You as a client determine the purpose of the valuation. If you need the valuation as a collateral for a loan with a financial institution, it would be a good idea to choose the financial institution before starting the valuation process, as different banks have different requirements for the overall process.
You commission the valuation directly to Amrita Consulting House by calling us at 0700 20 035 or +359 (2) 865 09 09 or sending an e-mail to email@example.com
Your bank loan advisor can also assign the valuation to us by sending us a letter of assignment. For some banks this is a mandatory requirement.
At the time of commissioning the valuation, it is advisable to provide the documents necessary for carrying out the valuation. You can do this by e-mail or in person at our office. The documents required are listed here.
Our administrator accepts the assignment and allocates it to a valuer. The valuer will contact you to agree on a time for the inspection of the property and ask for additional documents if necessary.
Our valuer arrives at the location at the agreed time and day and inspects the property in the presence of the client or his/her representative. The inspection of a residential property takes 15 – 30 minutes. The valuer will photograph all premises, common areas and the façade of the building. For larger properties, it might be necessary to photograph the facilities, installations and equipment. The inspection ends with a Inspection protocol.
The valuer defines all limitations and assumptions and performs market analysis and calculations using different methods to derive the value for the valuation. The valuation is reviewed by a manager and is sent to the client or the bank.
Please make your payment immediately after assigning the valuation or during the inspection to avoid delays in the process due to unprocessed payments.
According to the International Valuation Standards, each valuation report is prepared for a specific purpose and as of a specific time. The report you will obtain is for a specific bank or for another purpose and follows a specific format and requirements. A change of the purpose also requires a revised valuation. It is possible to use the valuation report for other purposes or other users only after confirmation by the valuer and with his consent.
The valuation is valid as of the date of its preparation. If the market conditions for the given type of asset remain unchanged, as well as if there are no physical changes to the property subject to valuation, the valuation can be adequate for up to 6 months. After that a new market valuation needs to be carried out. The new (updated) valuation will take into account any changes in the market that affect the value of the property/asset being valued, as well as its current condition. If your valuation was prepared for a bank, your bank loan advisor is likely to request an update within 1 year.
The documents required for valuations of residential properties are:
Document proving ownership and sketch
If the document proving ownership does not specify the area of the property, please provide:
an area table
For properties under construction, please provide:
certificate of commissioning/permission for use protocols act 14 or act 15 or act 16
In certain cases the valuer may request:
certificate of tolerance
certificate of degree of completion
preliminary purchase and sale agreement
technical passport of the building (including an energy passport of the building, where issued)
certificate of encumbrance on the property and/or IKAR reference
For income generating properties (hotels, petrol filling stations, hydroelectric power plants, quarries, etc.) –financial statements for the most recent 3 years
For rented properties – lease agreements or summary information on rental income
Lists of the documents required can also be found in Types of valuations.