A valuation report is required to ensure that the land is that which is described on the title, that none of the covenants has been breached and also determines the true market value for the property.
A valuation should be done by reputable valuators who are trained to carry out the requisite functions. They will be required to make careful personal inspection of the property and all findings, statements and opinions submitted in the report are correct to the best of their knowledge.
When selling or purchasing real estate property, it is advised to get the property appraised, based on current market trends and with property prices on the rise, it is always best to ascertain the true value so as not to overprice or under price your property.
This report is also needed if you are getting finances from a mortgage institution, before a loan is processed the financial institution normally request this document. They sometimes will have their panels of valuator that work with and request that you use one of them.There is a standard cost involved in getting these reports done and is usually 0.3 per cent of the value of the property.