The estimate of the market value of a property by an expert is not an important matter. Large sums may be involved and this is why it needs to be carried out by recognized professionals.
Property Geneva is pleased to offer this property valuation service by an experts in the field of Real Estate evaluation, accredited by the Evaluators College of the National Union of Real Estate Professionals ( SNPI ). This is a signatory organization of the Convention of Real Estate Expertise and member of TEGoVA (The European Group of Associations 's estimate).
About Real Estate expertise
The expert’s mission is to estimate the value of a property, in a market clearly defined by a specific date. This valuation must be rigorous and justified. It must be based on an impartial basis and done by an independent professional, strictly respecting professional secrecy to which it is held.
Expertise applicants can be very various. Indeed, it can be for the property owner himself, when considering the sale or to forward it to his heirs, but also for external parties like : a judge, lawyers, tax services, insurances, asset managers, trustees ...
The judge and tax services may as well want to know the value of the property in a context of litigation, the notary in case of succession, the real estate agent or trustee for a sale, the insurer for a contract and the accounter for an asset valuation.
The value is estimated by combining multiple criterias: size , architecture, building materials, general condition, location and condition of natural hazards, diagnostics analysis, market conditions ...
The value can vary over time, upward or down. Lands located on the coast have seen their value multiply considerably in 30 years. Conversely, beautiful mansions located in Northern or Eastern suburbs in Paris have seen their value decline, despite the general rising prices.
Whatever the reason to set an expertise, which involves thousands and sometimes millions of euros, it is an operation far from trivial. Therefore, it is crucial to be conducted by recognized and experienced professionals.
At an European level, there is, since several years, an official certification that recognizes the competence and reliability of the experts. It is the REV certification (Recognised European Valuer). It is assigned individually. To assert their qualities and professional experiences, candidates must produce certificates, documents and two recent reports of expertise. Certification is granted for a period of five years, after which the expert report shall present a new folder.
In France, the House of France Real Estate experts FNAIM had been given the responsibility by TEGoVA (The European Group of Valuers' Associations) to assign the REV certification. The European Group of Valuers’ Association is a European organization of real estate experts composed of 43 associations in 26 countries.
The expertise assignment requires many legal (urban planning, building insurance, easements, status of occupation...) and technical (construction materials, conditions of buildings...) skills.
In addition , the act is not trivial. Whether it is about determining the accounting fair value of the assets of a business or arbitrating a litigation in court, the expert is required to play a key role with justified methods. Also, he must meet an ethical code of impartiality and independence. Associations and professional organizations, including the SNPI, have thought for long of codes of practice to ensure that two experts working on the same object, naturally get to the same result. All these practices are enshrined in the Charter of Expertise in Real Estate Evaluation.
Professional liability insurance
The Real Estate expert must be insured in professional liability.
They are settled on the basis of vacation schedule and costs involved to complete the mission.
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