The Ministry of Lands and Physical Planning vide Legal Notice Number 151, gazetted the appointment of private valuers pursuant to the amendment of Section 10A of the Stamp Duty Act, Cap 480 (Click here), and the Stamp Duty (Valuation of Immovable Property) Regulations 2020 (Click here).
The Cabinet Secretary for the Ministry of Lands and Physical Planning, issued a Press Statement on 20th January 2021, (Click here) where she explained that the amendment of the Stamp Duty Act to introduce valuation for stamp duty by private valuers, would enhance efficiency and generally reduce the turnaround time for the return of valuation figures.
In line with the Stamp Duty (Valuation of Immovable Property) Regulations 2020, 255 practicing private valuers applied for an appointment and upon completion of the vetting process, 247 private valuers were listed as successful applicants (Click here).
While Government valuers do not charge fees, proprietors who opt for private valuers will incur valuation costs as stipulated in the Valuers Act.
This News alert is provided free of charge for information purposes only; it does not constitute legal advice and should not be relied on as such. No responsibility for the accuracy and/or correctness of the information and commentary as set out in the alert should be held without seeking specific legal advice on the subject matter. If you have any query regarding the same, please do not hesitate to contact charles@wamaeallen.com; Janeirene@wamaeallen.com; virginiah@wamaeallen.com
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Charles is an experienced transactional advocate with over 17 years experience in the legal industry. He is the Managing Partner at Wamae and Allen, an Entrepreneur and a proponent of the Adaptability Quotient(AQ) theory.
Janeirene specializes in real estate and securitization and banking and finance. She is a promising transactional advocate who has experience in real estate and securities law, transactional law and advisory and has handled complex transactions and advisories.
Virginiah is a promising transactional advocate specializing in Real Estate and SeVirginiah is a seasoned Advocate with great expertise of more than three years in Real Estate, Banking and Finance, Commercial and Corporate Law. She is a focused and self-motivated advocate successful at strategically managing operations with proven team performance. She is a highly organized, excellent communicator, detail-oriented, leader skilled in directing high-performing teams to develop solutions and solve operational and technical problems. Her prowess has benefitted the firm by way of greater client acquisition, client management, and client retention.curitization, Banking and Finance.
