Technical task

Investment object- the result of the investment project (newly created, reconstructed, restored object real estate).

Investment contribution of the Russian Federation- a real estate object involved in economic turnover on investment terms.

Share Russian Federation in an investment property- a share in the investment object transferred as a result of the implementation of the investment agreement into the ownership of the Russian Federation, expressed as a percentage or natural indicators.

4. requirements for the Assessment Process

The evaluation process should contain the research and analysis necessary to draw conclusions about market value and include problem setting, object inspection, data collection, processing of the received information and presentation of the conclusions and results of the work.

The assessment process should include the following main steps.

1. Statement of the problem.

1.1. Goals and objectives of the assessment.

1.2. Object identification.

1.3. The type of value to be determined.

1.4. Dates of assessment.

1.5. Limitations and Assumptions.

1.6. Choice of methodology

2. Collection of initial information.

2.1. Information about the object of assessment.

2.1.1. Documentation.

2.1.2. Inspection and photography.

2.2. general information(region, city, local environment).

2.3. The market of the object of assessment.

3. Analysis of the best and most effective use

4. Calculation of the market value.

4.1. Cost approach.

4.2. income approach.

4.3. Comparative approach.

4.4. Coordination of results and determination of the final cost.

5. Report preparation.

5. general requirements for the assessment report

1. The report must meet the requirements of the current legislation on valuation activities:

Federal Law "On Appraisal Activities in the Russian Federation" dated 01.01.01;

Appraisal standards that are mandatory for appraisal activities, approved by Decree of the Government of the Russian Federation of July 6, 2001 No. 000;

Federal valuation standards:

FSO No. 1, approved by the Order of the Ministry of Economic Development and Trade of the Russian Federation dated 01.01.01. No. 000 "On approval of the federal valuation standard" General concepts of valuation, approaches to valuation and requirements for valuation (FSO No. 1)",

FSO No. 2, approved by the Order of the Ministry of Economic Development and Trade of the Russian Federation dated 01.01.01. No. 000 "On approval federal standard assessment "Purpose of assessment and types of value (FSO No. 2)"

FSO No. 3 approved by the Order of the Ministry of Economic Development and Trade of the Russian Federation dated 01.01.01. No. 000 "On approval of the federal valuation standard "Requirements for the valuation report (FSO No. 3)";

Guidelines for determining the market value of land, approved by the order of the Ministry of Property of Russia dated 01.01.2001 N 568-r;

2. Requirements for the evaluation and the content of individual sections of the report are presented below in the relevant sections of the assignment.

6. Statement of the problem

6.1. Purpose of the assessment

The purpose of the appraisal is to determine the market value

6.2. Intended Use of the Evaluation Results

The results of the assessment will be used to involve the object in the economic turnover on investment terms

6.3. Object of assessment

The object of real estate is subject to assessment (indicate the name, address, type of right being assessed, other identification characteristics) and related to it land plot(indicate cadastral number, area, type of right)

6.4. Property rights to the object of assessment

This section describes all existing legal relations in relation to the object of assessment and its individual components. The types of rights and encumbrances, subjects of rights, urgency of rights, details of title and title documents are indicated.

If there are encumbrances, the amount of the investor's expenses for the elimination of these encumbrances, for example, the resettlement of residents from residential buildings located on the invested development spots, must be taken into account taking into account the current legislation on the resettlement of residents.

The obligations of the Investor for the construction or reconstruction of social infrastructure facilities, as well as the share of the subject of the Russian Federation or the municipality in the future facility cannot be taken into account as encumbrances on the facility.

6.5. Type of determined value

Subject to evaluation market price object of assessment, since according to the current legislation, the economic turnover of objects owned by the Russian Federation must take place at market value.

6.6. Date of valuation (date of valuation, date of valuation)

The date of the valuation (the date of determining the value, the date of valuation) should be understood as the date as of which the value is determined.

6.7. Assessment period

Term _____________________________________________________________

6.8. Assumptions and restrictions

These restrictions should not conflict with applicable law and obvious logic. So, for example, the value of the existing use cannot be used or the value of the rights to the land plot is not taken into account.

