Appraisers" activity needs to be reassessed

The Law "On appraisal activity" is in need of radical revision. As reported in today's report-election conference of Azerbaijan Society of Appraisers its chairman Ibrahim Guliyev, the adoption of the document by the Parliament in June 1998, it has not been amended and changes.

According to the deputy Khanhuseyn Kazimli, new law has been prepared and will be tabled in Parliament later this year. The early edition defines the rights and responsibilities of the evaluation, the objects and subjects of the evaluation. Control over the activities of the formal valuation is done by the MED.

If the activity is a licensed appraiser (this is optional), a new version of the law provides for the certification of companies. Under current law, the activities of an appraiser can be disabled in the event of serious violations of the law, but each bank has attached structure. Obtain credit property arbitrarily assesses necessarily representative of the bank under the terms of the financial structure, without considering the interests of the property owner.

Citizens in these circumstances are hostages of the system, because thousands of buildings become the property of the banks. Since most of the banks are located in the capital, the property of citizens in areas is not subject to evaluation, and loans are not issued to them, creating discrimination.

According to the deputy, the new law is intended to more fairly, in accordance with modern practice, to regulate the relations of property owners, citizens, and government appraisers. Will take into account the need for life insurance activities of appraisers and their valuation of the property will have to be matched to the assessment of the court, - otherwise the evaluator will be responsible for the deliberate actions in favor of one party.

According to the new law, the appraiser must be a third party, and can not represent the interests of both the bank and the owner of the property to be put on bail. The bill, submitted for approval to the relevant agencies, has the better regulation valuation, applying the best international practices.

According to the Society of Appraisers, established in 1999, 92 assessment entities operate now.

In 2009, the State Committee on Standardization, Metrology patent approved nine national assessment standards. - 17D-