How Important Is Property Appraisal When Settling Estates

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Settling an estate after the death of a loved one is a complex process, especially if there is any real property involved. Employing the services of a professional real estate appraiser which involves th declaration form (also known as ‘ egenerkl√¶ringsskjema ‘ in the Norwegian language) is an important and highly useful procedure that helps everyone involved, from heirs to taxation agencies, agree on a property’s worth.

Self-declaration form

When assets include real property of any sort, fair market value must be assessed for an assortment of reasons. A real estate valuation must be determined when there are multiple heirs so as to equally divide its worth. Market value of housing (also known as ‘Verdi Bolig‘ in the Norwegian languag) must also be assessed for taxation purposes, and to ascertain the total value of the estate to be able to assess inheritance tax liability, if applicable.

Perhaps among the most useful uses of a property appraisal in an estate settlement, however, is that it requires all of the emotion out of the assessment procedure and removes the potential for speculation on the part of every heir.

Must take losses when the injury hits

With official appraisal documents in hand, complete with detailed physical descriptions and comparable regional values, there is very little room for conjecture or differing opinion on how much the property is really worth. Everyone can move on knowing they’ve engaged the services of a certified expert who has fairly and thoroughly considered and set on the most precise fair market value possible.

Appraised values are not absolute. There can be unknown factors that may affect real estate values. The recent recession has certainly demonstrated how fast an appraisal can become obsolete or inaccurate, according to circumstances outside of the appraiser’s control. Nevertheless, most estate settlements do rely heavily on valuations returned by land appraisals.

Property appraisals are not an exact science. For the most part, property values are based on a set of factors, such as square footage, number of rooms, lot size, amenities, age, etc.. These factors are compared to other properties with similar numbers that have been evaluated lately, and values are corrected for differences between the properties.

Appraisals are an important facet of amiable, effective estate settlements. Because an expert appraiser is an impartial expert trained extensively in the area of property value assessment and has nothing to gain or lose in the final determination of value, he or she is a valuable asset to the heirs. There’s even greater benefit in employing a local appraiser who is knowledgeable about the surrounding area, the environment, and some other factors that might affect the value.

Knowledge, expertise and impartiality supply the best tools to effect a fair, just determination of property value and division of assets for the benefit of all parties involved. Selecting a real estate appraiser to ensure real property is as correctly valued as possible can help give everyone who’s involved reassurance.

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