7. Collection of initial information about the object of assessment

7.1. Documents establishing the quantitative, qualitative and legal characteristics of the object

The appraiser must analyze the following documents in order to establish the quantitative, qualitative and legal characteristics of the object and include them in the appendix to the appraisal report:

1. extract from the register of federal property about the real estate object;

2. a copy of the certificate of state registration of the right to an immovable property;

3. information about the encumbrances of the immovable property with copies of documents confirming such encumbrances;

4. documents of technical accounting of a real estate object (a technical passport prepared by an organization (body) for state technical accounting and (or) technical inventory of capital construction objects);

14. schedule for the implementation and financing of the investment project and other project documentation (if any).

7.2. Inspection of the object and photo fixation

The visual inspection carried out should allow for a comprehensive description of the visible price-forming factors of the object and include the following components, which should be reflected in the description section of the object:

1. Location;

2. Structural, space-planning characteristics;

3. Engineering communications;

4. Construction readiness;

5. Technical condition;

Photo fixation should include fixing the surroundings, entrances, front and rear facades of the building, rooms with various structural and functional characteristics, construction readiness and technical condition, features of the object, as well as other significant pricing characteristics of the object in case of their discovery. In the event that, based on the results of the analysis of the most effective use, it is concluded that the demolition of the object is necessary, photographic fixation of the existing property can be presented in the minimum amount that allows to confirm this conclusion. The results of photographic fixation should be given in the report.

8. Description of the object of assessment

The description of the appraisal object should include the necessary and sufficient pricing factors of the appraisal object.

The description of the appraisal object should contain the following sections: identification of the appraisal object, description of the location, description of the land plot and the existing property.

8.1. Identification of the object of assessment

In the identification section, the object of assessment is formulated unambiguously and briefly on the basis of the task. In particular, the name, address, composition of the object of assessment is indicated.

8.2. Location

The choice of the boundaries of the description and analysis of the location is determined by the territorial boundaries of the influence of the external environment on the value of the object.

The most significant and typical location factors that require description and analysis are the following:

Remoteness from the city center and local centers of influence (metro stations and central highways, busy streets);

Development of social infrastructure: availability of schools, kindergartens, cultural facilities, shops, etc.;

Surrounding buildings (density, height, functional purpose, level of consumer characteristics);

The presence of competing objects;

Transport accessibility of the facility for customers, suppliers and employees via public transport (characterized by the distance to stops and the availability of various kinds transport), accessibility for personal transport, characterized by the presence of parking lots and convenient entrances;

Engineering networks, availability of technical capacities;

environmental conditions;

Urban zoning of the territory: differentiated land tax rates and land lease rates, which determine mandatory payments for the use or possession of a land plot;

Natural and climatic conditions (climatic, geological, hydrogeological);

Sales prices and pricing factors for them.

Investment activity indicators should be analyzed:

If there is project documentation for the object of assessment that does not contradict the identified urban planning restrictions and established market practice, it is advisable to use the option for the development of the object specified in this documentation as the main one in the further analysis.

The analysis of the factors that form the cost should include an analysis of the functional purpose, the number of utility units, the level of consumer characteristics, physical condition, and functional requirements. The effect of adding value can take place due to the following factors: increase in the rental rate, reduction in operating costs, increase in the leased area, increase in occupancy, decrease in the risk of operation of the asset, increase in the useful life.

All further calculations to determine the market value of the appraisal object are performed for the option of the most efficient use. If the most efficient use of the appraised object is the demolition of the existing object and the construction of a new one, the further calculation methodology should correspond to the assessment of the land plot with unnecessary improvements, that is, elements that reduce the cost of the land plot by the amount of the cost of clearing the land plot from these elements.

11. Cost approach

11.1. Application features

A feature of the deposit objects is the discrepancy between their current use and the most efficient use and significant removable wear caused by missing improvements (the need for construction, reconstruction) and / or unnecessary improvements (the need for demolition, reconstruction). If, as part of the analysis of the most effective use, it is concluded that the existing object is subject to demolition, then the assessment using the cost approach is reduced to calculating the value of the land using the methods of a comparative or income approach, which leads to the degeneration of the cost approach. In this case, a rationale for not using the cost approach should be provided.

11.2. Valuation of rights to a land plot

The requirements are presented in the comparative approach section.

11.3. Reproduction/replacement costs

A feature of the construction cost calculation in most cases is the presence of unnecessary improvements at the facility, which, as a result of the analysis of the most effective use, are fixed for demolition or reconstruction, as well as missing improvements that need to be added. In this case, it is not the costs of reproduction that should be calculated, but the costs of replacing the object of assessment.

