Although at first one might think that expert opinions are focused on legal proceedings or the processing of insurance companies when an accident occurs, expertise is the key to resolving damage to our homes.
In practical terms, expert reports are key pieces of evidence on disputed issues. They offer a structured and clear way of presenting complex information, which makes it easier for a court and other involved experts to understand.
Differences between expertise, expert appraisal, audit and expert opinion
How do experts contribute to judicial processes? One of its main tools is the expert report, a document drawn up by an expert with his or her conclusions on a specific subject.
Although they are often used as synonyms, expertise, expertise, audit and expertise do not mean the same thing.
We address the key terminologies:
Expertise. It is the report produced by an expert - an expert witness - an industry professional with extensive experience in his or her field and qualified to provide valid testimony in a legal debate. This final report is the expert opinion and helps to better understand an issue.
Expertise. It is an assessment by a qualified professional who interprets defects, faults or damage and produces a report with his conclusions.
Audit. It is an evaluation of an organisation's processes by a qualified professional. It can be financial, operational, process, and seeks to verify that established standards are being followed.
Expertise. Expertise refers to that ability or specialised knowledge that will enable the expert to give an opinion relating to liability or quantum in a dispute.
What is the difference between an expert report, an expert opinion and a technical report?
They are similar terms, but their purpose is different.
The technical report describes the condition of the property or the origin of the damage. It is objective, clear and useful to understand what has happened, and may contain an economic valuation of the damage. Its objective is to understand what has happened (diagnosis).
The expert's report is intended to contribute professional knowledge to a court proceeding or a private dispute. It includes an economic value and complies with the legal requirements to be presented as evidence in legal proceedings.
What about the expert opinion? The difference between the expert opinion and the expert report is that the expert opinion is the expert's opinion after analysis of the facts.
At Gesvalt we work in two main lines:
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- We value real estate: how much a house, premises, building is worth. It is not valid in a court of law.
- We value damages to real estate: what it costs to repair a particular problem. It allows the injured party to take it to court.
Types of real estate surveys
As real estate assets are a major component in the portfolios of individuals and companies, disputes related to them are quite frequent in the sector. Hence the relevance of the real estate appraisals to resolve any disputes.
Home expertise
A report by home damage assessment provides information that helps document the extent of damage and facilitates compensation to cover necessary repairs or replacements.
Structural expertise in housing helps to identify immediate risks, such as structural instabilities or problems with electrical and gas installations, which need to be addressed quickly to avoid major problems.
Building and real estate appraisal
The expertise of buildings or real estate assesses the state of the asset's infrastructure. This diagnosis identifies problems, damage, deficiencies and proposes solutions. Among the most common problems, the expertise reflects problems of cracks, humidity, deficiencies in the installations, and structural problems.
Industrial expertise
Industrial expertise deals with plant, machinery and production processes within factories or technical environments. It is especially useful in cases of claims, malfunctions, contractual disputes or the need to value industrial assets. The expert analyses everything from the physical condition of the equipment to its performance, applicable regulations or repair costs, offering an objective and technical view that can be used both at a business and judicial level.
Land survey
The land survey analyses the characteristics, value and possible problems of a plot of land. The expert appraisal provides expert information on the type of land, buildability, access, easements. It is often prepared in the event of boundary disputes, in the event of a possible purchase transaction or for presentation to administrations and courts.
Expert appraisal of works of art: when to request it and how to appraise it
Art is one of the most sophisticated areas of expertise and valuation. Complex factors such as chronology, authorship, artistic movement, technical quality and state of conservation all play a role.
Art and antiques expertise is requested by organisations and financial institutions for different purposes:
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- Insurance of works or collections.
- Advice on purchase and sale transactions.
- Distribution of assets in inheritances.
- Appraisal for damage, theft or fraud claims.
- Donation in payment of taxes.
- Accounting reconciliations for financial purposes.
