A Probate Valuation Report is usually required by the Probate office in your State or Territory.

There are different reasons for valuations, but there is something very special about the valuation of deceased estates and properties. This is mainly because the scope for misunderstanding and disputes regarding the situation are usually quite high.

At some point, the assets in the estate must be dealt with appropriately.

Deceased estates and probate property settlements can often cause disputes, especially between beneficiaries who are most often family members.

An independent valuation of the property ensures that the fair market value of the property can be established as at the ‘date of death’ or for pre-sale advice purposes.

A Probate Valuation Report is usually required by the Probate office in your State or Territory.

It is one of many duties of an executor (or administrator) of a Will. An executor will be required to provide an estimate of the total value of all the assets, so that tax liabilities can be assessed correctly.

It is usual in the case of a deceased estate, for the executor to obtain a ‘Grant of Probate’ of the Will and then have the title amended at the Land Registry before sale. It’s a fairly easy step nowadays to update the title from the deceased person’s name, to that of the Executor.

The title will then show that the Executor has been granted Probate.

A probate property valuation report is also commonly used to help identify the fair market value of a deceased estate on behalf of the beneficiaries.

Before selling or transferring the family home, it is wise to engage an independent property valuer for peace of mind that you are aware of the property’s full current value. Know what the property is worth before entering into negotiations with real estate agents or family members.

An independent Property Valuation Report will be required by the Office of State Revenue to confirm the stamp duty payable on all sales between related parties. This is also the case if ‘gifting’ the property.

Also, superannuation funds require valuations of properties held within the fund to accurately report the value of the fund. Check with your particular super fund about how often this is required. It may be annually or every three years.

Finally, some property valuers may offer a discount on all services provided to Seniors Card and Carers Card holders.

Please use our Business Directory Search facility to find ‘Property Valuers’ that service your local area.