Replacement or reproduction costs here and in all sections of the report can be determined on the basis of estimates or the following reference materials.

1. Regional guide to the cost of construction (RSS-2007) - M .: "Center for Information Technologies in Construction", 2006.

1. Public buildings. Aggregated indicators of the cost of construction. Appraiser's Handbook series. - M.: -INVEST", 2007.

2. Industrial buildings. Aggregated indicators of the cost of construction. Appraiser's Handbook series. The fourth edition, revised and supplemented - M .: -INVEST, 2007.

3. Warehouse buildings and structures. Aggregated indicators of the cost of construction. Appraiser's Handbook series. - M.: -INVEST", 2007.

4. Residential buildings. Aggregated indicators of the cost of construction. Series "Appraiser's Handbook" - M.: -INVEST, 2003.

5. Main networks and transport 2007. Aggregate indicators of construction costs. Series "Appraiser's Handbook" - M.: -INVEST, 2007

6. Quarterly interregional information and analytical bulletins KO-INVEST. "Price indices in construction" - M.: -INVEST.

11.4. Construction readiness

For construction-in-progress facilities, construction readiness is calculated. Construction readiness is calculated as a weighted average of the readiness of individual structural elements of the object, which is described and confirmed by photographic data, acts of work performed.

The construction readiness of individual elements is described in the report based on the data from the as-built documentation and visual inspection.

11.5. Accumulated depreciation

Accumulated depreciation includes removable and irreparable depreciation. Wear is caused by over-improvements; missing improvements or improvements that need to be replaced. Removable depreciation is depreciation for which the contribution to the market value (value added) as a result of its elimination is greater than the cost of elimination. The change in value should be determined using a comparative or income approach.

Cumulative depreciation is calculated using the following formula:

And \u003d ΔSneustr + Sv + Zsuschustr - Znsuustr,

I - wear;

ΔСneustr - loss of value from irreparable wear;

Sv - the cost of reproducing excess improvements.

Zsusustr - the cost of eliminating disposable wear and tear in an existing facility;

Znsuustr – the cost of eliminating wear and tear in new construction.

6. Determining the future rent for certain periods of the forecast lease period by increasing the rent on the date of the assessment, assuming that the object is ready for the growth in rental rates.

7. Determination of the forecast selling price (reversion).

8. Determination of the discount rate for the period up to the moment the facility is put into operation.

9. Determination of the discount rate for the period of operation (lease).

10. Determination of the market value of the Russian Federation's contribution to the investment project by bringing the difference between future income from the lease and sale of the investment object and development costs to the date of the assessment by the appropriate discount rate.

13.2. Forecast period

When constructing a cash flow based on a model that assumes receipt of income from the sale of an investment object, the calculation horizon is determined by the term for the sale of the last areas of the object. The sales schedule should correspond to typical market conditions.

When constructing a lease model with a deferred sale, the calculation horizon should be limited to a period of not more than 5 years from the date of commissioning of the facility, but not less than the period of reaching the design load with flow stabilization.

13.3. Investment costs

When forecasting future investment costs, the following characteristics should be justified:

cost calculation method;

scope and structure of work;

the rate of change in costs;

timing and sequence of work.

The costs of connecting to engineering networks are taken into account on the basis of documents submitted by organizations that operate engineering networks.

The scope of work to be performed should be based on the result of the best use analysis. Costs are calculated taking into account the requirements set out in the cost approach section.

Construction timeframes should be determined based on SNiP 1.04.03-85, 1.05.03-87 and, if necessary, adjusted for typical market conditions.

Investment costs should not be increased by the profit of the developer (entrepreneur), since this value is taken into account through the discounting procedure through the average market rate of return on capital (discount rate).

13.4. Periodic Income

When forecasting future periodic income, the following indicators should be justified:

unit of comparison (measurement) of utility (income);

the amount of payment (cost) per unit of utility;

structure and timing of income;

dynamics of change in income;

type of cash flow;

loss of income.

As a rule, the unit of comparison is the rental rate per unit of area per unit of time, typical for this market segment. In particular, a unit of area can be a unit of total or a unit of usable area.

The rental rate must be obtained by the comparative method. When selecting and describing analogues, as well as making adjustments, the requirements specified in the comparative assessment approach should be taken into account.

Rental rates must include the following:

the presence or absence of VAT;

terms of payment in time (quarterly, monthly, advance payment, etc.);

terms of payment for operating fees with an indication of their composition;

type of leased area (general, useful);

conditions for repairs (they are made at the expense of the tenant or lessor).

