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Legislative Implications on Real Estate Valuations

Legislative Implications on Real Estate Valuations. perit stephanie cassar Member of the KTP Valuations Sub-Committee. In this Presentation The Role of the Perit as a Valuer through Time National Legislation Relating to Property Urban Property Agricultural Property.

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Legislative Implications on Real Estate Valuations

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  1. Legislative Implications on Real Estate Valuations peritstephaniecassar Member of the KTP Valuations Sub-Committee

  2. In this Presentation • The Role of the Perit as a Valuer through Time • National Legislation Relating to Property • Urban Property • Agricultural Property peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  3. To start off with… • The Perit as a Valuer • The term ‘Perit’ literally translates to mean ‘expert’ – as a profession this incorporates the work of an architect, engineer, surveyor and VALUER. • Professional figure responsible of undertaking property valuations. • Importance of understanding the responsibility which goes hand in hand with producing a consistent and sound property valuation – academia, experience and professionalism. • Variousinstitutions as well as other professionals demand and only recognisereal estate valuations from a Perit. peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  4. Historical Evidence • From the times of the Knights of St. John – Grandmaster de Vilhena’s Code of 1724. • A clear picture is drawn from Perit A. Zammit’s book published in 2009; “Our architects; a private archive unveiled” • Notebooks dating to 1788-1798 • Scrapbook from 1866. peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  5. National Legislation • Without a good understandingof the national legislation governing property, be it urban or agricultural, then one cannot produce a consistent property valuation. • Apart from the more obvious physical characteristics and attributes related to location amongst other things, legal issues / burdens have a direct bearing on the property’s value and cannot be ignored. • The valuermust be familiar with salient laws, and when necessary make direct reference to the legal text – interpretation can lead to inaccuracies. peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  6. National Legislation – (1) • Urban Property • Appendix E • Letting of Immovable Property • Basic Law • Civil Code Title IX • Special Laws • Reletting of Urban Property (Regulation) Ordinance (Chap. 69) • Rent Restriction (Dwelling Houses) Ordinance (Chap. 116) • Housing (Decontrol) Ordinance (Chap. 158); later amended by Act XXIII of 1979 - Housing (Decontrol) Amendment Act • Act no. XXXI of 1995 • Act no. X of 2009 peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  7. National Legislation – (1) • Urban Property • Act no. X of 2009 • Residential and commercial properties • Summer residences and garages • Minimum annual rent • Increase in rent • One-time right of the continuation of a pre-1995 lease • Repairs and maintenance • Termination of commercial leases • Upcoming course titled ‘The Impact of the Rent Law Act X of 2009 on Valuations’. peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  8. National Legislation – (1) • Urban Property • Other Relevant Legislation • Land Acquisition (Public Purposes) Ordinance (Chap. 88) • Duty on Documents and Transfers Act (Chap. 364) peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  9. National Legislation – (2) • Agricultural Property • Appendix F • The Agricultural Leases (Reletting) Act – (Chap. 199) peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

  10. Lastly… • Appendices E & F intended solely as a reference guide for Periti carrying out valuations. • The extractsshould ideally be readand interpreted within the context of the full relevant legislativedocumentand not in substitution thereof. • Professional legal advice should be sought in case of doubt. • The legal extracts are correct and true copies of the legislation as available on the website of the Ministry of Justice and Home Affairs up to the 9th January 2012. • Please consult: • http://justiceservices.gov.mt/lom.aspx peritstephaniecassar Cassar + Cassar | info@stephaniecassar.com

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