Art and antiques valuations follow a specific methodology by obtaining information from Galleries and Auction Houses, taking into account some relevant factors such as: the author, the place of residence, the artistic movement to which it belongs, the period or particular style, the size of the work, and the authenticity. They are used for inheritances, company or private estates, and purchase and sale advice.
Who can carry out a professional expertise and in which cases is it requested?
A professional expertise must be carried out by an accredited expert. It is requested in situations where an objective and technical valuation is needed, for example in legal proceedings, corporate transactions, inheritance, divorce or contractual disputes.
The Spanish Association of Judicial Mediation and Expertise, details the requirements necessary to work as a court expert, such as having a technical qualification (e.g. engineer or architect), not having a criminal record, having specific knowledge and training in the area in which he/she is going to issue his/her reports, being a member of a professional association and providing objective reports under oath.
Expert opinion report: what it includes and how it is drawn up
At Gesvalt we assess all types of damage to buildings, whether it is original construction damage, or damage caused by adverse weather conditions or accidental actions beyond the control of the building itself.
In order to assess the pathology, we must analyse the construction typology of the building and in many cases study the parts that at first do not seem to be affected, in order to finally arrive at the cause of the damage.
Once the cause has been identified, the best action to repair the cause and the damage it has caused is proposed, and the cost of this repair is estimated.
Our methodology for producing an expert report combines technical precision and professional expertise to provide rigorous and personalised expert reports.
Each expert report is different. That is why we approach its preparation with the care required in each situation: we listen to the parties, review the documentation in detail and analyse the data from an objective and expert perspective.
In some cases, it is even necessary to support the opinion in court. For this, we have qualified professionals who follow a process:
- Initial coordination. Once the request is received, an expert contacts the customer to arrange a date and place for the technical visit.
- Documentary review. Key documents of the property or asset are collected and examined, such as the land registry, technical reports or administrative documentation necessary for the valuation.
- Technical analysis. Based on the data obtained during the visit and the documentation provided, the expert carries out a thorough analysis. If the case requires it, additional visits can be planned.
- Report writing. Finally, the report or expert opinion is drawn up, reflecting the conclusions of the technical analysis, based on the facts and the applicable regulations.
Price of an expert opinion: How much does it cost and what are the factors involved?
As the price of an expertise is determined by the complexity and time spent on each case, there is no fixed fee.
How much does a home survey cost?
Factors influencing their price are usually the following:
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- The scope and complexity of the technical issue to be assessed (e.g. property valuation, acoustic damage, claims...).
- The time required, both for the preparation of the report and for possible ratification in court.
- Additional costs such as travel, interviews or external analysis.
- The type of expert.
Examples of real expertise
Our latest expert was carried out on a detached house that had been purchased second-hand by our client. Despite the fact that the property was delivered with apparently correct characteristics and condition, in the first month of use the buyer detected a serious problem: the roof was not working properly and, with each episode of rain, numerous dampnesses appeared in the basement, walls and ceilings.
In response to this situation, we carried out a comprehensive analysis of installations and possible structural damage. Thanks to this study, it was possible to identify the real causes of the damage and to propose the most appropriate repair solution. In addition, it was possible to prove that, during the purchase and sale process, the seller had concealed the defects and had closed the transaction at a price higher than the real value of the property.
Finally, a detailed expert report was drawn up to prove the existence of hidden defects and allow our client to claim both the difference between the paid and actual value and the corresponding repair costs.
Conclusion: confidence and experience in professional appraisals
Gesvalt advises entrepreneurs, owners, shareholders, individuals and companies, and is regularly appointed as an expert witness thanks to its extensive experience of more than 30 years. The company produces more than 5,000 expert reports a year in the real estate, industrial, art and antiques sectors.
We analyse the situation in dispute, advise on opportunities and risks, support our clients in defending their claims or provide independent and objective expert opinions.
The result of our work is often an expert opinion that facilitates the understanding of complex facts for third parties, such as parties in litigation, the courts, the public prosecutor's office or other authorities.