For the purposes of this calculation, one should proceed from the assumption that the project is financed at the expense of the Investor's own funds without attracting borrowed capital. The cash flow should be calculated on a pre-tax basis - before income tax is charged, due to differences in the taxation of specific entities.

13.5. Recurring expenses

When forecasting costs, the following typical indicators of the cost structure for the considered market segment should be substantiated:

land payment;

management expenses;

insurance payments;

property tax.

Property tax is calculated based on the value without VAT, at which the investment object will be put on the balance sheet. This value decreases annually due to the decrease in the average annual residual value of the property as a result of depreciation.

13.6. Reversion

The forecast sales price (reversion) can be determined using the direct capitalization method or the comparative method.

13.7. Forecast of the rate of change of indicators

When forecasting all indicators, the following operations should be performed:

identify retrospective dynamics;

identify the factors that determine this dynamics;

predict the change in the factors that determine the dynamics with the determination of the impact of the retrospective on the future change in the indicator.

Price change rates should be taken into account market analysis materials from leading analytical companies (for example, Colliers International, Knight Frank, CB Richard Ellis Noble Gibbons, Jones Lang LaSalle, Cushman & Wakefield Stiles & Riabokobylko, Swiss Realty Group, Blackwood, etc.).

13.8. Discount and capitalization rates

The capitalization rate for the period of operation must be calculated by the market extraction method or justify the impossibility of using it. If it is impossible to use the market extraction method, the cumulative construction method is used. The discount rate for the operating period is calculated as the difference between the capitalization rate and the return on capital rate, taking into account the rate of market change. The term for the return of capital is assumed to be equal to the term of the remaining economic life of the object.

The discount rate for the development period (before putting the object into operation) of the investment object is determined based on the analysis of the profitability of similar investment projects on the market and the cumulative construction method. The discount rate on equity should not exceed 20% for pre-tax cash flow.

The capitalization rate for the post-forecast period (terminal) can be calculated by adjusting the capitalization rate for the current period, taking into account the rate of its change in retrospect.

Discounting should be done in accordance with the distribution of payments over time, that is, if the flow is evenly distributed over time, then it should be discounted to the middle of the billing period.

14. Coordination of results and determination of the final cost

Based on the results of applying individual approaches, each approach is assigned weights according to the reliability of the result obtained for the approach.

The following factors are analyzed for each approach to assess validity:

Compliance with the motivation of the seller; Compliance with the motivation of the buyer; Compliance with the existing supply and demand ratio; Compliance with the features of the object; Accuracy, sufficiency and reliability of initial data.

If the discrepancy in approaches is more than 30%, the causes of the scatter should be analyzed and eliminated, or an unreliable result should be excluded from the agreement.

15. Determining the share of the Russian Federation

The appraisal report should contain an advisory section aimed at calculating the share of the Russian Federation in the future investment object. The share is calculated as the ratio of the market value of the object to the current value of the income from the project.

The legislation of the Russian Federation establishes only one payment that can be collected from the owner of a land plot in the process of obtaining a building permit - a fee for connecting to utility networks (Article 48 of the Town Planning Code of the Russian Federation). A subject of the Russian Federation or a municipality has no grounds to demand compensation for the costs of social infrastructure (schools, hospitals, etc.) by investors or the Russian Federation due to the fact that the financing of social infrastructure, in accordance with applicable law (184-FZ of 06.10.99 ., 131-FZ of 06.10.03) is the expenditure authority of the constituent entities of the Russian Federation and should be financed exclusively from their budget.

In addition, the financing of social infrastructure facilities at the expense of the RF budget is a direct violation of budget legislation, since the Russian Federation does not have the authority to create such facilities, and federally owned facilities are subject to unconditional transfer to other public property. Violation of budget legislation (Article 42 of the Budget Code of the Russian Federation) is also expressed in the fact that part of the income arising from the use of the property of the Russian Federation in this case is transferred to the budget of another subject, which can be defined as improper use of budget funds. In addition, there is no reason for a subject of the Russian Federation or a municipality to act as a subject of civil law relations in investment contracts when real estate of the Russian Federation is involved in economic turnover on investment terms.

