For Integrity and Accountability, Estate Surveyors and Valuers Should Be Engaged In Real Estate Transactions. ESV Arungwa Opined.

In this article, ESV Obinna Arungwa, a practicing estate surveyor and valuer discusses from a professional viewpoint on the engagement of services of chartered estate surveyors and valuers in real estate transactions offering numerous benefits, especially due to the stringent regulations enforced by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). This regulatory body ensures that all professionals in the field adhere to the highest standards of integrity, due diligence, and professionalism, thereby providing security and protection to both investors and other parties involved in real estate transactions.

ESV Obinna Arungwa, ANIVS, a distinguished member of the prestigious Nigerian Institution of Estate Surveyors and Valuers (NIESV), and a current board member of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), highlights the significance of these benefits and how ESVARBON plays a critical role in guaranteeing the success and transparency of real estate dealings.

One major aspect is regulation and accountability regulated by ESVARBON a government-established body responsible for the registration and regulation of estate surveyors and valuers in Nigeria.

The board ensures that professionals operate within a strict legal and ethical framework. Chartered estate surveyors and valuers are answerable to ESVARBON for their conduct in all engagements. If any malpractice or unprofessional behavior is detected, the regulatory body has the authority to take disciplinary action. This guarantees that all real estate transactions are carried out in a transparent and accountable manner, safeguarding the interests of investors and property owners.
The integrity of every transaction is assured through the involvement of ESVARBON-regulated professionals. Estate surveyors and valuers are required to follow professional codes of conduct, ensuring that all valuations, negotiations, and agreements are free from bias, misrepresentation, or fraud. Investors can trust that they are receiving accurate, objective information regarding property values, market trends, and legal issues, thus minimizing the risk of financial losses due to inaccurate data or misinformation.

Additionally, one of the main functions of estate surveyors and valuers is to provide accurate property valuations, which are essential in determining the fair market value of properties during sales, purchases, or rentals. These valuations are based on detailed market analyses and property inspections.

ESVARBON ensures that the methodologies used in property valuations meet industry standards and that valuations are not influenced by external pressures or personal interests. This guarantees that investors pay a fair price for properties and are not overcharged or underpaid
In cases where disputes arise during or after a real estate transaction, chartered estate surveyors and valuers play a key role to harness the situation is through mediating and resolving conflicts. ESVARBON provides a formal complaint and investigation system where investors can report misconduct or unresolved disputes. This framework ensures that all grievances are handled in a professional manner, and clients have a reliable channel for seeking redress. The board’s involvement in conflict resolution adds a layer of security and trust to the real estate process.

Investors, particularly foreign or institutional investors, are more likely to engage in real estate transactions when they know that the process is governed by a robust regulatory framework like ESVARBON’s. This confidence encourages more investment in the Nigerian real estate market, contributing to the overall growth of the sector. The board’s assurance that all professionals are licensed, trained, and monitored enhances trust between all parties in the transaction, leading to smoother negotiations and faster closures.

At the end, the services of chartered estate surveyors and valuers in real estate transactions are indispensable, and the oversight provided by ESVARBON guarantees the highest levels of professionalism, due diligence, and protection. By ensuring that these professionals are answerable to a regulatory body, ESVARBON provides integrity and security in every transaction. This framework not only protects investors from financial and legal risks but also builds trust in the Nigerian real estate sector, making it more attractive to both local and international investors.
ESV Obinna Arungwa, sent in this piece from Abuja, Nigeria.