Forums / Property Investing / Help Needed! / E. Timor property: How can I get valuation?

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  • Profile photo of DivorceResourceDivorceResource
    Participant
    @ckw2666
    Join Date: 2018
    Post Count: 2

    Mediating a divorce property settlement and the last sticking point for the ex-couple is the valuation of a property in Dili, East Timor. Normally I would ask for 3 real estate valuations and average them but there doesn’t appear to be real estate agents operating there.

    I have been given a valuation by the owner spouse but it is not on any kind of official letterhead, although it is signed by Nuncio T C P Nestre – Tecnico Profecional de Avalicao

    It values the land at US$60pm. The non-owner spouse says this is undervalued and it should be at US$90.

    Is anyone able to point me in the right direction for an independent valuer?
    Also, the owner spouse says the property has been subdivided and that they no longer own the back part of the block. Is it possible to do a reverse search for any property owned by an individual or where can I go to search for a title and ownership of a specific piece of land in the country?

    Grateful for any assistance.

    DivorceResource | Divorce Resource Pty Ltd
    http://www.divorceresource.com.au

    Divorce Coach and Accredited Mediator - minimising the stress, conflict and cost of separation and divorce

    Profile photo of George PoullosGeorge Poullos
    Participant
    @york-p
    Join Date: 2015
    Post Count: 3

    Is it possible to ask for valuations from agents outside the area? Say from Dare, Tibar or Hera? Perhaps looking at current real estate for sale in Dili and using that an as guide to bring the two parties to the table?

    Failing that, perhaps you might need the services of a local lawyer who may be able to suggest an independent valuer or another kind of valuation usually accepted there for the purpose of a divorce settlement. Also they might be able to run some property searches to determine current block size & if any sub-divisions were done as declared by the owner spouse. Will most probably cost some money but might speed up the process and finally help get final settlement over the line, especially if this is the last sticking point as you have mentioned.

    George Poullos | Precision Funding
    http://www.precisionfunding.com.au
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    Finance Strategist & JP

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,016

    In these sorts of places it will be hard to find a valuer or an agent.

    Perhaps try one of the very big firms such as Herron Todd White. They may or may not be able to help, but may point you in the right direction.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of DivorceResourceDivorceResource
    Participant
    @ckw2666
    Join Date: 2018
    Post Count: 2

    Thanks for the suggestions – I was directed to the Timor Leste embassy by HTW and they have been quite willing but as yet unable to assist. Apparently, there is no legal process for valuing property at present but the going rate is around USD$100 p/m2. The wife in this case has provided a valuation that is signed by a valuer but not on a letterhead from her recent visit (at USD$60 p/m2) but I have not been able to verify the validity of the valuer. Hoping the embassy will be able to at least let me know if the format that the valuation has been presented in is in keeping with the officially recognised standard from the Dept of Lands in Dili. The husband is not buying it though … the perils of family law property splits.

    DivorceResource | Divorce Resource Pty Ltd
    http://www.divorceresource.com.au

    Divorce Coach and Accredited Mediator - minimising the stress, conflict and cost of separation and divorce

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 269

    How about getting the couple to agree to a BMBY solution? 😇

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
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    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

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