Expertise or Valuation:
What a difference?
The real estate expertise and the valuation are two distinct methods used in the real estate field to estimate the value of a property. Each of these approaches meets specific needs and involves different processes.
Expertise
A property expertise report is a formal and detailed assessment of the market value of a property. It is usually carried out by a certified and competent real estate appraiser, such as a certified appraiser. This process involves a thorough analysis of the property, taking into account factors such as location, size, condition, specific features and comparisons to similar properties recently sold in the area. One of the important characteristics of the real estate expertise is its enforceable nature, which means that its conclusions have legal value and can be used in legal contexts, such as real estate transactions, inheritances, divorces, or to obtain mortgage financing.
Notice of value
On the other hand, a valuation is generally less formal than a real estate expertise report. This is a less detailed estimate of a property's value and can be performed by various real estate professionals, including real estate agents. Unlike the expertise, the valuation is often based on more general data and simple comparisons. It can be used in situations where a quicker, less detailed valuation is needed, for example, to help set an initial sales price or to get a rough idea of a property's value. However, it does not have the enforceable nature of expertise and is often used for more informal purposes.
