Property valuation appraisal report – a document with information of probative value, compiled by an independent appraisal company in accordance with the requirements of the legislation on appraisal activities and containing information about the market value of the object under study.
You need to understand that an appraisal report is not a simple analytical report that determines the value of an object based on a study of the current market, but an official document confirming this price.
An independent assessment may be needed in the following cases :
- Buying or selling real estate.
- Registration of insurance.
- Obtaining a loan from a bank secured by a property.
- Resolution of other disputes.
Both in these and some other cases, it may be necessary not to simply determine the market value, but to document it.
Speaking about how much an appraisal report is done by professional appraisers , it is impossible to determine a single term for all cases. Depending on the complexity of the work and other features, it may vary, but on average it takes about 3 days. At the same time, documents in paper form are drawn up longer than in electronic form.