REAL ESTATE VALUATIONS / APPRAISALS NOTICE: This page is best viewed on a lap-, or desktop Dear Clients, I hope you’ve been staying positive and testing negative. If you already are familiar with the General Valuation procedures and you want to set up an appointment without reading all the information below, you can go to straight to our secure Valuation (Info) Request Form and fill it out. As soon as we receive your request, a Valuer will get in touch with you to assist you. If this is your first valuation, or you're not familiar with the latest requirements, I recommend to read the following first. About Valuations and Appraisals: Very often clients ask me: "What is the difference between an Appraisal and a Valuation?". There is a difference and it is important to know when an official valuation is required as opposed to just obtaining an appraisal. An appraisal is simply an estimate or an opinion of a property's current market worth, considering what the market is responding to and other factors. They are only intended as a guide to pricing and are generally only requested by potential vendors to get a ‘feel' for the local market. Appraisals are usually offered as a service by real estate agencies, or can be requested from real estate sales people. Appraisals are not definitive and have no Legal standing, and therefore we do not offer appraisals, but only official valuations. If you only need an appraisal, it is recommended that you contact a real estate agent who is familiar with the area in which your property is located. An official valuation is a written report prepared on the property, for which a fee is charged. A valuation report can also be used for Legal purposes. It can only be conducted by a qualified Valuer who has undertaken prescribed education and training in this field to ensure that they take into account all features and issues relating to a particular property. Valuing is a complex task and will take some time to complete. An official valuation will take into account things such as: The location of the property The surroundings of the property The building structure and its condition Building/structural faults Features of the home Caveats or encumbrances on the property Local zoning Additional features of the property (particularly relevant in rural areas) Valuations are required when a definitive value is needed. Reasons for this include a property settlement, obtaining finance from a lending institution or establishing the value of a deceased estate. A Court may also order that a valuation be obtained as part of the process of resolving a dispute. If you do require the best indication of price, engage the services of a qualified Valuer so that you can be sure of the true value of your property. All our Associated Valuers are RICS Registered. About RICS (Royal Institution of Chartered Surveyors): With a worldwide network of 134,000 professionals across real estate, construction, land use, valuation, finance, infrastructure and more, RICS is the global professional body for high standards, training, networking and thought leadership in the built environment. RICS is Nationwide acknowledged as the world leader in standards and qualifications by our Governmental institutions, Judicial Courts, Attorneys-at-Law, Insurances, Credit Unions, the banks and other financial Institutions in Trinidad and Tobago. An RICS professional designation is an internationally recognised and respected mark of excellence and integrity, and every RICS Member will use it with pride and play their personal part in promoting the vital contribution of our professions to successful markets, economies and wider society. With the RICS professional status comes obligations to meet the high standards our clients and stakeholders expect from us. Qualifying as a professional is the beginning of a lifelong pursuit of best practice reinforced by continued learning and development (CPD) and underpinned by the RICS rules of conduct on all aspects of professionalism from technical competence to ethical practice. For more info on the RICS please check their Website at: rics.org HOW DOES THE VALUATION PROCESS WORK, WHAT DOCUMENTS ARE REQUIRED, AND WHAT IS THE COST? The first stage of the valuation process is to collect as much information as possible concerning the property to be valued. We also need to get some information of the Applicant (the person requesting the valuation), the purpose of the valuation (which has to be stated in the Report). All this information allows us to give you the best possible guidance, advice and Valuation Report. We do Valuations for the following: Home Insurances. Legal matters, such as Conveyances (Deed Transfers), Wills or Deed of Gift. Attorneys-at-Law. Private purposes, if for example you want to sell and find out the value. To facilitate a Vesting Order. Tax / BIR purposes. Governmental purposes. Mortgage or Loan purposes. We do Valuations on the following types of properties (please take the COVID-19 notice at the top into consideration): Residential (land only). Residential (house and land). Townhouses/Duplexes, Condominiums/. Apartment units / apartment buildings. Homesteads (with and without building[s]). Agricultural land (with and without building[s]) (NO crops or produce). Commercial (building(s) and land or land only). Office Buildings, Malls and other Retail outlets, Guest Houses, Schools, Churches.. Warehouses, Offices. If it is determined that the valuation can be done by us and for the intended purpose, the client will be requested to fill out and sign a Letter-of-Engagement (the contract between the client, and our company), which can be done in person at the office or it can be sent in by email. The next stage is setting up an appointment for the site visit and inspection of your property. But before the appointment is set, a deposit will be required. The amount of the deposit depends on the type of valuation and property. The balance (if any) can be paid when you collect the Valuation Report. At the time of the site visit and inspection, we do need someone to be present who is familiar with the property, to firstly confirm the location and boundaries. Secondly, to avoid us being considered as trespassers. And thirdly, in case there is also a building that needs to be valued, someone has to open up and let us in to do the building inspection. In general the Valuation Report will be ready within 5 to 10 work days after the site visit. In case you are not in Trinidad or you can not be present at the time of the inspection, the required documents as well as the Valuation Report can be sent by e-mail (see "Upon completion" paragraph below) and the payments can be made online by Credit Card, bank to bank wire transfer, Western Union. LIST OF REQUIRED DOCUMENTS IF THE PROPERTY TO BE VALUED IS ... Freehold Land with or without building: Copies of: The Deed Survey Plan. If not available, at your request we can try to get it for you. Cost: TT$300. The Receipt of the last paid Property Taxes (if available). If available documentation of the relevant Approvals Newly subdivided residential lots: Copies of: The Deed of the Mother parcel Final Town & Country Approvals Survey Plan. If not available, at your request we can try to get it for you. Cost: TT$300. The Receipt of the last paid Property Taxes (if available). In case the lots are not yet final approved; the Outline Approvals together with the stipulated terms & conditions to obtain Final Approvals Older subdivided residential lots that are being sold for the first time: Copies of: The Deed of the Mother parcel Final Town & Country Approvals Survey Plan. If not available, at your request we can try to get it for you. Cost: TT$300. The Receipt of the last paid Property Taxes (if available). In case the lots are not yet final approved; the Outline Approvals together with the stipulated terms & conditions to obtain Final Approvals Leasehold land with or without building: Copies of: The Leasehold Deed Survey Plan. If not available, at your request we can try to get it for you. Cost: TT$300. The Receipt of the last paid Property Taxes (if available). If available documentation of the relevant Approvals A building on rented land: Copies of: Survey Plan. If not available, at your request we can try to get it for you. Cost: TT$300. The receipt of the last paid rent The Deed - If not available; copies or originals of the following: At least 1 but preferably 2 utility bills in the name of the owner of the building Receipt of the last paid Property Taxes of the building in the name of the owner of the building, to prove the building does not belong to the owner of the land. Regularized squatting land with or without building: Copies of: Certificate of Comfort Survey Plan. If not available, at your request we can try to get it for you for a small fee of TT$300. (US$50.) The Receipt of the last paid Property Taxes (if available). If available documentation of the relevant Approvals: In case there is a building on the land; at least 1 but preferably 2 utility bills in the name of the owner of the building Receipt of the last paid Property Taxes of the building in the name of the owner of the building A building on squatting / State Lands: Copies of: At least 1, but preferably 2 utility bills in the name of the owner of the building, and showing the correct address of the property to be valued. The Receipt of the last paid Property Taxes (if available). Aditionally and if available, for homes or dwellings that are built after 1984, the Town & Country Approvals or the Completion Certificate. Not available? ... No problem! The property can still be valued, but there is a chance you might not be able to do what the valuation report is intended for (e.g. selling the house to a buyer that needs a Mortgage). But don't worry, we'll advised you accordingly. Appointment Time: In connection with other bookings it is preferred to book the appointment for the site viewing and inspection at least one to two weeks in advance. The day before the site visit, you will be contacted to confirm. Site viewing of Residential and Agricultural land without buildings: We need to see as many accessible boundaries or markers as possible. If you have dogs or other potentially dangerous animals, regardless