The Definitive Guide-101 Need a Property Valuation certificate (PVC), hassle-free, affordable, and fast? In this comprehensive guide, we'll go through the entire process to get the Valuation Certificate of Property, step-by-step in . In this article, you will discover: What is PVC? Importance of PVC Who issues the property valuation certificate? How long does it take to get it? What does it look like? What documents are required? A proven step-by-step valuation Process Step No.1: Purpose of Valuation Step No.2: Required Documents Step No.3: Valuation Fee Payment Final Thoughts FAQs This is the exact process applicants follow to value properties. For settling family disputes, buying or selling a property, inheritance distribution etc The best part is? You can get it even if you're not in Pakistan (overseas Pakistani) or don't have time to visit the valuer's office. Without further ado, Let's get started. A Premier About Valuation Certificate of Property A property valuation certificate (PVC) considers several factors: condition, location, soil testing, position, interior, exterior, construction materials, plumbing quality, and electrical setup. Benefits A question commonly received is "Why do you need a Property valuation report? Here are some of the reasons why you need it: Before selling or buying a property, a valuation needs to be done to save on buying or selling properties in Pakistan. A certified valuer will inspect, evaluate, and share the final market value considering all the factors associated with the property. To solve a property dispute amongst deceased property distributors or some partners. Another reason might be, you are going abroad for a visit to the USA, the UK, Canada, Australia etc. The tax associated with such properties is a Capital Gain Tax, Wealth tax, Property Tax, Municipal Tax, stamp duty etc. (IRS) You need to enter the book value of an asset or a property. You might need a valuation of the property for financial audit purposes. Acquisition and merger cases are often heard and seen in the news, where sometimes one company takes over another company or property. In such cases, the evaluation of the property in question is done beforehand to determine the final market cost. Read Also: ICONS Valuations and Other informative posts like how to get the family registration certificate fast. Who issues the Property valuation certificate in Pakistan? The simple answer to this question is a registered valuer of Pakistan. The property valuation surveyor may visit your property before issuing your certificate. Keep in mind, it is a paid service. And, the assessment of a property done by a real estate business owner (dealer/consultant) is a free service. The approved property evaluators can only issue the property valuation. The approved valuation companies have got the approval from the below-mentioned regulatory bodies: PBA (Pakistan Banks Association) PEC (Pakistan Engineering Council) The State Bank of Pakistan Federal Board of Revenue (FBR) NBFI & Modaraba Association of Pakistan How long does it take to get it? It takes one (1) working day most of the time. In some cases, it takes 2-3 days to get the Property Valuation Certificate. It would take less time, or a little longer to value your property. It depends on the size of your house and the number of rooms you have. If there are any unique features to your property, allow more time. Property Valuation Certificate Format: (How its look like?) A certificate of property valuation (aka valuation report) entails details of the property, ownership, construction quality, fixtures, and age of the property etc. Here is the property valuation certificate format Pakistan has detailed information breakup a property value certificate encompasses: Personal information: Owner's Name and Other Particulars Applicant's Name Valid CNIC Passport No. (If the property valuation certificate is for Visa), Address For Constructed Properties: Appearance Wear and Tear Condition Fitting & Fixtures Age of Property Location access to property Force Value Construction Quality What is on every four sides of the property? Access approaches the property and many other features of properties need to be considered etc. For Non-Constructed Properties: Location Accessibility to Land/Plot Features (Corner/Non-Corner) Level/Depression Other features and amenities that the property might have Valuations Analysis Details: Size of the land and building, Construction reasonable cost (if the property is a house or any constructed) Final Market value Physical details on the construction and condition. How do valuers do Property valuation? Here are a couple of ways to do property evaluation: Comparable property sold and bought near the area recently; An appraisal is based on location, features, amenities, structural condition, and recent sales of similar local properties, the age of the property. How to Get the Property Valuation Certificate (for Tax) If you intend to sell or purchase a property, you will need a property assessment as a condition of your tax deposit. We believe that FBR conducts valuations or appraisals for land or houses. That said, you need FBR valuations for taxes, paying stamp duty, and such. Ways to get the property valuation (For Taxation) Here is the following step-by-step process to find out the property assessment of your immoveable properties or assets (for Taxation): 1. Visit the Federal Board of Revenue Website. 2. Select - Valuation of Immovable Properties from the side menu. 3. Open the side menu and choose “Valuation of Immovable Properties”. 4. Look for the option "Rates of Valuation of Immoveable Properties" 5. Select the region/city/district where the property is. 6. You see: “Revision of Value of Immovable Properties of Islamabad”. 