Everything has value be it land, property, gold etc. A document which contains the value of land is called a land valuation certificate. If you take a loan, then this certificate is shown to the bank based on which loan is given. If you want to sell the land, then this certificate has to be shown to the buyers. This acts like a proof of the value of the land. Hence in order to get the exact valuation of the land one needs to obtain a land valuation certification. If you are the one who is looking for the same, keep reading this blog, it will help you out to know how you can obtain a land valuation certification and what are the requirements of the same.
What is a Land Valuation Certificate?
Land Valuation certification is a certificate granted to the owner of the land in order to give the exact valuation of the land he or she possesses. It is very essential for the owner or the buyer to know the cost of the land. This certificate is a legal document which has the value of the land mentioned in it. Every now and then, the owner obviously cannot speak of the value of his land. This is where the land valuation certification comes into play. It consists of all details of land such as its cost, market position etc.
What is the Objective of the Valuation of the Land?
It is obvious that anyone who wishes to buy a property or land, will want to know its cost, market value, features, description etc. As no person can think of buying a land without knowing everything about it. The land valuation certificate provides information to the buyers about the land. This certificate prevents the buyers from falling into traps of the sellers. The land valuation certification prevents sellers from concealing facts of land from the buyers. It also protects the buyers from buying the land at a higher price, as misguided by the sellers. The buyers study the valuation certificate before- hand. This avoids unwanted surprises later on.
Procedure to get Land Valuation Certificate
In order to get or obtain the land valuation certification follow the steps given below:
Offline Process to get Land Valuation Certificate Visit the office of the Tehsildar of the area where the land is.
- Fill the application form by filling some details of the land like the survey number, deed etc. These details are asked to match it with the details mentioned in the register during land registration.
- Some documents too have to be submitted like the Adhar card, Voters ID, tax details, ownership proof.
- Payment of a certain amount of fees is asked to get the certificate.
- If all the details and documents are accepted by the authorities, then a land valuation certification will be granted within 15 days.
Online Process to get Land Valuation Certificate
You can also apply for the land valuation certification online by following the steps given below:
- For this you have to visit the official portal of the registration and stamp department of the government.
- After visiting the same now you need to select e-ASR (rate).
- Then select the district, taluka and village as per your land.
- After the above steps now you need to fill in the survey number of the land
- Once all the details are mentioned then a certificate will be granted after the proper verification of details you have submitted
Documents Required to Get the Land Valuation Certificate
Some of the key documents required for the land valuation certification are:
- A Title Deed is required for the proof of property ownership.
- Property survey report for the boundary and dimension details.
- Property tax receipts in order to prove tax payments.
- Building plan approval for the local authority approved plans.
- Encumbrance certificate is also needed
- Sale Deed in order to check the record of property transfer.
- Land use certificate is needed as a permitted land use category proof.
- Valid property owner identification proof is required
- Property owner address confirmation needs to be done through address proof
- PAN Card of the owner of the land is required
- Recent owner photographs required.
Benefits of Getting Land Valuation Certification
Some of the key advantages or we can say benefits of the land valuation certificate are:
Saves the Buyer from Fraud
Many times, the sellers misguide the buyers about the value of the land which ultimately results in their loss. They take advantage of the lack of information about the property with the buyer. They charge high prices for land instead of the original one. Hence, a land valuation certification shows the actual price of the land to the buyer and protects the rights of the buyer. Hence if you are thinking about purchasing a land don’t forget to ask for this certificate from your buyer.
Helps the Buyer
The land valuation certification has all the minute details of the land such as size of the land, shape of the land, address of the land etc. This information is helpful for the buyers who are thinking about purchasing such land. They can study the certification thoroughly and then decide whether to buy the land or not. Hence it has been said that this certification is valuable for the buyers.
Prevents Unwanted Surprises
With the help of the valuation certificate, buyers gain all the information about the land. This information is enough for one to take or drop the decision of buying the land. The buyer is aware of everything before- hand. And he/she faces no unwanted surprises after making the purchase. This is how it helps the buyers in decision making.
Easy Bank Loan
The bank provides a loan looking at the land valuation certificate, without this certification it is not possible that the bank will give you a proper amount of loan. While providing a loan, the bank only needs satisfaction that in case the person who is taking the loan, cannot return it, then his/her land or property can be attached. This certificate provides that satisfaction to the bank from whom you are going to get the loan.
Property Valuation Services
The first thing which comes to mind while selling a land or property is its original price and market value. The Property Valuation Services solve this problem. They fix the actual cost. These services are helpful for the sellers. The property valuer visits the land. He/she studies the land on spot and then decides its value. These services hence, tell the right cost and title of the land.
What is seen by the Property Valuer while land Valuation?
The Property Valuer is the one who decides the value of the land. He or she goes to the land himself or herself and studies the property or land properly. He or she ensures the quality, age, size etc. of the property. After the proper inspection the valuer will assess the value of the land on the basis of which value certification has been provided or we can say land value certificate has been issued.
Conclusion
It is concluded that a land valuation certificate is very essential. It consists of all details of the land. It can only be granted to the owner, when he or she applies for it. It is like a precautionary tool for the buyers of the land and the bank which grants loans. This application fee of land valuation certification varies from state to state. This certificate also stands as a proof that the land is legal and that title belongs to the owner. Hence, obtaining a land valuation certificate is mandatory.
