Do you need a valuation of an apartment, of a house, of a property, of a farm, of professional, commercial or other premises?
A simple opinion. of a friend or even of a professional (real estate agency, administrator of assets, for example). doesn't bring you the independence, the neutrality, the objectivity and the necessary technical expertise.
A friendly sale or purchase, taking on a mortgage, a divorce (liquidation of common assets, calculation of award), estate probate, sharing, a gift, a simple wealth tax declaration (ISF) are just some of the cases where a real independent appraisal is often necessary.
For 25 years, LAMY S.A. Expertise (expert to the courts and advisor of both companies and individuals), has performed appraisals of the venal value of real estate, is independent and has the requisite technical and economic expertise.
What is a Venal Value Valuation ?
The Venal Value Valuation defines the value of a dwelling place (apartment, villa, house, property, farm,), of professional and commercial premises, according to supply and demand, in the current local market. Please see our sub-heading in order to know more about valuation methods.
It determines the likely price at which the real estate could be sold in a reasonable time, according to an expert, at the date of the realization of the valuation.
Thus, the venal value valuation is a document that summarises at a point in time :
- the summarises objectively, legal and technical descriptive elements of the real estate
- the quantitative elements (surface)
- the qualitative elements (quality and state of the construction, quality of the site, comfort, distribution, sunshine etc.)
the factors taken into account, by the expert, to establish the value of the real estate at a point in time, of the elements of reference concerning similar or comparable real estate, sold recently, as well as all the calculations showing the correlation between the different elements of information collected.
Such a document, established by an expert, qualified and independent, is often used in the following cases :
- Clarifying the value of the real estate constituting an inheritance (apartment, villa, pavilion, house, property, farm, local professional and other premises), previously to the division, in the case of a friendly sale, liquidation of common assets, calculation of price, inheritance, sharing, gift, wealth tax declaration (ISF, IFRS),
- Helping in the decision process, when envisaging the purchase of real estate (in addition, giving a deep technical clarification of the state of the structure and often, when requested, of the cost of neccessary work).
- Valuation of the contribution to a guarantee of a building (taken as a pledge or for a mortgage), at the time of a loan. These missions are also sometimes undertaken at the request of the lending body, itself.
- Helping victims of expropriation, in the compilation of a public utility declaration (or friendly negotiation, upstream), facing the authorities or bodies and providing aid and advice to the ousted tenants.
- Clarification of the relative value of the shares of a future co-ownership, previous to the realization of a descriptive state of division and to the distribution of the percentages (or in defining the descriptive states of division in conformity) ;
- Obligation legal or required of appraisal of the value of real estate, when contributed as buildings for value to a business, at the time of the creation, the fusion or the transfer of companies (or shares), or the liquidation.
- All legally required missions raising some of the previous points or resulting from judgement in rescision or in annulation of sale, of the relative prejudice in the loss of value or from the destruction of buildings etc.
References to laws and standards
- Decree n°90-981 of November 5, 1990, relative to the quinquennial obligatory valuation of real estate assets of the insurance companies ;
- Law n°90-1300, of December 31, 1990), relative to the evaluation of the real estate assets of the S.C.P.I. ;
- Circular M14, of January 1st, 1997, relative to the obligatory appraisal of real estate assets of the regional local authorities ;
- International accounting standard IFRS, relative (International Financial Reporting Standards) to the obligatory evaluation of assets
- Charter of Real Estate Appraisal (1)
(1) adopted by the French Association of Engineers, Inventors and Industrial Directors (AFICRI), the French Association of Real estate Appraisal (AFREXIM), the Chamber of Real Estate Experts of Belgium (CIBEX), the Chamber of the Real Estate Experts of France (CEIF-FNAIM), the Company of the Experts in Real estate valuation to the Court of Appeal of Paris (CEEICAP), the National Company of the Real Estate Experts (CNEI), the National Company of the Judicial Experts in Real estate Valuation (CNEJ), the Confederation of the Agricultural, Land and Real estate (CEAFI) Experts, the Upper Council of notaries and the Notarial Institute of Real estate (CSN), the National Federation of the Chamber of Experts and Judicial Experts (EEFIC), the French Institute of Real estate Appraisal (IFEI), the order of Surveyors (OGE).
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