THE ESTATE SURVEYOR AND VALUER

INTRODUCTION

An estate surveyor and valuer is a member of the surveying and valuation profession who is primarily charged with the responsibilities of directing and supervising interests in landed properties; with the purpose of yielding optimum return which may not only be pecuniary but also social, political, prestigious in nature. He also determines the worth of an interest in land and building for various purposes among others. In USA they are called Appraisers and in UK they are known as Chartered Surveyors.


The estate surveyor and valuer is often called upon by clients of diverse background both in private and public sectors to carry out the valuation of real estate assets of different kinds and for many purposes as may be required by his clients. The estate surveyor and valuer other professional activities include property management, marketing of real estate products such as land and/or buildings whereby he often act as an agent for his clients in the purchase, lease or sale.

OBJECTIVES

The objective of this unit is to:

•  Examine the functions of an estate surveyor and valuer 

The functions of an estate surveyor and valuer

The estate surveyors and valuers are generally involved with professional activities that bother on real estate acquisition, disposal, management and valuation of land and buildings, and other assets.
Typical activities of an estate surveyor and valuer are as follows:

1. Valuing properties by applying expert knowledge and awareness of the local property market. 
2. Taking accurate measurements of sites and premises. 
3. Assessing the impact of a major development in terms of economic viability and environmental impact. 
4. Purchasing land and sourcing funding 
5. Visiting sites at all stages of development from green field to foundation and completed building 
6. Writing detailed reports on property for purposes such as rent reviews, investment potentials, valuation for mortgages and other purposes, marketability and building surveys. 
7. Negotiating with confidence, orally and/or in writing on issues such as rents. 
8. Selling and buying properties and sites on behalf of clients. 
9. Advising clients on the purchase and sale of individual investments and managing large property portfolios (especially as a property investment surveyor) 
10. Applying appropriate law for landlord and tenant negotiations and enforcing health and safety regulations 
11. Managing all kinds of property on behalf of the landlord to meet the landlord’s contractual obligations, ensuring compliance with the conditions of the tenancy, collecting rents and handle building maintenance and repairs (specializing as a management surveyor) 
12. Working closely with other professional such as town planners, architects, highways and structural engineers in considering new developments. 
13. Assessing properties for business rates, capital gains taxation in case of acquisition and disposals. 

SELF ASSESSMENT EXERCISE 1

• Mention the functions of an estate surveyor and valuer. 

CONCLUSION

This unit has exposed you to the expected role of an estate surveyor and valuer. It must also be emphasized that the need of the society may require the expansion of these functions within the enabling law establishing the profession.

 SUMMARY

The functions of the estate surveyors and valuers were considered in this sector and it is expected that members of the profession should diligently provide the necessary duties that the society has entrusted into their care.