The list was compiled taking into account the requirements imposed by Decree of the Government of the Russian Federation dated 01.01.01 No. 000 “On the procedure for adoption by federal executive bodies of decisions on giving consent to conclude transactions to attract investments in relation to federally owned real estate objects”

In accordance with Decree of the Government of the Russian Federation of 01.01.01 N 447 "On improving the accounting of federal property"

In accordance with Art. 46 of the Town Planning Code of the Russian Federation, a local government body is obliged, at the request of the right holders, to issue a town planning plan for a land plot within 30 days without charging a fee, including information on the permitted use of the land plot, requirements for the purpose, parameters and location of the capital construction object on the specified land plot.

Decree of the Government of Moscow dated 01.01.2001 N 301-PP "ON THE RESULTS OF THE WORK OF THE COMPLEX OF ARCHITECTURE, CONSTRUCTION, DEVELOPMENT AND RECONSTRUCTION OF THE CITY OF MOSCOW FOR 2006 AND TASKS FOR THE IMPLEMENTATION OF THE INVESTMENT PROGRAM OF THE FIRST HALF OF THE YEAR AND 2007 IN GENERAL" (p. 1. 2.2. IN TOTAL).

One of the main principles of evaluation: The appraisal of real estate. - 12th ed., Appraisal Institute (U.S.), 2001.

Smith, Ricardo, Marx, neoclassical theory.

Replacement cost is the cost of building an object of similar utility.

VSN 53-86 (p) Rules for assessing the physical deterioration of residential buildings

The specified organizations are obliged to submit, upon request within 14 days without charging, the technical specifications providing for the maximum load, the terms of connection and the validity period of the technical specifications or information on the connection fee indicating the connection tariff approved at the time of issuance of the technical specifications in accordance with the established legislation of the Russian Federation in the order (Article 48 of the Town Planning Code of the Russian Federation and Decree of the Government of the Russian Federation of 01.01.01 N 83 “On approval of the rules for determining and providing technical conditions for connecting a capital construction object to engineering and technical support networks and rules for connecting a capital construction object to networks of engineering and technical support")

The capital structure does not affect the value of the company and, in particular, the effectiveness of the investment project (Modigliani and Miller)

The basis for the assessment of the object is the contract (Article 9). As a result of the changes made to part 1 of the article by Federal Law No. 157-FZ of July 27, 2006, the contract on the basis of which the valuation is carried out received the legislative name - "contract for the valuation".

When concluding a valuation agreement, the appraiser is obliged to provide the customer with information about the requirements of the legislation on valuation activities, including the obligations of the appraiser, the requirements for the valuation agreement and the valuation report, as well as valuation standards. The fact of providing such information is recorded in the valuation agreement.

Mandatory requirements for an appraisal contract are reflected in Article 10 of the Law.

To conclude an agreement for an assessment, its simple written form is sufficient, which means that such an agreement does not require notarization or state registration (in the previous version of part 1 of the article (i.e., until amendments were made by Federal Law of July 27, 2006 N 157-FZ) directly spoke of the optional notarization of the contract). Part 2 of Article 10 of the Law establishes a list of information subject to mandatory inclusion in the contract for the assessment, i.e. Conditions required for appraisal contracts:

Object of assessment;

Type of property value (valuation method);

The amount of monetary remuneration for the assessment;

Information about the obligatory insurance of civil liability of the appraiser;

The name of the SROO, of which the appraiser is a member, and the location of this organization;

An indication of the standards of valuation activity that will be applied during the valuation;

An indication of the amount, procedure and grounds for the occurrence of additional liability in relation to liability established by civil law and Art. 24.6 of the Law, the appraiser or legal entity with whom the appraiser has entered into an employment contract. It should be noted that Part 2 of this article of the Law refers to the acceptance by the legal entity with which the appraiser has concluded an employment contract of obligations to additionally ensure the appraiser's liability as a right, but not as an obligation; therefore, such a condition of the contract for the assessment is not mandatory.

The appraisal agreement concluded by the customer with the legal entity must contain information about the appraiser or appraisers who will conduct the appraisal, incl. Full name. appraiser or appraisers.

In relation to the valuation of objects owned by the Russian Federation, constituent entities of the Russian Federation or municipalities, the contract for the valuation on behalf of the customer is concluded by a person. authorized owner to make transactions with objects.

