Property valuation

It is necessary to set value of the property in such cases as buying, selling, renting, remodeling and developing it as well as in those cases which are prescribed by the government, e.g. privatization of state and self-government property. Property valuation is very important in reorganization cases foreseen by the Commercial law – division, restructuring and amalgamation of enterprises, as well as establishment of new companies.

The value which has been stated during the process of evaluation shows the opinion of the appraiser about the property. The promptness of the opinion depends on the skills and education of the appraiser, his/her objectivity, as well as on the datum and fact materials which have been available and were used for setting the value of the property.

This is the reason why property valuation can be done only by a Professional appraiser, who has all necessary knowledge and skills.

In Latvia the rights for setting up the market value for property is certified by Professional qualification certificates which are allocated by Latvian association of property appraisers. Although, as it is stated by the Law of Latvian Republic legal entities are not requested to have a license for the valuation of real estate, the company's experience and staff qualifications is certified by The Certificate of Competence, issued by Latvian Association of Property Appraisers.