Properties Appraisal - Division Between Multiple Heirs and/or Beneficiaries
Independent Property Valuation for Division Between Heirs
When an estate includes real estate in Israel, the heirs may need to determine the value of the property before deciding how the assets should be divided.
An independent property valuation provides an objective assessment of the market value of the Israeli real estate and can help the heirs and their professional advisers evaluate different options for dividing the estate.
We provide professional valuations of Israeli residential and commercial properties for inheritance, estate administration and division between heirs.
When Is a Valuation Needed?
A professional property valuation may be relevant when:
One Heir Keeps the Property
One heir may wish to retain the property while the other heirs receive their respective interests in cash or other estate assets.
An independent valuation can establish the property's market value as a basis for determining the financial implications of this arrangement.
The Property Is Sold
If the heirs decide to sell the property, a professional valuation can provide an objective reference point for the property's market value.
Several Heirs Share the Property
When a property is inherited by several heirs, establishing its value can help the parties and their advisers understand the value of each interest in the property.
The Estate Includes Several Properties
Where an estate includes several Israeli properties, each property may need to be valued before the heirs can consider how the assets should be allocated.
The Heirs Live in Different Countries
When heirs live abroad, they may have limited knowledge of the Israeli property market and may not be familiar with the property's physical, planning or legal characteristics.
An independent Israeli valuation can provide a common professional reference for all parties.
What Does the Analysis Consider?
Depending on the property and purpose of the assignment, the analysis may consider:
-
Property location and neighbourhood characteristics
-
Existing use and potential use - residential, commercial, industrial or other general uses, icluding the spesific allowed sub-uses
-
Property type - Vila, apartment, penthouse and other types
-
Property's size and physical characteristics
-
Land and building rights
-
Planning and zoning information
-
Registration and ownership information
-
Relevant comparable transactions
-
Current market conditions
-
Access, parking and other property-specific characteristics
-
Restrictions, encumbrances or other relevant factors
-
The applicable valuation date and purpose
-
Other spesific releveant property charactures
The scope of the analysis is adapted to the property and the reason for which the valuation is required.
Establishing Value Before Dividing the Estate
When several heirs are involved, the parties may need to consider different ways of dealing with the property.
One Heir Retains the Property
If one heir retains the property, its market value can provide a basis for determining the value of the interests of the other heirs.
The Property Is Sold
If the property is sold, an independent valuation can provide a professional reference point for the expected market value and the potential proceeds of the sale.
The Estate Includes Multiple Assets
Where the estate includes several properties or other significant assets, valuations can help the heirs and their advisers understand the relative value of the real estate before determining how the estate should be divided.
The valuation establishes the market value of the property. It does not determine the legal rights of the heirs or how the estate should ultimately be divided.
For Heirs Living Abroad
If you inherited property in Israel but live outside the country, you may be unfamiliar with the local market and the property's current condition or planning situation.
We can coordinate the valuation remotely and communicate with your lawyer or other professional adviser in Israel or abroad.
The process can generally be handled as follows:
1. Provide the property details
Send us the address or location of the property and any available documentation.
2. Confirm the purpose of the valuation
We establish whether the valuation is intended for estate division, a potential sale, a buyout between heirs or another purpose.
3. Review the property and market
The property's characteristics and relevant Israeli market evidence are examined.
4. Professional valuation
A licensed Israeli real estate appraiser assesses the property's market value as of the agreed valuation date.
5. Valuation report
The completed valuation is provided for use by the heirs and their professional advisers.
Working With Estate Lawyers & Professional Advisers
If you represent an estate or one of its heirs, we can coordinate directly with you regarding the valuation assignment.
We can discuss:
-
The property or properties to be valued
-
The required valuation date
-
The purpose of the valuation
-
Available property documentation
-
Previous appraisals
-
Whether several properties need to be valued
-
Any specific requirements relevant to the professional file
The valuation can then be used by the heirs and their legal, tax and financial advisers as part of the broader estate process.
Professional advisers may contact us directly on behalf of their clients.
Already Have a Previous Appraisal?
A previous appraisal may provide useful background information, particularly where the property was valued previously for the estate.
However, the property's market value may have changed since that valuation.
Where appropriate, we can review the previous appraisal and determine whether an updated valuation is required based on the current assignment and valuation date.
What We Need From You
To start, we generally need only basic information about the property and the purpose of the valuation.
You can contact us with:
-
Property address or location
-
Approximate renovation cost, if applicable
-
Purpose of the valuation
-
Required valuation date, if known
-
Any previous appraisal or relevant documentation
-
Contact details of the relevant lawyer or professional adviser, if applicable
You do not need to determine the technical scope of the valuation yourself. We can discuss the assignment based on the circumstances.
Contact us at : Office@ilappraiser.co
Frequently Asked Questions
Does the valuation determine how the inheritance is divided?
No. The valuation establishes the market value of the Israeli property. The legal rights of the heirs and the division of the estate should be determined by the heirs and their legal advisers.
Can you value a property for several heirs?
Yes. An independent valuation can be prepared for a property that forms part of an estate with multiple heirs.
Can one heir use the valuation to buy out the other heirs?
The valuation can provide a professional assessment of the property's market value, which the heirs and their advisers may use when considering a buyout or other division arrangement.
Can you value several properties in the same estate?
Yes. Several Israeli properties can be considered as part of the same assignment, subject to the agreed scope of work.
Can you work with our inheritance lawyer?
Yes. We can coordinate directly with the lawyer handling the estate or with other professional advisers.
Can the valuation be prepared if all the heirs live abroad?
Yes. The assignment can generally be coordinated remotely.
Can you inspect the property if the heirs cannot be there?
Where a physical inspection is appropriate, the inspection can be coordinated locally while the heirs and their advisers participate remotely.
What if the heirs disagree about the value?
An independent valuation can provide an objective professional reference point. If the parties have different opinions, their legal advisers can determine how the valuation should be used within the estate process.
Can you provide a valuation for an estate that includes property in Israel but the deceased lived abroad?
Yes. The Israeli property can be valued independently, while the legal and tax treatment of the estate should be addressed by the relevant advisers in the applicable jurisdictions.
Request a Divorce & Partnership Dissolution Valuation
If Israeli real estate is part of a divorce, separation or financial settlement, send us the basic details of the property and the purpose of the valuation.
We will review the assignment and advise you on the appropriate next step.
Your information is kept confidential.