An Estate Surveyor and Valuer ESV. Chijioke Akaniro
said Property valuation for probate and will purposes is an area that is often overlooked due to emotional sensitivities, fear, and a general lack of awareness among the populace.
ESV. Akaniro stated this during an interview in Abuja, yesterday.
He said the property valuation transfer is a critical exercise in the aspect of estate planning and wealth transfer, ensuring that a testator’s intentions are clearly expressed and equitably executed.
He said that the services of a Registered Estate Surveyor and Valuer (ESV) are essential in this process.
“The professional valuer provides an objective, evidence-based assessment of the value of real properties owned by the testator, thereby guiding informed decisions on how such assets should be distributed”.
Purpose of Valuation for Probate/Will
The primary purpose of valuation in probate and will preparation is to:
Establish the accurate market value of the deceased’s or testator’s properties as at the date of valuation.
Facilitate fair distribution of assets among beneficiaries.
Assist in determining estate duties, capital gains, or inheritance taxes, where applicable.
Prevent disputes and ensure transparency in the execution of the will.
Provide legal documentation to support probate applications in court.
Process of Valuation for Probate/Will Purposes
He stressed that for an Estate Surveyor and Valuer to effectively undertake this type of valuation, the following steps are required:
Preparation of Property Inventory
The testator must provide a comprehensive inventory of all real estate assets. This includes:
Landed properties (developed or undeveloped).
Buildings (residential, commercial, or industrial).
Jointly owned properties, and
Leasehold or freehold interests.
The inventory forms the foundation for the valuation process.
Physical Inspection of Properties
The Estate Surveyor and Valuer must physically inspect all listed properties. This inspection provides firsthand information about the condition, size, location, and other characteristics that influence market value. During inspection, attention should be paid to the following:
Location
Location is a key determinant of value. The neighborhood, accessibility, infrastructure, and socio-economic characteristics of the area significantly influence the property’s market worth.
Type of Property
Different property types command different values and market perceptions. The valuer must identify and classify each property accurately. Common classifications include:
Residential Properties, such as:
Tenement buildings,
Blocks of flats and
Bungalows (terraced, semi-detached, detached)
Duplexes (terraced, semi-detached, detached) and
Mansions and luxury homes
Commercial :
Properties, including:
Office complexes,
Shopping plazas and
Retail outlets
Industrial Properties, such as:
Factories, Warehouses and
Storage facilities
He emphasized on residential properties, as they are the most commonly encountered in probate matters.
Quality and Type of Finishing
The quality of materials and workmanship used in finishing a property directly influences its market value. During inspection, the valuer should note the standard of fittings, flooring, roofing, electrical and plumbing installations, and general aesthetic appeal.
Photographs and Measurements
Photographs serve as documentary evidence of the property’s physical state as at the date of inspection. They enhance the credibility of the valuation report and may be useful in legal proceedings.
He said there is also need for accurate measurements of land area, floor space, and other relevant dimensions are also essential to ensure precision in report writing.
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