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Appraising Real Estate

Real estate is freely available to the public for purchase and is the focus of a variety of commercial transactions, thus engendering the need to appraise its value.

From the point of view of experts, the primary goal of real estate appraisal is to establish the type of value required and to develop an unbiased assessment of the value of the object being appraised acting, thereby, as a independent, non-interested party. However, before any appraisal can become meaningful from the point of view of its content or final value, it should demonstrate the reason for its being, namely a well thought out goal of the customer. The purpose for which something is being appraised is the decisive factor in selecting an adequate foundation for the appraisal (type of value), and, consequently, in selecting specific approaches and techniques used in the appraisal process.

To a large extent, a real estate appraisal is completed before the transaction to dispose of assets takes place, before the property is leased, or submitted to a company's authorized capital, or before property is divided, mortgaged, etc.

Real estate valuation encompasses a vast array of different types of property, which, as a rule, fall into one of two categories:

Residential Property

  • Appraising urban real estate (apartments, homes)
  • Appraising country residential property (houses, dachas, villas)

The documents required for valuation of apartments residential property

  • Owners passport, including spouses passport;
  • Certificate of marriage or Certificate from the Civil Registry Office on civil status;
  • Ownership right confirming document (sale contract, deed of a gift, inheritance, if self-constructed - an act of commissioning);
  • Real estate ownership certificate;
  • Inventory card;
  • House register book;
  • Arrest free confirmation issued by the Ministry of Justice of Turkmenistan;
  • Ownership right confirming document for the land (if available, for private houses).

Commercial Property

  • Appraising office space
  • Appraising retail space
  • Appraising warehousing property
  • Appraising hotel property
  • Appraising manufacturing facilities
  • Appraising mixed use property
  • Appraising garages, covered parking, garage complexes

The documents required for valuation of commercial property (individuals)

  • Entrepreneurial patent, registration certificate, Income declaration (if available);
  • Owners passport, including spouses passport;
  • Certificate of marriage or Certificate from the Civil Registry Office on civil status;
  • Ownership right confirming document (sale contract, deed of a gift, inheritance, if self-constructed - an act of commissioning);
  • Property ownership certificate;
  • Land ownership certificate;
  • Inventory card;
  • Arrest free confirmation issued by the Ministry of Justice of Turkmenistan.

The documents required for valuation of commercial property (legal entities)

  • Constituent documents (Charter, Extract from the Unified State Register of Legal Entities, certificate of registration, statistics card, company details, license, certificates from Gosstandart);
  • Directors passport, Directors appointment order, the power of attorney (for branches);
  • Accounting documents (financial statements, initial and residual cost, depreciation);
  • Ownership right confirmation document (sale contract, deed of a gift, inheritance, if self-constructed - an act of commissioning);
  • Property ownership certificate;
  • Inventory card;
  • Arrest free confirmation issued by the Ministry of Justice of Turkmenistan;
  • Other financial and business documents (by request).
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