, that a certain number of information and documents, relating to the appraised property, are examined by the appraiser without the latter having to carry out a complete audit of the information and documents provided by persons validly engaging their responsibility. Finally, it must contain an explanation of the calculation methods and selection criteria leading to the values retained.
The market value corresponds to the price at which a property or a Property valuation right could be sold at the time of the appraisal by a seller wishing to sell, under normal conditions of supply and demand. This presupposes the decision-making autonomy of the parties, the completion of the transaction within a reasonable time and the implementation of appropriate due diligence for the presentation of the property on the market.
This definition excludes transactions entered into on special terms for reasons of convenience. The market value will be determined according to the legal assignment and use of the property at the time of the valuation, while taking into consideration the actual state of maintenance of the building and possibly the estimate of the expenses. major maintenance or major repairs to be undertaken in the short or medium term.