Why you need a public adjuster is a question I get asked quite often from my fellow real estate agents. In most cases, when the real estate investor or agent has called me to discuss some kind of real estate transaction, the response they get is that they don’t need one. “The deal is done right,” they will tell me. “We have all of the paperwork we need and the lawyer is working with both parties to come to an equitable settlement, so there’s no reason to bother with a lawyer.” While those statements may be accurate in some regards, they miss the mark on several counts.
In my experience as a real estate agent, the vast majority of real estate transactions end up in court at some point. Whether it is because of a minor dispute (like a couple getting married on a Saturday night, instead of the scheduled Sunday wedding date) or a much bigger dispute (a developer buying the old estate next door so he can build a bigger one, instead of fixing up the old one), the end result is the same: lawyers and courtrooms. Between lawyers and temps, the average real estate transaction can take years, and real estate attorneys are a dime a dozen these days. The result is that, in many cases, property owners are left with huge real estate bills that exceed their tangible assets. So they need someone, or some people, to come in and save the day.
If you’re an investor/real estate owner who is facing such a financial situation, the first thing you need to do is to see if you need a Public Adjuster. In almost every state, there is a requirement that a real estate valuation be performed for the purpose of setting the proper valuation for real estate. Basically, this means that you need to make sure you get an accurate number, rather than an estimate, before you enter into any negotiations with your seller. For most people, this is not a problem. If you’re involved in a real estate transaction where you have questions about the contract, the condition of the property, and other aspects, you may need the expertise of an NFA adjuster in Ontario to help you sort things out.
The question is: who is a public adjuster and why should you hire one? Basically, a public adjuster is a person who specializes in real estate matters. They have a large amount of knowledge and expertise about the laws surrounding the real estate market. They can advise you on issues ranging from the proper way to develop a piece of property to when it’s best to sell. In many cases, they can even act as legal counsel for you, should something go awry in the course of your negotiations.
One of the major reasons to use a professional assessor is that, in most cases, they are relatively inexpensive. Most people can’t afford to pay for one, but if you have something like billion-dollar real estate, you don’t really need one. Some of the services that these professionals provide cost several hundred dollars or more. That’s why you don’t see so many of them around. On the other hand, the costs of hiring a lawyer to conduct research on a property can quickly add up. The bottom line is that there are certain situations where it is absolutely necessary to have an impartial party conduct an assessment, such as when a real estate deal is very complicated and the potential ramifications are broad.
A public adjuster can come in and look into your property before any other party gets involved. He or she will review documents and make sure everything is in order. When you talk to him or her, it’s important to make sure you have the facts straight. For instance, if you find yourself in a difficult situation because you want to sell your property, you need to be able to tell your real estate agent how much the property is worth. Even if you’re not sure, asking for a quote is always a good idea.
If you are a real estate agent looking for a buyer for your property, you’ll want to be sure that he or she is properly investigated. There may be problems with the seller that aren’t being told. The goal of the public officer is to get those details out to the public. This is why you need a public officer for real estate transactions. If you can’t have someone in place who is just interviewing people (which is the standard method), you’ll want to find someone who is a little more hands on.
In any case, you don’t have to pay for a public adjuster’s services. If you suspect that you are at risk for something bad happening, ask to be prepared with an investigator on hand. The last thing you want is to be unprepared for the problems that may come up!
National Fire Adjustment Co.
1100 S Service Rd #222,
Stoney Creek, ON L8E 0C5
+1-800-790-2622
nfaco.ca
