Retrospective Valuations and Their Primary Purposes
Based on Technical Information Paper on Retrospective Valuations published jointly by the Australian Property Institute and the Property Institute of New Zealand, a retrospective valuation is a valuation completed for a date in the past. It is prepared to meet high standards of professionalism and legal compliance. The valuation is informed by information that was known or available at that past date, although in certain situations, information that became available later may also be considered.
- Lender Reviews: Lenders often instruct retrospective valuations to review their previous lending decisions. This helps them assess the accuracy and content of an earlier valuation they relied upon for a loan.
- Court and Litigation Purposes: These valuations are frequently used in legal proceedings to help resolve issues. A valuer may be instructed as an Expert Witness to assist the court. Their duty in this case is to the court, providing an independent and impartial view to help achieve a just resolution.
- Taxation Matters: Retrospective valuations are used for various tax purposes, such as for capital gains tax, stamp duty, and tax consolidation.
- Negotiations and Disputes: They can be used in negotiations between parties and to settle contract disputes.
- Estate Matters and Family Law: These valuations are also utilized in handling estate matters and for family law purposes.
- Insurance Claims: They are needed for insurance claims to determine the value of an asset at the time of an insured event.
- Other Reasons: There are many other reasons for seeking a valuation for a past date, including professional complaint investigations and unit entitlement allocations.
Who Instructs Retrospective Valuations?
- Lenders: A lender or their representative (such as a mortgage insurer) may instruct a valuer to prepare a retrospective valuation, typically to review a prior lending decision.
- Parties in Litigation: For court purposes, parties involved in legal proceedings or the court itself may retain a valuer to provide an expert opinion on an aspect of the case.
- Individuals and Entities: For purposes such as taxation, estate matters, or contract disputes, the individuals or entities involved would instruct the valuation.
Thank you! Retrospective Valuations and Their Primary Purposes.
Regards,
Publik Valuer in Indonesia – Property Valuer & Advisor
Penilaian.id oleh Asti Widyahari
Property Valuer & Advisor
Ni Luh Asti Widyahari, S.T., M.T., MAPPI (Cert)., is an experienced property valuer and advisor based in Jakarta, Indonesia, with extensive expertise in property valuation and property consultancy. She is the founder of Penilaian.id and CekNilai.id. Asti is also an active speaker at international conferences, promoting the property valuation profession and professional development in the sector.
Tentang Asti Widyahari
Ni Luh Asti Widyahari, S.T., M.T., MAPPI (Cert)., adalah Penilai dan Advisor Properti berpengalaman yang berbasis di Jakarta, Indonesia, dengan keahlian dalam penilaian properti dan konsultasi properti. Ia adalah pendiri Penilaian.id dan CekNilai.id. Asti juga aktif sebagai pembicara di konferensi internasional, mempromosikan profesi Penilai dan pengembangan profesional di sektor ini.
