Property.

The inventory value of the hereditary property is determined by the results of the examination carried out by an appraiser of the Technical Inventory Bureau (Bureau of Technical Inventory). In order to receive an expert opinion, the heir must apply with the appropriate application to the local department of the BTI at the location of the hereditary property.

I must say that in recent years, including in 2018, there has been a trend – when calculating the amount of state duty, the inventory value of inherited property is increasingly taken as a basis. This is due to the fact that the BTI expertise takes into account little evaluation criteria, for example, does not take into account the infrastructure, the location of residential or commercial real estate. As a result, the real estate price determined by the BTI estimation is much lower than the real price, therefore, the state duty paid on the basis of the inventory estimation is considered to be understated.

This issue was raised in 2013 in a letter of the Ministry of Finance No. 03-05-06-03 / 57471, but this profile document is not a legislative act, which is obligatory for implementation. Therefore, the notary, as before, is obliged to accept from the heir an act of evaluation of the BTI and on its basis to calculate the amount of the state duty.

Estimation of market value:

Market value is the most relevant and adequate to the real value of the property. In simple words, market value is the price at which property can be bought or sold at a particular moment in a market competition. The assessment takes into account not only technical and operational characteristics, but also market environment factors – supply and demand. The object of assessment can not only be real estate or land allotment, any property is subject to examination, including that which is not subject to cadastral and inventory assessment. For example, to calculate the state duty for the inheritance of a motor boat, a collection of paintings, furniture, and the heir can only present an act of market value to the notary.

How does the market value assessment take place?

The algorithm of actions of the heir and the representative of the valuation organization is as follows:

The heir finds an expert organization that has a license to conduct valuation work. It is advisable to contact an organization that works for a long time and has an impeccable reputation.

An agreement is concluded between the heir and the expert organization, which specifies information about the parties, location and characteristics of the evaluation object, the procedure and term for the provision of services, and the cost of services. To the contract are attached all documents for the property being valued.

Click on link find out more:  https://www.valsvic.com.au/

The heir pays for the service;

The representative of the expert organization conducts an evaluation procedure, which includes…

choice of methodology (the market value of the property is determined by a comparative method, involving the analysis of supply and demand, deducing the average value of similar property in market conditions);

  • Inspection of property, determination of its quantitative and qualitative characteristics;
  • Market analysis;
  • Execution of a written act – an expert report on the market value of the property.
  • The parties (the heir and the representative of the expert organization) sign the act of the executed works.
  • As a rule, the finished act of the appraised value of the property is transferred to the heir within 5 working days.
  • The act contains the following information:
  • Detailed description of the object of assessment, its main quantitative and qualitative characteristics;
  • Description of the theory used to determine the value;
  • Final calculation of market value.
  • The received document can be carried to the notary office, where the hereditary case is.
  • What documents are needed for evaluation?
  • Before applying to a government agency or a private organization for an appraisal examination, it is necessary to prepare documents in advance, which will be required for the expert to work.
  • Depending on the type of estate (apartment, transport, land plot, securities, etc.), the following documents will be required:
  • The passport of the heir;

legal documents on hereditary property (purchase and sale agreement, certificate-account, act on the allocation of land in personal possession, savings account, extract from the register of shareholders, certificate of ownership or an extract from EGRN) );

Technical documentation (extract from EGRN with cadastral data, passport of BTI, technical passport of the vehicle);

A certificate of the presence or absence of debt, prohibitions, arrests and other encumbrances on hereditary property.

Leave a Reply

Your email address will not be published. Required fields are marked *