PROPERTY VALUATION FOR THE PURPOSE OF LITIGATION, DISPUTE, COMPENSATION

The property valuation procedure is an important procedure for the Court to settle civil disputes.

Property valuation is one of the important evidence-gathering steps for the settlement of the case. The property valuation will help the Court have more grounds to determine the actual value of the disputed property.

Property valuation is prescribed in Article 104 of the Civil Code 2015 and is carried out in the following cases:

• The involved parties reach an agreement among themselves to choose an asset valuation organization when they cannot agree on the determination of the value of the disputed property in the land field;
• At the request of one or the parties involved;
• The involved parties do not agree to choose an asset price appraisal organization or offer different asset prices or fail to agree on the asset price;
• The parties agree with each other or with an asset appraisal organization at a price lower than the market price where the asset is valued at the time of valuation to avoid obligations to the State or a third person or to have grounds to show that the asset price appraisal organization has violated the law when appraising the price.

After deciding to proceed with asset valuation procedures, the Court will establish a Property Valuation Council by the law to conduct an accurate and objective valuation.

The valuation must be made in minutes, clearly stating the opinions of each member and involved parties if they attend. The decision of the Valuation Council must be approved by more than half of the total number of members. The members of the Valuation Council involved parties, and witnesses shall sign or point to the minutes.

The involved parties have the right to request a re-evaluation in case there are grounds to prove that the previous valuation was performed improperly, inaccurately, and objectively.

Who must pay the property valuation fee according to the law?

When conducting a valuation, a fee is charged to the organization conducting the valuation. According to the law, the involved parties must pay the valuation fee through the Courts notice of payment of valuation money.

To know the exact value of the property, you should look to the valuation units with a lot of experience and expertise to accurately assess the market and price, so they will make accurate and quick judgments best.

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