What You Should Know about Property Valuation Reports

Property valuation reports determine an accurate value of your commercial or residential properties, unlike appraisals - but we’ll get to that later. The accuracy of our property valuations allows them to be used in tribunals and courts to settle property disputes as part of the litigation process. IPV has been called as expert witnesses and provided valuations many times in the past for the Courts, NCAT Tribunals and the mediation process.

What Are Property Valuations?

To understand what a property valuation is you must realise what it’s not: an appraisal. A real estate agent will go to a commercial or residential property and use their knowledge to give you a rough guide of what your property will sell for - an appraisal. Appraisals are in essence opinions which have no legal standing. As such, these appraisals are frequently overstated by real estate agents, to incentivise sellers, or understated, to motivate buyers. 

In contrast, a property valuation determines the real value of a property from an independent position - which is why it is valid during court proceedings. A property valuation carries this weight because it can only be conducted by a qualified valuer who has undertaken prescribed education and are members of the Australian Valuers Institute, Australian Property Institute or the Royal Institute of Chartered Surveyors.

Property valuation is a complex process involving inspection, knowledge of all applicable council and state regulations and zoning details, planning restrictions, building structure and condition, access, analysis and market knowledge. This systematic approach produces a reliable written report that not only gives you an accurate valuation of your property but can be used in your legal disputes and proceedings.  

What Are Property Valuations Used for?

Property valuations are used when you want an accurate measure of your properties worth. As mentioned above, real estate appraisals are can be inherently biased. Accurate valuations are important as they can determine whether you will buy or sell or identify the amount of tax you are or could be liable for. 

Professional valuations are commonly used in court matters. If you are involved in a legal dispute concerning property or are likely to be, a property valuation gives you the reliable property information you need. There are many situations that frequently require a property valuation to determine market value. These include property settlements and mediation, probate in relation to deceased estates, stamp duty, capital gains tax and buying/selling to name a few.

Why IPV Are Trusted in Sydney and NSW Property Litigation

While it is necessary to have experience and qualifications to accurately value a property, it is not enough when that valuation is to be used in legal matters. Your valuers must have deep knowledge and experience in such court matters as well as knowledge of relevant legislation - which we have.  

We have become a trusted name in the tribunals and courts of Sydney and NSW. Our qualified and experienced team is recognised as valuation experts and we are frequently called upon for reliable property valuations for litigation purposes. IPV have provided valuations and expert witness for:

•Local and District Courts

•Federal Magistrates Court

•Supreme Court

•Land and Environment Court

•Commercial Tribunal

•NSW Civil & Administrative Tribunal (NCAT)

•Administrative Decisions Tribunal

•Administrative Appeals Tribunal

Whatever litigation dispute you are involved in, IPV has the experience and qualifications to provide you with the detailed valuation reports that you need. 

Do You Need a Valuation?

Are you selling your property and need an accurate property valuation in Sydney? Call us on 02 9659 5446 and deal directly with a valuer. Alternatively, get a quote today. We provide a guaranteed valuation turnaround time.