If you own a property or you are a real estate business owner then you might have heard the word “Property Value” often. But telling the value without actually measuring it doesn’t sound legit. Plus the evidence always works to convince a human mind, right? Here we are going to guide you on how to evaluate your property by getting a “Property Valuation Certificate in Pakistan”.
What is Property Valuation Certificate?
The Property Valuation Certificate is a transcript received by the property owner about the property’s worth and total value in the real estate market. It is an official document that is going to support your oral guarantees about your property and its condition, value, and most importantly price. It is one of the most crucial documents for a real estate businessman. The valuation is based on the property’s condition, location, soil testing, position, interior, and exterior, the material used for the construction, quality of plumbing parts, and electrification.
Uses and Benefits of Property Valuation Certificate:
- Lets you know the true value of your property and makes you more confident about future deals.
- Helps you target the right audience according to their valuation demand.
- Enables you to get a legal position in the real estate world.
- Makes the taxation process much easier and faster if you already have the Property Valuation Certificate.
- Acts as a piece of evidence in case of any dispute with the client.
- You will need this certificate while applying for the visa.
Who issues the Property Valuation Certificate?
The Federal Board of Revenue is solely responsible for issuing the Property Valuation Certificate after the submission of the true and correct application and pieces of evidence.
FBR is responsible to handle all the real estate issues related to taxation, online registration, and application submission.
When the property owner requests FBR for Property Valuation Certificate in Pakistan, the FBR representative surveyor visits the property and starts the property assessment.
Assessment of Property
A professional property surveyor comes to do the property assessment. The assessment is done by checking the location, design, building history, soil testing, positioning, and floor plan. The agent or surveyor will collect all the relevant information before providing the Property Valuation Certificate. You can check all the assessed details about your property in the document provided. All the features will be highlighted. The finalized value of the property is calculated after considering many factors and information about the property. You can also contact any sales expert or consultant to get your Property Valuation Certificate in Pakistan.
Ways to Check Property Valuation Certificate in Pakistan
Here are the following steps to find out the property valuation of your asset in Pakistan:
- Visit the website of the Federal Board of Revenue.
- Open the side menu and select “Valuation of Immovable Properties”.
- See the option “Rates of Valuation of Immovable Properties in the Following Cities Are”
- Choose the relevant region/ city/ district.
- Now you would see the following option “Revision of Value of Immovable Properties of Peshawar”.
- Download the property PDF file or property document containing all the details about the valuation of residential and commercial properties.
Requirements for Acquiring Property Valuation Certificate
To apply for the Property Valuation Certificate in Pakistan, one should not hand over the original confidential documents. On the other hand, the photocopy of the documents should be given along with the advice of a consultant or agent to stay on the side. The following documents are required to apply:
- Copy of property owner’s CNIC.
- Title ownership (Allotment or Transfer Letter).
- Registry/ Fard/ Inteqal details (in case of land)
Also Read: How to Find the Best Rental Income Property?
Frequently Asked Questions
What is Property Valuation Certificate?
It is a legal certificate highlighting the information and features of a property and the finalized value of the property.
Who can calculate the value of a property?
Any expert sales agent or property consultant having the authority to do the property assessment and knowing all the relevant procedures of valuation can calculate the property value.
Who issues the Property Valuation Certificate in Pakistan?
The Federal Board of Revenue and excise offices of any location issue the Property Valuation Certificate. Here are the links to the following excise websites:
How many days does it take to get the Property Valuation Certificate after the application submission?
It takes 5 to 10 working days to get the Property Valuation Certificate.
Can I get a free valuation of my property?
The lawyers, consultants, sales agents, or surveyors charge a proper fee for the valuation of the property.
Who is a valuation surveyor?
A valuation surveyor is a licensed and certified professional to conduct a property valuation survey based on the property’s type, location, height, material, positioning, design, soil testing, equipment installed, floor map, etc.
A surveyor gives expert advice about the condition of the property, its management, and the development of the property. The valuation surveyors are also called residential or commercial surveyors
A Property Valuation Certificate is a sensitive document issued by the Excise Office/federal Board of Revenue of Pakistan. It contains the true and finalized valuation of the property calculated based on the above-mentioned features. This document is used to make the deals more official and strong. It also increases the worth of property and its owner in the real estate market. A property Valuation Certificate is prepared with the help of information collected by the property surveyor or sales agent and it supports all the orally told facts at the time of buying or selling.