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How is property valuation different from expertise?

Expertise or evaluation

The main difference between property evaluation and the expertise lies in the fact that the evaluation can only answer the customer’s question about how much is a real estate or other property.

Expertise is incomparably broader. There are many different types of expertise from different fields of activity, ranging from medical and psychiatric to the one closest to the topic is real estate valuation – construction and technical. The expert may ask a wide range of questions, for example, about the condition of the property or about the possibility of its reconstruction. That is, the question of determining the value of immovable property – is only one of the elements of expertise, and independent evaluation on this issue is exhausted.

If we consider the difference between expert evaluation (this is a historical definition, although the correct title of this procedure is “independent evaluation”) and expertise, also need to pay attention to who does first and second work. The appraiser evaluates the property, various types of expertise – the expert. The professional activity of the appraiser is carried out on the basis of the relevant Law “About valuation of property…” and the expert on the basis of the Law “About forensic examination”. Regulation of activities of appraisers and appraisal companies provides by the State Property Fund of Ukraine, and forensic experts – Ukrainian Ministry of Justice.

There are also significant differences between the expert and the appraiser from the point of view of the procedural legislation, but these subtleties may be of interest only to specialized lawyers and are clearly not moved within the scope of this article.

If you need to find out, for example:

  • any features of the physical condition of the real estate;
  • cost of interior decoration (estimate of works performed);
  • damage caused to any type of property by flooding, fire, accident, etc.;
  • state of supporting structures;
  • possibility (suitability) of using the property for any purpose;
  • room reconfiguration (separation) options;
  • …etc

We strongly recommend that experts in the relevant field should be consulted, not the evaluators. In the case of real estate, construction and technical expertise is required; in the case of cars – auto-goods and so on.

Despite the fact that in the Law of Ukraine “About the valuation of property…” it is written that the appraiser can also determine the amount of damage, in practice in the courts such work is full crush. Of course, the examination is more expensive and take longer, but in the above situations, this option of preparing documents will greatly strengthen your arguments and, accordingly, increase the likelihood of a court decision in your favor.