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Real Estate assessment

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Real estate assessment is the opinion of an expert when assess the market value of a property; this role depends on nothing but experience and qualifications of the expert who is familiar with the real estate market, technical specifications and basics of evaluation. This role is away from bias, the expert just give his opinion which built on scientific basics.

There are many purposes of real estate assessment, maybe for some banking procedures like taking the property as guarantee, or to sell it in the auction to take back the debt, to know the real value of the property when dealing with shared ownership case, or to exchange it with another property, in the lawsuits and for taxes and insurance cases, in addition to inheritance cases.

Real estate assessment is an independent profession, the expert should be cultured about all the details related to his job, like technical and architectural details, mortgage, in addition to the ability read and understand the legal texts and laws related to real estate, all those elements help in evaluating the property.

The real estate is assessed with criteria, like location, how old the property is, and the maintenance of the building. Other factors depend on the space of the land, and the facilities in addition to the services around the building, all of this plus the ownership contract of the property.

Conclusion

Real estate evaluation estimates the market value of the property by an expert; this assessment is evaluative but built on scientific basics and experiences.

 

 

 

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