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VALUATION (LAND AND BUILDING)
The fundamental purpose of a valuation is to estimate value i.e. the Market Value.
The term "Market Value" is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Valuation of Land & Building may be required for various purposes as follows :-
- Mortgage valuation.
- Capital valuation for sale/purchase and management.
- Valuation for land acquisition and determining compensation.
- Rental valuation for leasing and letting.
- Fire insurance valuation.
- Valuation for auction reserve , litigation and asset administration.
- Valuation for rating; negotiating of Annual Value and mass valuation for Local Authority.
- Valuation for corporate purposes including capital issues and mergers.
- Valuation for taxation purposes e.g. Real Property Gains Tax, Estate Duty and Stamp Duty.