Valuation for Land Acquisition, compensation
Post date: Mar 30, 2017 5:44:38 AM
Market Value is defined as "market value of land at any time means the amount that would have been paid for the land if it had been sold at that time by a willing but not anxious seller to a willing but not anxious buyer", in accordance with the Section 56 and sub-clauses of the NSW Land Acquisition (Just Terms Compensation) Act 1991.
The acquiring authority and the land owner will try to negotiate the amount of compensation to be paid.
This valuation is to provide an independent valuation to advise a current market value of the property at the date of inspection.
Valuer recommends property owners may need an update valuation after the expiration of three months from the date of the valuation, or such earlier date if you become aware of any factors that have any affect on the valuation.
Note that landowners can be compensated for the market value of their land, legal and valuation costs, relocation costs, and compensation payable for overall inconvenience and disadvantage of having to relocate. This valuation is to advise the market value of the property. For details of each compensation items where appropriate, please refer to the government brochure including the Claim Form, in accordance with the Section 39 of the Act.