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STAGES OF THE EVALUATION PROCESS

Stages of the Evaluation Process

1. Property valuator’s documentation about the property
-  identification of the property;
-  identification of the titles in the object of the evaluation;
-  to determine the purpose of the property evaluation and the type of the value to be determined;
- to visit effectively the property to be evaluated, to take pictures both inside and outside, request copies of the property documentation (the title, the sale-purchase agreement, the donation, inheritance deed, cadastre drawing, building permit, etc.).

2. Centralization and analysis of the data and information

- to collect and to analyze the relevant data and information; such data and information must contain the items that are necessary for implementing the evaluation methods (cost method, the highest and best use analysis, direct comparison approach, etc.);
- to determine the compliance with the standards, the specific assumptions, the limiting conditions and the sources of information.

3. Generation of a Property Evaluation Report 

The property evaluation process is completed with the generation of an evaluation report. It is a written document indicating the instructions for the evaluation process, the evaluation basis  - the type of value, the purpose of the evaluation and the results of the analysis that led to the evaluation opinion. The property evaluation report explains the analysis processes that were conducted during the evaluation and displays the significant information that was used in the analysis. The type, the dimension and the content of an evaluation report depend on the property type, on the legal requirements and the nature, the complexity of the property evaluation process. 

The corporate fixed assets of the state institutions are revaluated according to the Order of the Ministry of Economy and Finance 3471/2008, with the purpose of determining the fair value thereof as of the balance sheet day, taking into consideration the inflation, the asset usefulness, the asset condition and the market price.