why is land valuation important?
Property Valuation is important when buying a land and its transfer. An application for valuation is always made to the government valuer, or to a registered Valuation firm which makes a site visit to enable them to prepare the requisite valuation report all for purposes of Stamp Duty. This duty is vital since it acts as a registration fee for the property. The duty is determined by a professional government valuer and the valuation is to determine the true open market value of the property as at the date of transfer.
The buyer has the responsibility of applying for property valuation of the land using the valuation form properly completed by the seller. The lands office uses such papers to fix the stamp duty payable.
Final payment and transfer of ownership
On receiving the completion documents from the seller, the buyer is obliged to pay to the seller the total balance on the purchase price to complete the registration of the documents following payment of the obligatory stamp duty. Documents from the lawyers of the seller encompass the land’s original title deed, the signed and witnessed transfer documents into the buyer’s names, receipts indication paid-up land rents plus clearance certificate, and the consent to transfer.
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Land surveying | Valuation & Advisory | Property & Estate Agency | Physical & Land Use Planning | Environmental Management | Architecture & Landscaping
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