According to FSO No. 1 “General concepts of valuation, approaches and requirements for conducting an valuation”, one of the requirements for conducting an valuation is the conclusion of an valuation contract, including an assignment for valuation. The task for assessment should contain the following information:

a) the object of assessment;

b) property rights to the object of assessment;

c) the purpose of the assessment;

d) the intended use of the evaluation results and the associated limitations;

e) type of value;

e) date of assessment;

g) the timing of the assessment;

h) the assumptions and constraints on which the estimate is to be based.

OBJECT OF EVALUATION. According to Law No. 35-FZ Art. 5 . Objects of assessment- all objects civil rights, in respect of which the Legislation of the Russian Federation establishes the possibility of their participation in civil circulation. The objects of evaluation are.

An approximate form of the Terms of Reference (technical instructions) for assessing the market value of detached non-residential real estate objects located within the boundaries of the territory

Moscow

Application No. 1

to Contract No. ____

from "___" ________ 200_

Terms of reference (technical instructions) for assessing the market value of a non-residential property located within the boundaries of the territory

Moscow

General requirements

1) The exact name of the appraisal object, its location and data on the rights to the appraisal object:

(name in accordance with title documents, administrative address; rights - in

in accordance with the certifying and title documents)

2) Information about the encumbrance of the object of assessment, if any:

(type of encumbrance and documents confirming its existence)

3) Applied standards and valuation rules:

“Valuation Standards Mandatory for Application by Subjects of Valuation Activities”, approved by Decree of the Government of the Russian Federation of July 6, 2001 No. 519.

4) Tasks (purpose) of the assessment: _________________________________ ____________________

(the content of the proposed actions in relation to the object of assessment is indicated)

5) Special examinations, the implementation of which is required as part of the assessment of the object of assessment: _______________________________________________________________________________

(indicates the type and scope of the special expertise to be carried out during the evaluation process)

6) Date of the assessment (date of determination of the cost, date of assessment) of the object of assessment:

___________________________________________________________________________

(indicate the date as of which the value of the appraisal object is determined)

7) Book value of the appraisal object: _______________________________________________

8) The list of assumptions and restrictions that must be taken into account when evaluation:

9) Currency in which the final value of the market value of the appraisal object should be expressed (hereinafter - units) __________________________________________________

10) The final value of the market value of the appraisal object must be indicated with the allocation, including the amount of VAT.

11) If there is an encumbrance of the appraisal object by a lease agreement (contracts), two final values ​​​​of the market value of the appraisal object should be indicated - taking into account the presence of an encumbrance and without taking into account the presence of an encumbrance of the appraisal object.

Requirements for the evaluation of the object of evaluation and the content of the evaluation report

The Appraiser must evaluate the appraisal object with the execution of the appraisal report in the manner prescribed by this Terms of Reference (technical specifications), in compliance with the requirements established by these Terms of Reference (technical specifications) for each action carried out by the Appraiser in the process of assessing the appraisal object.

In the process of appraisal of the object of appraisal, the Appraiser must carry out the following actions:

2. Receive from the Customer the documents necessary for the assessment of the object of assessment, with the preparation and signing of the Certificate of acceptance and transfer of documents.

3. Inspect the object of assessment, take a photograph of it.

4. Analyze the information provided by the Customer.

5. Collect and analyze market information.

6. Analyze the most efficient use of the object of assessment.

7. Determine the applicability of each of the three valuation approaches for the purposes of valuation of the object of valuation, justify the use of certain valuation methods within each of the applicable approaches.

8. Determine the market value of the appraisal object using the comparative approach to valuation or justify the refusal to use the comparative approach.

9. Determine the market value of the valuation object using the income approach to valuation or justify the refusal to use the income approach.

10. Determine the market value of the appraisal object using the cost approach to valuation or justify the refusal to use the cost approach.

11. Summarize the results of determining the market value of the appraisal object obtained using three approaches to appraisal.

12. Issue an assessment report.

1. Requirements for the implementation of the request for the necessary information about the object of assessment from the Customer.