7. Download the PDF file or property documents showing the property finalized value of the residential property or commercial properties. Documents Required Here is the list of documents required: CNIC Copy (Owner of Property/Asset and Applicant) – Front and Back. Property Ownership (Allotment or Registry or Fard or Inteqal in case of Land) Passport (1st Page) - (If it is for visa purposes.) Construction Drawing Approved (if you have any) Here’s the proven step-by-step process to get a property valuation certificate: 1 Step No.1: (Purpose of Valuation - The Intent & Pay the Fee) To start, in the process of acquiring a PVC, you need to clear on what is the purpose of the valuation. The value of the property certificate/report depends on what you need it for. To get premium property valuation services for your plot, land and building for several purposes such as property for buying or selling a property on the market, for a visa, for a mortgage, Then, you must decide on a valuation fee for a formal valuation report with the approved/registered valuer. 2 Step No.2: Property Inspection/Visit by Valuer's Surveyor The second step in the valuation process is: The valuer company's surveyor might visit your property to get and confirm all relevant information and take some pictures of your property for the valuation report of the house, land, plot etc. However, they may issue you a report based on the provided documents and prevailing market conditions. Numerous factors valuers consider to get fair market value (FMV). 3 Step No.3: Report is ready to Deliver In the final step, the valuer has the report ready to deliver as per the valuation intent. It is normal practice, a valuer takes 1-2 days to issue a property valuation report. However, several factors affect or cause delays in the issuance of valuation certificates. Finally, the Property Valuation report is ready. Pro Tip: It is highly recommended to request the valuer to share you scanned copy of the final draft of the valuation before it gets duly signed and stamped. Valuation Fee A question I most often receive is what a valuer keeps in mind while deciding on the valuation fee: Fee Payment The Valuation Fee depends on the following parameters: Property type The property valuation Fee depends on what kind of property you want to evaluate. For instance, a residential property, a commercial property, a constructed property, or agricultural land. Property size The valuation fee depends on the size, location, constructed, non-construed, commercial, and residential. Location The location of the property is also a main concern to find out the service charges for a valuation. The property valuation charges are subject to the location. Extra charges have to pay you if the property is in a far-flung area of the town covering the extra expenses that occur. Because the valuation surveyors from the evaluation company have to travel extra mileage. Before going for valuation, the purpose of a Valuation Report is clear. So the service fee of the valuation varies depending on your intent of a valuation (valuation for a visa or a bank loan or any other purpose of valuation). Once you have decided on the valuation fee, next pay them enabling them to start working on your valuation without further delay. Ask the Property valuer when they may provide you with a valuation report. Purpose of valuation The purpose of valuation is a map where to go. So, be clear on the purpose of a Valuation Report before booking a valuation. The service fee varies depending on your intent (why you need it?). So pay the valuer the agreed-upon fee to avoid delays. Inquire about when to expect the valuation report from the Property valuer. Final Thoughts! In summation, Covered you all about how to get the property valuation certificate. A registered valuation company does this. It is a detailed market analysis of the immovable property. Above is a 5-step process to follow to get your property evaluation report fast. Contact ICONS Valuation for any query about getting a valuation of property. I hope you enjoyed our blog post on how to get property valuation. Now I’d like to hear from you: Either way, let us know by leaving a comment below right now. If you enjoyed this article, share it with your friends and colleagues! FAQs (Property Valuation Report) A property valuation report is a legitimate document showing the property like a house, apartment, land's fair market value, location, size, and other details. You may contact/consult a licensed lawyer or any other professional sales agent who guides you through the process. The Federal Board of Revenue and Excise offices of any location issue the property valuation assessment. Here are the website links to find out the property valuation on Excise department websites: Punjab: https://excise.punjab.gov.pk/ KPK: https://www.kpexcise.gov.pk/app/ Islamabad: https://islamabadexcise.gov.pk/ Sindh: https://excise.gos.pk/ Balochistan: https://pabalochistan.gov.pk/new/ You can get an assessment of your house through a real estate agent in Pakistan. That said, to get a property valuation of a house, you need to contact a registered valuer. It is a paid service whereas the assessment done by a real estate agent is a free service. A professional certified surveyor and licensed holder by the Govt of Pakistan may conduct a valuation including residential, commercial, or industrial property. To get a property valuation certificate for a Canada visa, you need to follow the steps mentioned in this article. It can be used for a student visa/f1 visa/Business Visa or the USA (The United States of America). A valuation certificate is a legitimate document showing the fair market value, features, and other details of an asset being evaluated and produced for a specific purpose. The answer to this question is straightforward: "No." The valuation services are a paid service for and provided by a professional valuer. The market data approach, or sales comparison method, is widely preferred. It estimates value by comparing the property to recently sold ones with similar characteristics. Three globally accepted property valuation methods are the cost approach, sales comparison approach, and income approach. Assessors may use one or more depending on the property type.