Estate or probate property valuations
An estate or probate property valuation is used to help with the settlement a deceased’s person’s estate.
When a property is held in an estate, or is going through probate it is common practice for any assets to professionally valued to help with the overall settlement of the estate.
A property valuation is primarily undertaken to determine the value of a property, and then this valuation figure can be used to help with its sale on the open market with a real estate agent, or otherwise used to set a price for a sale between one beneficiary who may wish to buy the property, and others that wish to sell it.
The valuation figure provided in our report would usually be used to set a reserve price at auction, or otherwise a minium asking price if the property is sold via private sale with a local estate agent.
An estate and probate property valuation is also important for an executor as it provides them with some legal cover, in that they can then be seen to be doing everything correctly in regards to the sale of a property. There can be issues in regards to claims of selling a property to cheaply either via an estate agent or privately, and a valuation report helps provide evidence that the executor has been fair in their dealings with the property.
This is especially important where wills are being contested or there are a number of beneficiaries.
An estate and probate property valuation is conducted either at the date of death or as at the date the property valuer inspects the property, and this should be confirmed by independent advice prior to undertaking the valuation.
Melbourne Property Valuation has over fifteen years experience undertaking estate and probate property valuations, and we take genuine pride in providing a professional service.
If you have any questions regards a valuation feel free to contact us for further information.