7. Property Valuation
What is Property?
Property can be described as something or anything with a value or cost, which is owned by an individual or
a company. real estate. residential or
For example: vehicle, jewelry, clothes and Real estate is referred to as land, commercial buildings.
What is Valuation?
Valuation is an inspection carried out on behalf of a mortgage lender to determine the amount and terms of a client’s mortgage offer. Valuation is done to determine the true worth or value of a property.
Some of the persons who may be qualified to prepare valuations are: -
Real estate agents.
The persons assigned to prepare property valuations must be objective and independent. There are fundamental and ethical requirements for professional valuers and without it, there is no confidence in the system of valuation. The independence of a valuer can be achieved by having no other connection with the property being valued, the circumstances under which it