Who this is for
- Executors and administrators of an estate
- Beneficiaries dividing or transferring property
- Solicitors and trustee companies handling probate
- Accountants preparing tax records for an estate
What you get
- Market value at the date of death or another required date
- Current market value if the property is being sold or transferred
- Comparable sales evidence supporting the figure
- A written report signed by a Certified Practising Valuer
- Residential, commercial and industrial property covered
When an estate needs a property valuation
Looking after a loved one's estate comes with a lot of paperwork at a hard time. If the estate includes real estate, a formal valuation is often one of the first things the solicitor or accountant will ask for.
An estate valuation may be needed to:
- list the property's value when applying for probate or letters of administration
- record a date-of-death value for tax purposes, including for beneficiaries who may sell later
- divide the estate fairly when one beneficiary keeps the property and others receive cash
- support a transfer of the property to a beneficiary
- set a realistic expectation before the property is sold
Which of these apply to your estate, and which date the value should be at, is a question for the estate's solicitor or accountant. This page is general information only.
Date-of-death values and current values
Most estate valuations need a value as at the date of death. Because estates often take time to organise, this is usually a retrospective valuation. The valuer looks at the property as it stood at that date and at comparable sales from around that time. The guide to retrospective valuations and capital gains tax explains how this works.
If the property is going to be sold or transferred, a current market value may also be useful. It is often possible to report on more than one date for the same property, so mention every date you need when you first get in touch.
Choosing the valuation type
- Kerbside valuation (external inspection only), from $500 + GST, can suit some estate purposes, particularly where access is difficult.
- Full inspection valuation, from $500 + GST, is the better choice where the condition inside matters, or where beneficiaries need to be confident in the figure.
- Commercial and industrial property, such as a shop, factory or warehouse in the estate, is valued in a long-form report from $975 + GST with a 7-day turnaround.
Not sure which fits? See desktop, kerbside and full inspection valuations or ask before you book. Rates are on the pricing page.
What happens after you enquire
When you call, you speak directly with Tom Nagy, the valuer who will prepare the report. He will ask about:
- the property address and type
- the date of death, and any other valuation dates needed
- who is instructing, such as the executor or the estate's solicitor
- how access will be arranged
Once the scope is agreed, Tom inspects the property and prepares a written report stating the value and the evidence behind it.
Why an independent valuer helps
Estates can involve several beneficiaries, each with their own view of what the family home is worth. An independent report from a Certified Practising Valuer gives everyone the same objective starting point and a record that can be relied on by solicitors, accountants and authorities.
Tom Nagy is a CPV registered with the Australian Property Institute, with more than 30 years in Melbourne real estate and valuation. His reports are accepted by the courts, the ATO and the State Revenue Office.
Call 0407 835 388 to discuss the estate property, or request a quote.
Common questions
Can you value a property as at the date of death if that was months or years ago?
Yes. A retrospective valuation looks at the property as it was, and at sales evidence from around the relevant date, to give a value at that earlier date. It is common for estate valuations to be ordered some time after the death. Let Tom know about any changes to the property since then, such as renovations or damage.
Why would the estate need a date-of-death value?
Executors typically need to list the estate's assets and their values when applying for probate or letters of administration. A date-of-death value can also matter for tax records, including for beneficiaries who later sell an inherited property. The rules depend on the circumstances, so confirm what is needed with the estate's solicitor or accountant.
The property is empty or being cleared out. Does that matter?
Not usually. The valuation reflects the land and buildings, not the furniture or contents. It helps to let Tom know how access will be arranged, for example through a family member, the solicitor or an agent, and whether anything about the property has changed since the date of death.
One beneficiary wants to buy out the others. Can a valuation help?
Yes. An independent current market valuation gives all beneficiaries the same objective figure to work from, which can make these conversations easier. Transfers within an estate or between family members can also have stamp duty or tax consequences, so speak with the estate's solicitor or accountant about how the transfer should be handled.
Can one report give both a date-of-death value and a current value?
It is often possible to cover more than one valuation date for the same property. Tell Tom which dates you need when you first get in touch, and he can explain the options and the cost before you book. Current pricing is shown on the pricing page.