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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics.
A POF is commonly used when commencing a commercial transactions between parties who do not know each other. The purchaser's bank produces evidence in a standard format that their client is good for a transaction up to the value of xx, based on yy item etc. Usually, such letters have to be produced/verified/confirmed by a class A international bank, as local banks may not have the status ...
A mortgage valuation is for the benefit of the lender. Its purpose is merely to confirm the property is suitable security and worth the price paid, in order to protect the lender's interests. [6] Invariably there is a disclaimer on the report that confirms that the surveyor extends no responsibility to the borrower. This is a legally valid ...
The founder members were a number of professional institutes mainly concerned with real property valuation. The Committee changed its name in 1994 to the International Valuation Standards Committee, and from the late 1990s started to include member organisations concerned with the valuation of assets other than real property.
Within RICS the primary areas of practice represented at FIG are geomatics (land and hydrographic survey), environment, planning, construction and valuation. RICS works in close collaboration with other professional bodies, central banks and international organisations such as The United Nations, World Bank and The European Union.
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Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Standardized templates for loan agreements can assist in ensuring all critical terms and clauses are included. [4]