Real estate appraisal on the Ile de Ré

Real estate is a constantly changing field.  The market is not simply limited to a simple transfer of property; the diversity of property law and complexity of tax issues result in both individuals and professionals having recourse to the services of a property valuer. Recent developments in legislation regarding nuisances, or the presence of asbestos, lead or termites, can lead the real estate appraisal expert to undertake additional investigations and searches depending on the type and geographical location of the building in question.
 
When should you call upon a property valuer’s services?
 
In terms of issues comparable to those dealt with under English civil law, there are numerous reasons to seek a property valuer’s services:
- Administration of property and estate for individuals
Purchase, sale and exchange of buildings,
Property division upon inheritance, donation-division,
Ending of legal agreements on jointly and /or severally held properties,
Preferential attribution of property and associated rights under French law (principal residence of the surviving spouse or former spouse, agricultural property being worked by the beneficiary)
- Tax declarations
Inheritance declarations,
Capital Gains Tax declarations
- In the context of commercial leases
Setting of renewal rental,
Setting of compensation for evictions,
- For business and commercial law
Mergers, capital, transfers, assignation, purchases,
Drawing up of balance sheets
Special obligations of insurance companies: since the French law of 5 November 1990 modifying the provisions of civil law on insurance (Code des assurances), there is a requirement to undertake five-yearly expert valuations and yearly updates for all buildings and shares or shareholdings: the valuer must determine the realization value.
Special obligations of non-trading property holding companies (Sociétés Civiles de Placement Immobiliers, SCPI): the decree implementing the French law of 31 December 1970, as modified by the law of 4 January 1993, introduced the obligation to have an independent professional valuation of the buildings which constitute the property held by the company.
- Valuation for loans
Valuation for bank guarantees,
Valuation for reserve price and bidding support for auctions of repossessed properties,
Valuation of accounting provision.
 
Why call upon a property valuer’s services?
 
Applying valuation methods requires fair estimation and analysis of the elements that constitute the property’s additional or lost value, i.e. the value factors. The property valuer is therefore skilled in determining the correct value of these factors. He or she must simultaneously act as a:

Technician: reaching a judgement as regards the technical factors of the valuation, such as the nature of the construction, architectural quality, state of the building and its fixtures and fittings…

Economist: the transaction value of a property depends much more on supply and demand, and thus on the economic context, than on the technical quality of the property. It is not enough to have a database of property information, the valuer must interpret the data, i.e. arrive at a conclusion taking into account the economic context.

Lawyer: the valuer must have knowledge of land and property law (easements, rent…) as well as other areas of law (planning, compulsory purchase orders, taxation…)
Taxation expert: the valuer must keep up-to-date with developments in tax law in order to understand its implications for the property market.
 

Real estate appraisal applies to several types of property:

• Residential property (houses, apartments and flats, châteaux, investment properties)
• Business and industrial premises (workshops, factories, depot, offices)
• Commercial and retail properties (shops, retail centres, malls)
• Retail premises
• Rural properties (buildings, agricultural land, woods, forests)
• Leisure property
• Land to build on