By JAMES KUNDA –
THE valuation chapter of the Surveyors Institute of Zambia (SIZ) has urged members of the public to engage services of qualified valuation surveyors before making commitments in property transactions.
Chapter chairperson, Chisebwe Fumbeshi said engaging valuation surveyors prior to any commitment in property transactions will aid proprietors avoid loss and unnecessary complications.
Mr Fumbeshi, who is also Fairworld Properties Limited chief executive officer, said in a statement yesterday that valuation surveyors were trained to provide services such as identification, negotiation of price and completion of sale of property.
Mr Fumbeshi said effective January 1, 2016 property transfer tax had been reduced from 10 per cent to 5 per cent.
“In order for players in the property market to pay the correct property transfer tax, they should engage the services of qualified registered valuation surveyors in accordance with the valuation surveyors Act Chapter 207 of the Laws of Zambia. Members of the public should always ask for a valid practicing certificate,” Mr Fumbeshi said.
As required by the property transfer tax Act, Mr Fumbeshi said, sellers should pay a percentage of the market value of land and improvements.
Mr Fumbeshi further stated that the valuation chapter of SIZ promotes highest standards of professional and ethical conduct of valuation surveyors.
