PRESS RELEASE BY MR CHISEBWE FUMBESHI – CHAIRMAN VALUATION CHAPTER – SURVEYORS INSTITUTE OF ZAMBIA ON 10TH JANUARY 2016

“The General Public urged to engage the services of qualified Valuation Surveyors”

The Valuation Chapter of Surveyors Institute of Zambia would like to urge the general public to engage the services of qualified Valuation Surveyors before making commitments in property transactions to avoid loss and unnecessary complications.
As required by the Property Transfer Tax Act Chapter 340 of the Laws of Zambia, sellers should pay a percentage of the Market Value of Land & Improvements. Market Value is defined as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”. Effective 1st January, 2016 Property Transfer Tax is 5% reduced from 10%.
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. Valuation Surveyors are trained in the art and science of property valuation to help buyers and sellers of properties for their interests and overall development of the nation at large. Valuation Surveyors provide a broad range of skilled services including identification, negotiation of price and completion of sale of property. Members of the public should always ask for a valid practicing certificate.
The Valuation Chapter of Surveyors Institute of Zambia promotes highest standards of professional and ethical conduct of Valuation Surveyors.