Meet our Chartered Surveyor Erna DeGraff, Certified Valuer, member of the Royal Institution of Chartered Surveyors, and a registered member of the Professional Surveyors Council in Bermuda. Erna specializes in Appraisals, and offers 18 years of experience in property matters. She is knowledgeable of the local market; remaining proficient and resourceful during challenging economic conditions.
Currently networking with three of Bermuda’s leading banking institutions, Erna will provide you with guidance relating to their business standards and banking principles.
What is the value of your home or property? Appraisals are requested for numerous reasons and it’s important to the Appraiser to understand and identify the purpose of your request. An appraisal determines the estimated market value of your home, condominium, commercial property, vacant land or estate. The appraisal is used to assist you in making a decision which you may be considering purchasing, selling, insuring, or lending money.
1. Estate Planning
- Probate Purposes
A probate appraisal is necessary upon the passing of a loved one. The deceased’s estate should be assessed for tax purposes. The appraisal is based on the value of the estate on the date of their death.
- Voluntary Conveyance
Voluntary conveyance is transferring the title of your deed to another person. The appraisal is essential for tax purposes as stamp duty is payable to the Government of Bermuda. The amount of stamp duty paid is based on the value of the property.
2. Requirements for the Bank
An appraisal is required for the bank for several reasons:–
- A mortgage to purchase a property
- A home equity product
- Re-financing
3. Matrimonial Purposes
- Divorce Settlement
Many important decisions are made during a divorce settlement. A decision has to be made on whether to sell the property or opting to buy the other person out. In either case, a divorce appraisal would be required to be relied upon by lawyers and also in court.
4. Opinion of Value/For Sale
Homeowners find comfort in knowing the value of their property, the appraisal determines the property’s worth at the current market value. It will support your decision on the price to sell your property based on present-day market trends.
Our appraisals for residential and commercial properties are accepted by all financial institutions in Bermuda, the Government of Bermuda, Private Trusts and Attorneys.
Let us be your MainPoint of contact, as we are committed to supporting all of your Appraisal needs!
“Through wisdom a house is built and by understanding it is established. By knowledge the rooms are filled with all precious and pleasant riches.” Proverbs 24:3-4
