When going through a separation, it is common to require a property valuation to assist with the settlement process. No matter what the details surrounding your separation settlement are, it can be a difficult and stressful time.
There are many potential issues that can arise during the settlement process, especially regarding the division of assets. It can take a significant amount of time to reach an agreement that is beneficial to both parties, or that they agree to at least.
As your property is commonly your biggest asset involved in the separation settlement, it is important to ensure you have an expert team assisting you in producing the property valuation report required.
Why is a property valuation required for separation settlement purposes?
A property valuation is needed to assign an accurate current market value to the property. Without knowing the true value of the property it will be impossible to fairly divide the property during the settlement.
Having an independent and experienced property valuer to complete your valuation will help to ensure that you have the correct and fair value of the property in question. This will mean you are well-informed during negotiations, and will be able to receive a fair division of the property.
Approaches to property valuation reports for separation settlement purposes
There are two approaches commonly used when completing a property valuation report to help during a settlement dispute during a separation. Which approach used depends on whether the parties involved are reaching a settlement through mediation with a solicitor, or are involved with a legal separation in the Family Law Courts.
A mediation report is also known as a short form report. It is around 13-15 pages and follows the format of a standard valuation report. It includes an accurate current market value, and details of what has determined the value.
These details include the land and building condition, location of the property and any risk factors involved. It also includes comparable sales data and market analysis of the local real estate market.
This report is similar to any other property valuation report in its length and inclusions. Every report provided by our expert property valuers are considered legal documents, however it differs from the Family Law report as it is not purpose specific.
Family Law Report
The Family Law report is also known as a long form valuation. This report is an extended version of the standard property valuation report, and comes to around 25 pages long.
This document will contain the same information as the mediation report, as well as additional information included to meet legal requirements to be accepted by the courts.
All property valuations completed at Melbourne Property Valuers Metro are done by qualified valuers with over 20 years of industry experience. Our property valuers will provide you with expert information needed to reach a fair agreement in your separation settlement negotiations.
We understand that requiring a settlement property valuation comes during a difficult time which can be straining on those involved. Our services are always performed with integrity and care, and we guarantee accuracy.
If you have any questions regarding our property valuation process, or require our services, do not hesitate to contact us today so we can assist you with moving forward.