To determine the quantitative and qualitative characteristics of the appraisal object, the Appraiser requests from the Customer hard copies of the following documents:

documents confirming the existing rights to the object of assessment (title certifying, title documents, including documents confirming the rights to a land plot (certificate of ownership, lease agreement, etc.), certificate of ownership, lease agreement, etc. .). Comprehensive information on the type and scope of rights to the object of assessment should be obtained from the documents;

documents of bodies / organizations that carry out technical accounting and inventory of buildings, structures, structures that are part of the object of assessment (technical passport, extract from the technical passport, floor plan, explication, certificate of the physical condition of the building / structure of the object of assessment), valid as of the date estimates;

documents containing information about the presence of encumbrances established in relation to the object of assessment, including encumbrance with easement, pledge or debt obligations, the presence of tenants, agreements, contracts, agreements and other encumbrances (if any). At the same time, information on the existing encumbrances of the property in the form of concluded lease agreements must be presented in the form of the Register in accordance with the form presented in Appendix No. 1;

documents containing data on property that is not immovable (if any), but subject to valuation as part of the valuation object;

land plot plan (situational, cadastral);

certificates on the amount of annual operating expenses for the property in accordance with the form given in Appendix No. 2;

any other documents establishing the quantitative and qualitative characteristics of the appraisal object, including those containing a description of the existing rights to the appraisal object.

2. Requirements for obtaining from the Customer the documents necessary for the assessment of the object of assessment, for the preparation and signing of the Certificate of acceptance and transfer of documents.

2.1. The transfer of copies of documents to the Appraiser from the Customer is formalized by the Certificate of acceptance and transfer of documents drawn up in accordance with the Form presented in Appendix No. 3.

2.2. A copy of the Certificate of acceptance and transfer of documents must be attached to the Assessment Report.

3. Requirements for the inspection of the object of assessment and its photographing.

In the process of inspecting the object of appraisal, the Appraiser fulfills the following requirements:

inspection must be carried out by an employee of the Appraiser;

Based on the results of the inspection, the Appraiser's employee draws up an Inspection Report of the appraised object in the form specified in Appendix No. 4. A copy of the Report must be attached to the Appraisal Report;

Appraiser's employee takes photographs of the entire object, as well as its separate parts, blocks, premises;

Appraiser's employee takes photographs of all major types of damage and defects of the object.

4. Requirements for the analysis of the information provided

The appraiser must analyze the information provided by the customer about the appraisal object for the degree of its sufficiency to determine the market value of the appraisal object. If the Customer's refusal to provide the specified information significantly affects the reliability of the valuation of the appraisal object, the Appraiser shall indicate this in the Report.

If necessary, the Appraiser requests additional comments from the Customer regarding the composition of the documents provided by him, and regarding the information contained in them about the object of appraisal.

5. Requirements for the collection and analysis of market information.

Collection and analysis of market information is carried out in the following areas:

Collection and analysis of macroeconomic information and information in general about the real estate market in Moscow;

Collection and analysis of information about the market / market segment to which the object of assessment belongs;

Collection and analysis of information about the environment of the object of assessment.

5.1. Requirements for the collection and analysis of information of a macroeconomic nature and information in general about the real estate market in Moscow

5.1.1. The appraiser identifies and substantiates the composition of macroeconomic factors that affect the object of appraisal. If necessary, the Appraiser examines the state of the investment climate in the Russian Federation as a whole, for which, for example, such macroeconomic parameters/indicators as the sovereign long-term credit rating valid as of the assessment date assigned to the Russian Federation by reputable independent rating agencies (Moody's, Standard & Poor's, Fitch ); rates of growth industrial production in the Russian Federation, the growth rate of incomes of the population in the Russian Federation in the previous two or three years, etc.

5.1.2. The appraiser substantiates the depth of analysis of emerging trends in the real estate market in general in Moscow for the purposes of assessing the appraisal object.

5.2. Requirements for the collection and analysis of information about the market / market segment to which the object of assessment belongs

Requirements include:

Requirements for the determination by the Appraiser of the market segment to which the object of appraisal belongs;

Requirements for the analysis of the market segment determined by the Appraiser.

5.2.1. Requirements for the determination by the Appraiser of the market segment to which the object of appraisal belongs

When determining the market segment to which the object of appraisal belongs, according to its functional purpose, the Appraiser must be guided by the classification features for real estate objects of various functional purposes, presented in Appendix No. 6 to this Terms of Reference. Refusal to use the classification features specified in Appendix No. 6 and the use of other features when determining the market segment to which the object of assessment belongs must be justified.

5.2.2. Requirements for the analysis of the market segment determined by the Appraiser, to which the object of appraisal belongs

The analysis of the market segment must meet the following requirements:

Must be compiled on the basis of reliable and authoritative information sources;

Should include an analysis of the degree of significance of pricing factors for this particular type of real estate for further use in calculating the market value of the appraisal object;

Should reflect the trends and market situation prevailing at the valuation date.

