A person staying overseas, having properties in India might at some point need to get the properties valued. Land valuation means to know the monetary value of the land, movable or immovable property. The valuation of land is analyzed by the market value of the property.
Valuation Methods of a land
When two partners are looking for a legal separation, the properties are also meant to be separated at that time. During separation it is necessary to understand the valuation of property of the partners. The partners does not know the actual valuation of the property, here legal assistance can be taken from the lawyers to know the actual value of the property. NRI’s have no knowledge about their partner’s property in India and hence a legal assistance is much needed to know the valuation of land.
Unaware of assets:-
NRI’s living abroad does not have proper knowledge about the properties of the partner. NRI’s may have difficulty in knowing their partners property as sometimes partners does not even know about their own property in India. Thus a legal assistance can be taken from an experienced lawyer to know about their own property. Experienced property lawyer can help track all of the properties in name of their partners.
To know the value of the land:-
To know the actual value of the land or any said property, a property lawyer can be contacted. As NRI’s most of the time are living in other native lands they are unaware of the market situation of the country. All the information NRI’s have is the old status and old market value of the property. To know the real worth of their own or partners land a property lawyer can be contacted. NRI’s must be aware of its properties real market value.
Partners might have two kinds of properties
Partners might have two kinds of property in succession:-
- Property which was bought by them after marriage, in name of self or in name of both.
- A property which was given to them as a gift before marriage or which was bought before marriage.
Separation and property valuation
A married couple seeking to dissolve the marriage might be willing to go through the proceedings of divorce. When two partners chooses to go for separation then along with the separation of the bond they had all the assets having a monetary value is also separated. That property might be movable or immovable. It can be a car, furniture, shares, house, farm land or any other type of property possessing a monetary value. During separation a partner needs to know about the actual value of the property, so a relief claim can be made according to the said value.
To know the value of monetary funds held in partner’s hand, a legal assistance is suggested. A well experienced property lawyer can be contacted to manage all the paperwork and to provide the information in quick time. NRI’s might face issues in visiting India for the said work, although a well experienced property lawyer can help getting all the information required. The value of the property is provided by following proper legal procedure.
Procedure of valuation
- The person seeking to get property valued must first contact a lawyer having knowledge and expertise in field of property law.
- That person must then pass all the documents required for the valuation of that property. This may include the details of assets name of the owner, copy of wills, copy of registered documents, partners name and details etc.
- Income details if required shall also be given, self also the details of partners shall also be given.
- On receiving the required information the legal advisor shall run a deep check and shall pass all the adequate information he gets about the property.
Our team can be contacted to get legal assistance regarding the property valuation. Our experienced lawyers have been working in property cases from many time. Our team is always up to date with current market situation and the current market values of the properties of all kind. Video counselling and walk in counselling both is available through our legal advisors.