Property settlement occurs in a variety of different scenarios including when you purchase a property, when you sell a property, when the property is transferred between parties after the passing of a family member or when a couple separates and the assets need to be divided. A property settlement is an agreement between parties as to how the assets and liabilities should be divided.
The first step in the property settlement process is to contact NT Valuers and get the property valued and find out what it is worth. Generally if the matter of how to divide the assets cannot be agreed upon the matter will go to court where a magistrate will take evidence from both parties and then reach a conclusion that is fair for both parties. Typically property is purchased by two or more parties due to its high cost. In most cases, assets will be divided between two parties after a separation but before the separation can occur a valuation is necessary to ascertain a fair and equitable division.
A property valuation from NT Valuers gives you and your former spouse certainty of the property’s value and assists the courts with assessing how the assets should be split and reduces the chances that there will be a dispute later on.
The property settlement valuation should contain information related to the capital gains or capital losses incurred on the property. It should also include the current market value and comprehensive information about the property such as the size and condition, the overall number of rooms, the number of bedrooms, the number of bathrooms, any renovations that have taken place and the renovation and investment potential.
The current market value is an estimate of the price that the property could be sold for in a free and open market between two willing and informed parties without time pressure or desperation to sell.
Why choose NT Valuers?
NT Valuers are members of the Australian Property Institute (API) which is the industry body that sets valuation standards and assists with property training and development programs. We encourage all our team members to participate in Continuing Professional Development (CPD) programs so that they are well versed and up to date with current valuation techniques and industry standards.
For an obligation free valuation quote give our friendly team a call on (08) 8911 1505.