13 Point Check-List For Successful Property Valuations
Once you’ve decided that you need a Investment Property Valued, and selected a suitably Qualified Valuer, then what Documents & Information should you have ready to provide?
As we discussed in our article “How to improve the delivery velocity of your valuation report - 5 key actions”, one of the main causes of delay to receiving a complete valuation report will be the Valuer not having access to, or not being provided with, the critical information they will need to complete their report.
Many of the 13 Point Check-List items will also be found replicated on the MV’s 31-Point Check-List of the Essential Due-Diligence you’ll need to Complete Successful Commercial Property Transactions in the Caribbean. The Indispensable Check-List of documents & information that Buyers need to request, and Vendors need to prepare, when transacting Investment Property here in the Caribbean.
Having these Documents in-hand when you ask us for a Valuation Report is the most effective way to Guarantee that we can efficiently deliver you a Report that meets with your agreed Needs & Purpose.
So below you will find the result of the Matheson Valuation brainstorming session, pulling together our “Shopping-List” of the Key 13 Documents and Reports which we’ll request are provided at instruction:
13 Point Check-List For InvestmProperty Valuation
▢ Title Deed or legal ownership documentation.
▢ Legal Title Plan for lot showing lot area & boundaries.
▢ Purchase & Sale Agreement, or contract to purchase where applicable.
▢ Name & Contact for Marketing Agent or Realtor if property subject to a purchase.
▢ Lawyers Legal Searches or Report on Title where available.
▢ Occupational Leases, being copies of individual leases, or provision of template lease structure used in the building.
▢ Completion of Lease Summaries & Rent Role template, including building owners view of achievable rental rates, unexpired rent free periods and identification of any arrears or concessionary rents.
□ The matheson valuation rent & lease schedule, Residential Investment Property can be downloaded here: Residential (https://mathval.com/749)
□ The matheson valuation rent & lease schedule, Commercial Investment Property can be downloaded here: Commercial (https://mathval.com/y1l)
▢ Approved Building Scale Floor Plans & Floor Areas, other drawings from architect, that have been submitted to relevant competent planning authority, along with letter of planning approval, for current building improvements.
▢ List of Recent Upgrades or Significant Capital Improvements undertaken by current owner from last 3-5 years.
▢ Building Completion Certificate from the competent authority where available.
▢ Last 3 years Operational Financial Statements for building, showing annual Utility, Services & Maintenance Expenses, to include; electricity, water, services, grounds & common area maintenance, pool cleaning, elevator maintenance, security provision, management & leasing expenses, rubbish collection etc.
▢ Buildings Insurance Policy, identifying what coverage is in place, and last premium payment amount.
▢ Latest Property Tax Bill & Receipts, including confirmation that payments are current and up-to-date.
At matheson valuation, we’ve found that working with a Single Point of Contact is paramount in reducing our reporting turnaround time. That is why we’re working on the development of the MathVal online portal for report ordering, data submission and workflow tracking, that will be open to both our team of Valuers and our Valued Clients. Once launched, our secure online portal will always be available for ordering, and allow for the monitoring of each stage and every detail of the valuation engagement process. This process has been refined based on our many years of experience on both sides of the valuation engagement.
