Valuation of properties is without any doubt one of the most important steps that have to be gone through when a property is bought or sold. The main purpose of property valuation is to assist the various stakeholders to have clear and unbiased information about the fair market value of the property that is being bought or sold. This report helps them to take and informed and logical decision whether to go ahead with the transaction or not. The report also plays a big role in finding out more about the legal status of the property in question. Additionally there are a number of other subjective elements in the valuation report which is also very helpful, particularly to the buyer.
Whenever there is a need to get more information about the property tax payable or the stamp duty applicable for buying and selling agreements, there is no doubt that these valuation reports come in very handy. Hence there is no doubt that the role of property valuers is extremely important to say the least. On the other hand there is also the need to ensure that the valuers are doing their job properly, professionally and ethically. To enable this to happen at the ground there is the need to have regulators as is the case with other services. For example, when it comes to banks, insurance companies and telecom service providers there are service providers who have a very import ant role to play. In the same light there is a need for overseeing, monitoring and regulating the roles of various property valuers.
Since the role of these valuers is extremely important there should be urgency in appointing these regulators so that the customers are sure that they are being provided the right services, at the right time and within the right time frame. While there is no doubt that a majority of valuers are very professionals and highly committed towards customer service, there could be a few who could be black sheep. There is a need to identify and weed them out and that is what the purpose is of these valuers.
These regulators are appointed by the state authorities and they are given specific guidelines and their mandate is also very clear. These professionals are usually valuers themselves who have put it a number of years service in this area. Hence, they would be able to find play a big role in properly regulating the entire valuation business.