What is that about:
1. Who needs evaluation with translation
Valuation of property with translation into a foreign language is necessary when the results of this evaluation are used abroad or by foreign missions, embassies, consulates, companies, citizens of other states in Ukraine.
Based on our long-standing practice of property valuation, which required translation into a foreign language, we can note the following most common cases:
- Determination or confirmation of real estate value in Ukraine for tax or social authorities of other countries. Such evaluation is needed for taxation or the determination of social benefits abroad.
- Proof of financial condition of the applicant for a visa to some countries. It is believed that if a citizen has real estate in his country, especially expensive, the likelihood of violations of visa rules and restrictions is low.
- Division of property upon divorce, which is held in court of another state, and one of the spouses has real estate or other property in Ukraine.
- Conducting transactions with securities, such as IPO (Initial Public Offering) on stock exchanges of other countries, if the foreign issuer company has assets in Ukraine.
- Valuation for a wide variety of litigation abroad, if the dispute directly or indirectly concerns property that is located in Ukraine.
- Transactions on re-registration of property on real estate in Ukraine, if one of the companies is a non-resident.
- Consultancy services to determine the value of real estate or other property for foreign investors to make an informed decision on whether to purchase assets.
- Valuation of assets of a foreign company operating in Ukraine for audit abroad.
1.1. Real estate evaluation for the embassy
As you know, there are countries to which to get entry visas is not an easy task. Embassies of such states before issuing a visa, want to make sure that a citizen of Ukraine under the guise of obtaining a tourist visa is not going to emigrate and join the ranks of local illegal immigrants.
One of the indirect indications that the applicant does not plan to violate the visa legislation is the presence in Ukraine of expensive property, primarily real estate. Therefore, during the decision to grant the right to enter you may be asked to provide a list of real estate and other valuable property that you own in Ukraine.
Such property includes all types of real estate: apartments, houses, land plots, commercial premises and so on. Possession of high-value vehicles, corporate rights, securities, equipment or other assets may also be an indicator of a claimant’s solvency and financial stability.
However, apart from the fact of ownership of real estate or other valuable property, representatives of the embassy may ask for an expert evaluation of the market value of all this property. The logic here is simple and obvious. The higher the total value of the claimant’s property, the less likely it will have problems with the Act in the future.
In our practice, most often we did an English translation evaluation for embassies or consulates of the USA, Australia and Canada. Also in practice, there is a requirement to determine the market value of the property, indicating the equivalent in the currency of the respective country, that is, in our example, respectively, American (USD), Australian (AUD) or Canadian (CAD) dollars.
2. English versions of the evaluation
Depending on the purpose for which the evaluation is conducted with translation into a foreign (most often English) language, the resulting document needs to be translated in full or in part. In any case, this document is signed by our appraiser, the head of the appraisal company and sealed. Also attached to the evaluation report are the authorization documents of the appraiser and the company for conducting professional activities to determine the market value of real estate and other types of property.
In the absolute majority of cases we encounter in the course of practical work, it is not necessary to translate the entire report of the evaluator. Recall that according to the requirements of the legislation, the result of determining the market value of the property is not a certificate, but an evaluation report, the content of which is also clearly defined. The main point is that the report contains not only conclusions on the market value of the property being valued, but also the justification of this value, a description of the methods used for the calculation, copies of the original documents, etc.
If the evaluation is carried out for presentation at the embassy, consulate for obtaining a visa or at tax, social services of other states for calculation of taxes and payments, it is enough to translate only a few «main» pages of the document. These include, in particular, the home page and the asset valuation page, which contain all key data. This translation we do on our own and it is almost always enough.
If you have some less common case when you need an evaluation with a translation into a foreign language, you may still need an English-language version of the document as a whole. In this case, we make an evaluation according to all rules and suggest the customer to order translation of legal documents in a specialized company – translation agency. The quality of such a service is in fact much more complex than it may appear at first, as the evaluation report includes a significant number of technical and legal terms.
In general, the evaluation with translation into English or another foreign language is carried out according to the standard procedure defined by the National Standards of Ukraine. After the evaluation report is done in Ukrainian, the translation of the whole document or its parts can be perceived as a simple additional service.
2.1. Is it necessary to translate the evaluation entirely
Based on the above, customers have a question, so does it make sense to translate the whole document or just a few pages suffice? Is there any advantage to a particular translation approach?
If you are not required to have a translation of entire evaluation document, of course, it is better to choose the translation of only the main pages of the appraiser’s report. The cost of such a translation for typical estimates is often included in the price of the service to determine the cost. All this is done quickly and, importantly, qualitatively. Even the best translator who has not previously encountered terminology used in evaluation activities can make stylistic mistakes in translating specific terms.
As we have already noted above, the evaluation of the whole with translation into English is necessary for presentation at the embassy, consulate to obtain a visa or for the tax, social service of another country to calculate the amount of payments. If this is your case, it makes no sense to complicate anything. You will be suitable translation, which we will do by ourselves, only a few pages of the report of the appraiser.
If you are still required to have a translation of whole document, then, as they say, there is nowhere to go. We will give you a report on the evaluation of your property, and for translation will need to contact a specialized translation agency, which has experience with specific legal documents.