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Is it necessary to evaluate the land when evaluating a house?

House without land plot

Whether it is necessary to determine the value of the land plot when evaluating a house depends on purpose of expert evaluation.

Below are considered the most common situations in which land valuation is needed, or vice versa, the market value of the house is calculated without taking into account the value of the plot on which it is located.

Valuation of a residential building for sale

The most common case where it is necessary to determine the market value of a dwelling house, is its sale. Since, according to the legislation, detached buildings are sold only together with the land on which they are located, in the case of registration of the sale of real estate notary will require to provide an expert money evaluation of the land. An exception may be situations where the plot is not privatized, but such cases are now quite rare and they need to be considered individually. Summary – when evaluating a residential building for sale NEED expert money evaluation of the land.

Valuation of the house for gifting

The situation with evaluation of real estate for gifting in terms of documents required by the notary differs from the same work for the sale of property. It is worth noting that there are two types of monetary valuation of land: expert and normative. Expert evaluation conducted by private appraisal company (as our one), but normative as a rule is issued by the state authorities together with the extractor from the SLC (State Land Codex). In the case of the gift of the house to a notary, a normative evaluation of the land (issued by the state authorities) is required and independent evaluation of house (we do). However, in some localities normative one may not be developed, so in such cases the notary requires the conduct of expert valuation of land. Summary – when donating residential buildings, it is necessary to clarify with a notary what is the necessary monetary evaluation of the area: expert or regulatory.

Evaluation for the division of property in divorce

There are also certain nuances. In most cases, the division of property determines both the value of the house and the value of the land. It makes sense, as spouses want to evaluate the property, which is jointly owned with a view to its eventual sale or compensation for its share of the dispute. That is, an expert evaluation of the land is NEEDED. Although, again, there are exceptions. Sometimes only the structure is in dispute, as the plot was acquired by one of the spouses before the marriage was registered. In general, with expert evaluation of property for presentation in court, each of this case must be considered individually, because in each case there are subtleties that affect the process of our work (for example, the need to go to the inspection of the facility in each case is decided individually).

Independent evaluation for the court in the registration of ownership

In our country, it is not rare that through the use of the court people formalize the right to establish documents on the real estate even when there is no dispute around it. For example, if a lawsuit legitimizes unauthorized construction, it is usually enough to simply value a house without considering the value of the land. As mentioned above – any work for presentation in court requires an individual approach, so we recommend you to contact our appraisers by phone, e-mail or Viber (look at the selection Contacts).