Land Acquisition, Resumption & Compensation Valuations
If the Government, Council or any acquiring authority has advised of a proposed resumption of any part of your property, an assessment at Fair Market Value is required to maximise your just compensation
There are times when Central or Local government entities and private enterprises acquire land or property to be used for development for public purposes. If you have been notified that they intend to acquire land or property under the relevant Act, a valuation for compensation purposes and an assessment at fair market value is required.
Regardless of the property type or jurisdiction, Opteon has a specialised valuation team that understand the requirements of the relevant legislation and will ensure that our clients are adequately represented and compensated. Our team will provide an independent valuation to assist in the compensation process, and the cost of the valuation report may even be reimbursed by the acquiring party.
What is the Acquisition of Land?
The acquisition of land is undertaken in accordance with the relevant legislation pertaining to the acquiring authority. The Public Works Act 1981 provides a legislative framework to determine the amount of compensation entitled for an acquisition.
What are Land Acquisition, Resumption & Compensation Valuations?
Most privately owned land, required by government for public purposes, is acquired by negotiation and agreement between the land owner and the acquiring authority. When a land owner and acquiring authority are unable to negotiate the purchase of the land, an independent valuation is required to determine the market value. In fact it is highly recommended that in every instance of land acquisition, a valuation should be obtained by the Titleholder.
Our specialised team are regularly instructed to provide evidence as an expert witness in property dispute claims across all courts and jurisdictions
At Opteon, we have a team of senior property experts that regularly provide valuation advice to some of New Zealand’s forefront legal practitioners. They are regularly instructed in property dispute claims across all courts and jurisdictions.
Opteon’s specialist advisory team provide independent, impartial and unbiased evidence to the court or tribunal. Our valuation team have required training and expertise to be viewed as experts in matters of property valuation in the eyes of the Law.
Expert Witnesses are often engaged to resolve disputes between parties on land and property related matters. Opteon provides Expert Witness Valuation reports and advisory services to clients who require this type of service to be used as evidence in court.
Private property owners, property investors, banking and finance professionals, and professional services including accountants, family law and legal practitioners, may at times require expert witness property valuations and advisory services. We also provide these services to Government departments, property developers, small to medium businesses and global corporations.
Opteon’s team of assessors provide Sum Insured Assessments for all property types including building developments
Opteon’s expert assessors can provide you with a Sum Insured Assessment; this building valuation for insurance purposes is sometimes referred to as a Replacement Cost Assessment or an Insurance Valuation. Whether it is a residential or commercial property, an Insurance Replacement Assessment is required to determine what the replacement cost will be if there is a total loss to your building/improvements.
It is important that you have the correct level of insurance cover to replace your buildings to its existing state when new. A Sum Insured Assessment report produced by Opteon will provide you with the required amount to adequately cover the replacement and reinstatement cost.
What is a Sum Insured Assessment?
A Sum Insured Assessment is an estimate of the actual cost to rebuild the building at the time of the valuation, assuming a total loss situation and a reinstatement with a new building/buildings of similar size and materials.
Our Sum Insured Assessment would typically include the estimated current construction cost, provision for cost escalation during the insured period and rebuilding process, allowances for demolition and clean up, professional fees and other costs depending on the type of property.
The correct amount of insurance cover is considered crucial in the event of a claim; it also ensures you are paying the appropriate premium for your property with your insurance company.
Who Would Need Sum Insured Assessment?
If you are an owner of a residential property including strata title developments, or an owner or landlord of a commercial, industrial or retail property, it is important that you obtain a Sum Insured Assessment on an annual basis.
Building costs together with costs of materials, labour and professional fees can vary from year to year and in most circumstances, increase. By obtaining a Sum Insured Assessment from our experienced team of valuers, you can rest assured that you will have the appropriate cover and are paying the correct premiums.
Contact us to request a quote
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https://www.opteonsolutions.com/nz/wp-content/uploads/sites/4/2017/12/insurance-valuations-icon-150-x150.png150150Rachel Dorian//opteonsolutions.com/nz/wp-content/uploads/sites/4/2016/03/opteon-logo.pngRachel Dorian2016-03-28 03:33:312020-07-09 13:46:17Sum Insured Assessments For Insurance Purposes