What is land valuation?
The land valuation process involves inspecting the property, ascertaining legal ownership and the interest held and gathering relevant information such as the prices that similar properties sell for.
Other factors come into the valuation, such as the saleability of the property or its value for mortgage purposes. Land valuers provide valuations of many different types of real property such as residential, commercial, industrial, rural and horticultural properties.
Information about land valuers
You may need to use the services of a licensed land valuer in a variety of circumstances, for example, to:
- determine what a property may sell for on the open market if offered for sale;
- establish the fair market value for payment of transfer duty on a transaction where the terms of the sale may not have been at arm’s length, such as between family members or between inter-related companies;
- determine market value for income tax liability;
- determine a rental amount in accordance with a condition in a lease agreement;
- settle a marital or business disputes during the course of court proceedings; or
- assess the suitability of a property for mortgage security in the course of borrowing money.
Land valuers remuneration fees
Land valuers set their own fees however a written disclosure of all fees for service must be disclosed to the client prior to entering into any agreement. Land valuers must not receive a fee above the disclosed amount unless there is a significant change in the scope of the work. More information is available from the land valuers fee page.
Licensing of land valuers
A license must be obtained to operate as a land valuer in Western Australia. Information on applying for a license and renewing a license is available from the land valuers licensing page.
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