of size and friendliness, please secure them safely. This includes bulls, cows, goats, sheep, pigs .... etc. Estimated time of site visit and inspection: Residential land: approximately 20 to 30 minutes. Agricultural land: depends on the accessibility, and the size of the land, but on an average about 1½ to 2 hours. Inspection of a building: The exterior of the building has to be measured, so please make sure all sides of the building are free of debris and can be accessed. Interior access to the entire building is also required for the inspection. If you have dogs or other potentially dangerous animals, regardless of size and friendliness, please make sure to secure them safely. If you have tenants occupying the property, please give them ample notice, and the day before the appointment a reminder that access to their home is required for inspection. It is preferred the tenants are present, or make arrangements for someone they trust to let us inside. It is also very important that the tenants are going to be cooperative, on time, not obstructive, and allow the valuer access throughout their entire apartment of house. Estimated time of site visit and inspection of the building: approximately 1 to 2 hours, more or less depending on the size. Upon completion of the Valuation Report you have the option to: Collect the report at the office, either by yourself or a Lawful Representative appointed by you. This can be a relative or friend. In case of the latter two, they need to bring 2 forms of ID. Have the report converted to a PDF file and emailed to you. Keep in mind however that if you need the report for Legal Purposes, it is recommended to have the original report with the genuine signature of the valuer. Please note: We do not send original reports by ordinary mail or Courier Services. You will receive: 2 Original hard copies of the Valuation Report, signed and dated by the Valuer. Or by your request and a small additional fee, both the hard copies plus the PDF file of the Valuation Report emailed to you. All the documents you handed over to us (e.g. Deed(s), Survey Plan(s), Approvals Utility bills ... etc). If requested and applied for by you: The Survey Plan(s) of your property we obtained from Land & Survey. An itemized invoice/receipt. WHAT IS THE COST FOR A VALUATION? It is very difficult to give an estimate before we get all the required information on the property and without having seen it. However we can give you a general idea of the cost, which is as follows: VALUATION FEES: RESIDENTIAL & AGRICULTURAL PROPERTIES: Property Value $600,000.00 or less Minimum fee -$2,000.00 plus Vat In excess of $600,000.00 a fee of ¼ of 1% of property value plus Vat Deposit $1,800.00 COMMERCIAL PROPERTIES: Property Value $1.6 Million or less Minimum fee – $4,000.00 plus Vat In excess of $1.6 Million the fee will be at a rate of ¼ of 1% of property value plus Vat Deposit $4,000.00 Please note that prices are subject to change according the type of property and /or the circumstances. For additional information on our valuation fees, please fill out our secure Valuation (Info) Request Form. PAYMENT METHODS: Visa Debit Card Online transfer Manager’s Cheque Cash DELIVERY OF REPORTS: Residential: Residential valuation reports are completed generally 4-5 working days after site inspection providing that all the relevant information and documents required and requested have been produced. Commercial: Time frame depends on the scope of works etc. IMPORTANT!: In general, Valuation Reports are valid for a period of 3 to 6 months especially for Legal purposes, such as a Conveyance (Title Transfer). If the Report is older than 6 months you'll have to get an updated Valuation Report. Also take into consideration that whatever the purpose of the valuation is, it usually takes some time to get done what needs to be done, so make sure that the Valuation Report does not expire during this period especially in these COVID-19 times. Therefore it's recommended to only do a Valuation at the time you actually need it. However, as mentioned above, when setting up the appointment for the site visit and inspection, there is a chance a date cannot be set within 1 to 2 weeks due to previous booked appointments. So as soon as you need a Valuation Report, contact us at your earliest convenience to set the date and time of the site visit.     Ready to set up an appointment or need some more info? Click here to fill out a As soon as we receive your request, a Valuer will get in touch with you to assist you. The best way to get in touch with us is via: email: : sipreal@gmail.com WhatsApp Messenger or Signal at 18687507127. Besides email, WhatsApp and Signal are the prefered communication methods, so please let me know if you have specific hours you prefer not to be contacted via WhatsApp or Signal. Kind Regards, Ronny Drappier  DipEng, AssocRICS, RICS Registered Valuer (Retired) Office visits by appointment only! Front Page | About Us | Properties For Sale | Selling | Mortgages | Construction | Map of T&T. | Games | Send a card | Lucky Lotto | E-mail Copyright © 1998- sipreal.com, All Rights Reserved.