VALUATION OF PROPERTY IN CIVIL PROCEDURES

Property valuation in civil proceedings is an important evidence-gathering measure in the process of settling civil cases. In cases where it is necessary to determine the value of property to settle a civil case, the property must be valued or appraised.

In which cases does the court decide to determine the price of the disputed property in civil proceedings?

Under Article 104 of the 2015 Civil Procedure Code, the Court shall issue a decision on asset price determination and establish a Valuation Council in one of the following cases:

- At the request of one or the parties involved;

- The involved parties do not agree to choose an asset price appraisal organization or offer different asset prices or fail to agree on the asset price;

- The parties agree with each other or with an asset price appraisal organization at a price lower than the market price where the asset is valued at the time of valuation to avoid obligations to the State or a third person or to grounds to show that the asset price appraisal organization has violated the law when appraising the price.

What are the principles of property valuation in civil proceedings?

Under Article 2 of the Joint Circular 02/2014/TTLT-TANDTC-VKSNDTC-BTP-BTC, which stipulates that the valuation of assets in civil proceedings shall be carried out according to the following principles:

- The involved parties shall reach an agreement on the determination of property prices and select an asset price appraisal organization to determine the asset value. The State respects the agreement of the involved parties on the determination of property prices and selects an asset price appraisal organization by the law unless the parties agree with each other or with an appraisal organization. pricing at low prices to evade obligations to the State.

- The asset valuation is carried out based on technical standards and actual condition of the property; consistent with the market price where the asset is located at the time of valuation.

- Ensure honesty, objectivity, publicity, and compliance with the provisions of the law.

- Property prices are in Vietnamese dong.

- In case the appraised property is no longer available, the price determination shall be based on documents and evidence contained in the case file or reference to the price of assets of the same type or properties with the same features and technical standards to identify. Assets of the same type, properties with the same features, and technical standards shall be determined according to the provisions of law.

What requirements must be met for an agreement to determine the price of the disputed property?

Under Article 3 of Joint Circular 02/2014/TTLT-TANDTC-VKSNDTC-BTP-BTC, an agreement on the determination of disputed asset prices must satisfy the following requirements:

- The participants in the agreement on asset price determination must be the involved parties or their lawful representatives;

- The parties to the agreement are completely voluntary;

- Comply with the principles of asset valuation;

The agreement must be made in writing and signed by the parties to the agreement.

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