Have you ever heard about this term sworn valuation? Do you know the significant importance of the sworn valuer? If not, then this post is for you. In this blog post, we are going to explain you about the Sworn valuation and sworn valuers. Keep reading.
What do you mean by sworn valuation?
Sworn valuation is an independent opinion of the qualified property valuer for the market value of the property. Who is willing to swear to justify the authenticity of the property value that had been estimated by the valuer. It is said that only qualified professional valuer can give you a sworn valuation.
How to give a sworn valuation?
Sworn valuation must be given in writing and can submit by registered property valuer only. This is an independent and legal assessment of the property by the sworn valuer.
Does a sworn valuer need to register themselves?
Yes, It is important and necessary for sworn valuers to get the accreditation by the API (Australian property institute) and should be a certified practicing property valuer.
How it is different from property valuation?
It is much like that only. Basically, there is no difference between the two. The terms licensed property valuer, registered property valuer, sworn valuer all are the same terms. Previously the term sworn valuation was used but gradually this term is replaced by the licensed or registered property valuation.
How sworn valuation is different from real estate agent appraisal?
Real estate agents have their monetary interest. They just put the property on sales list thus they are ready to provide the free appraisal. Real estate agents have their core concern to earn profit from the property sale. Sworn valuers are unbiased valuers own no monetary or commission interest in the sale and charges a fee (which is relatively very small) for valuation.
In some the cases valuers required to sign an affidavit to swear in front of government authorities and qualified witness such as a solicitor, judges that the property valuation report which they have provided is true and correct, and they are registered property valuers. After this property valuation Perth report is then submitted to the court as evidence.
Sworn Valuations can be requested by the seller, buyers, vendors, solicitors or financial institutions. Sworn valuation is required at the time of selling the property –
- If the property value estimated by the valuer is not matched with the buyer’s expected selling price.
- When a client needs to decide the final sales price or to decide sell or not to sell the property.
- When you want to assure the buyer to fullest then the sworn valuer comes into the picture.
Then the Sworn property valuation comes into the picture. They play a vital role in such conditions.
For more information contact our valuers they know the whole picture of the property industry well. Our expert valuers are registered and they feel happy to assist you.