In a long overdue change for key stakeholders in the property industry, the Stamp Duty (Valuation of Property) Regulations 2020 (the Regulations) now give purchasers of property the option of engaging an appraiser private sector licensed to perform real-time government real-time appraisals. real estate transactions.
This new development brings several advantages, namely:
- increase the number of evaluators who can participate in national evaluation processes;
- reduce the backlog of officials to process stamp duty assessment;
- creating employment opportunities for private appraisal companies;
- reduce delays in completing the transfer of real estate; and
- improve the efficiency of the appraisal process since property buyers can proceed privately, which is faster since the private appraiser must submit the appraisal report to the Chief Government Appraiser immediately after the buyer has made payment, while a government assessor has 21 days from the date of application.
Although it is still too early to tell, the settlement, if implemented, will be a welcome change in the real estate industry.
In our next alert, we will discuss the regulations in more depth, as well as other recently enacted land regulations.