Do you need an appraisal of real estate by obtaining an expert opinion?
Under current law the expert opinion activity in the field of civil engineering – appraisal of real estate, covers the assessment of baseline, technical and universal value of real estate, determination of the universal value of rights and obligations chargeable against the property, determination of universal value of the rent, assessment of damage.
The universal value of the property is understood as an objectivised resulting amount, which is an expert estimate of the most probable price of the assessed valuation of the property at the date in the given place and time that should be reached on the market in terms of free competition in an honest sale, where the buyer and seller will be held with all due caution and awareness, and assuming the price is not affected by undue consideration, usually including value added tax.
The procedure for determining the universal value of a property by an expert is regulated by the Decree of the Ministry of Justice of the Slovak Republic No. 402/2004 Coll. as amended. This decree applies to procedures for establishing the universal value of the property on request of a state authority within the competence thereof or in the case of legal action or proceeding pursuant to special regulations (e.g. Civil Code, Commercial Code, Administrative Code, Criminal Procedure Code).
An expert when determining the universal value of the property elaborates an expert opinion, which is tied to the purpose specified therein. When it comes to legal action, this is most acute:
- Transfer of Property
- The inheritance procedure
- Settlement of spouses or shared ownership
- Entry of building under construction in the Land Registry
- Contribution in kind
- Determination of the value of easements
- Execution of real estate etc.
The expert opinion is based on documents submitted to the expert by the client requesting the expert opinion.