A Registered Estate Surveyor and Valuer,
ESV. Adeoba
Mercy Ademuyiwa has disclosed that Estate surveyors and Valuers play a vital roles in real estate industry in Nigeria.
ESV. Ademuyiwa made this know yesterday in Abuja .
She said “Estate Surveyors and Valuers play crucial role in the real estate industry in Nigeria, providing essential services that support property transactions, development, and investment”.
She described the roles of estate surveyor and valuers as sensitive and are very often relied upon in some instances by third parties to commit funds to a project.
“We are principally concerned with the assessment or calculation of capital and rental values of the many legal interests in real property.
“We are professional, trained and qualified to undertake a variety of services includes :
Valuation of properties/assets including plant and machinery for various purposes.Property /Facilities Management. Land Acquisition and Compensation.
“Others are Estate Agency (Letting & Sale of Properties). Feasibility & Viability Appraisal.Property taxation & rating and Project Management
Valuation of Properties/Assets including Plant and Machinery for various purposes: Estate Surveyors and Valuers value Land, Building, Plant and Machinery for various purposes such as: Rating & Taxation purpose, Insurance purpose, Loan and Mortgage, Sale/Purchase, Compulsory Acquisition and Compensation, Rental for Leasing and Letting purpose, Probate, Merger and Acquisition, Auction Reserve, Litigation and Asset Administration”, she said .
She reiterated that as valuers, we undertake valuations and submit reports that are relied upon by banks and other third parties to commit funds to a project or to lend funds to their customers.
“The Bank effectively relies on the integrity of the Estate Surveyor and Valuer to fix the right value to the property valued.
Property Facilities Management: We oversee the administration of properties including, day-to-day operations, maintenance and repairs of the property, infrastructure and services to ensure optimal functionality and longevity to maximize its present and future returns, responsible for the management of buildings and the operation of technical installations, solving technical problems within a building, and provision of health safety at work”.
The Estate Surveyor maintained that “As property Managers, Estate Surveyors and Valuers negotiate lease terms and advise on all necessary documentation and procedure including renewal, collection of rent as at when due and timely remit to the landlord (his client) is indeed acting as a banker to the client, timely processing of the tenants’ complaints, enforcing tenancy covenants and conditions, collection of service charges for the maintenance of properties and facilities such as lifts, generators, refuse disposal among others.
“Advising on insurance policy, advising client on improvement works that could enhance the value of the property, conducting periodic routine inspection and keeping the landlord informed with recommendation, comprehensive lease and sales negotiation. We also conduct pre-vacation inspection and ensuring that tenants carry out terminal obligations”.
She also spoke on Land Acquisition and Compensation: Estate surveyors and valuers value properties for compensation purposes, particularly in cases of compulsory government acquisition. We assist government agencies in assessing fair compensation in land acquisition or resettlement.
“In Nigeria, Estate Surveyors and Valuers are pivotal professionals in land acquisition and compensation. We are legally responsible for determining fair property values, advising on land development, and managing claims to ensure compliance with the Land Use Act. Our expertise in land law, economics, and property valuation is critical for accurate valuation, fair compensation to landowners for compulsory acquisitions, and facilitating smooth transactions in public and private projects, thereby mitigating disputes and promoting economic development. Estate Surveyors and Valuers (ESVs) are statutorily recognized to assess the market value of properties, including land and buildings, crops, and economic trees affected by compulsory acquisition for public infrastructure projects to determine fair compensation for landowners.