5.2.2.1. To be recognized as a reliable and authoritative source of information, it must meet certain requirements. The list of sources that meet the listed requirements is given in Appendix No. 7 to this Terms of Reference. The use of other sources of information must be justified in the report.

5.2.2.2. In the analysis section of the market segment to which the object of appraisal belongs, the Appraiser identifies the degree of significance of pricing factors for this particular type of real estate. A general list of the main factors is given in Appendix No. 8 to this Terms of Reference.

5.2.2.3. The appraiser draws conclusions on the most important parameters that characterize a typical property belonging to this market segment, such as:

Unit selling price;

Rental rate for the most typical base period for this market segment (year, day, etc.);

Level of underutilization when renting out a typical property in a market segment;

The level of operating costs;

The level of profitability from renting;

Average term exposure.

These parameters should be used by the Appraiser when calculating the market value of the appraised object as a guide, any deviation of each of the listed parameters from the range of values ​​for this market segment, caused by individual features object of appraisal, must be substantiated by the Appraiser in the appraisal report.

5.3. Requirements for the collection and analysis of information about the environment of the object of assessment

5.3.1. The appraiser determines the territorial boundaries of the analysis of the environment of the object of assessment.

5.3.2. The appraiser identifies and substantiates the composition and nature of the factors determined by the location of the appraisal object (belonging to a certain territory) that affect the appraisal object. For example, for a retail real estate object, such factors may be the financial status of residents of the area where the object of assessment is located (characterized by the ratio of the shares of low-income, medium-income, high-income citizens), the average level of per capita income, the development of the infrastructure of the area where the object of assessment is located, etc.

The structure of the lands of the district by types of permitted use.

5.3.3. To collect the above information, the Appraiser uses the sources of information specified in Appendix No. 5 to this Terms of Reference. The use of other sources of information must be justified by the Appraiser.

6. Requirements for the analysis of the most efficient use of the object of assessment.

The analysis of the most efficient use of the object of assessment is carried out in accordance with the algorithm defined in this Terms of Reference (technical specifications) according to the criteria of compliance with the law, physical feasibility, financial feasibility, in compliance with the requirements formulated in the Terms of Reference (technical specifications) for each of the stages of the algorithm for analyzing the most effective use of the object of assessment.

6.1. Analysis of the most efficient use of the object of assessment should be carried out according to the following algorithm:

Selection of options for using the object that comply with the law;

Checking each of the legal options for using the object of assessment for physical feasibility;

Verification of each legally and physically options use of the facility on financial feasibility;

Identification of financially feasible options for such a use case that provides the maximum value of the object of assessment;

Formulation of a conclusion on the most effective use of the object of assessment.

6.1.1. Requirements for the selection of options for using the object that comply with the law.

6.1.1.1. The selection of options for using the object of assessment that comply with the law should be determined on the basis of:

The act of permitted use of the land plot;

Cadastral certificate for a land plot issued by the State Urban Cadastre Service of Moscow.

6.1.1.2. The list of options that comply with the law should be formed taking into account the possibility of change:

Functional purpose (possible types of objects: office, retail, industrial and warehouse, residential, etc.);

Structural solutions (possible options: repair, reconstruction, demolition and new construction).

6.1.1.3. Reference information on the content of the act of permitted use of a land plot and a cadastral certificate for a specific land plot is presented in Appendix No. 9 to this Terms of Reference. For further analysis, of all the options selected in clause 6.1.1, the Appraiser leaves only those options that are provided for in the act of permitted use or in the cadastral certificate for the land plot of the appraised object.

6.1.1.4. The nature and necessity of conducting a legal examination to determine the options for using the appraisal object that comply with the law are substantiated by the Appraiser.

6.1.1.5. Legal due diligence is carried out by a specialist lawyer, i.e. individual with a higher legal education or a legal entity providing legal services.

6.1.1.6. If there is no need, special legal expertise is not carried out.

6.1.1.7. At the same time, in cases where there are encumbrances of the object of assessment, contradictions in the title documents, the absence of documents confirming the title to the object of assessment, a legal examination is mandatory.

6.1.2. Requirements for checking each of the options for using the object of assessment in accordance with the law for physical feasibility.

For further analysis, as physically possible options from those selected in Section 6.1.1. are used:

Options that do not require changes in the design solutions of the object of assessment (option for current use, option for changing functional use with cosmetic repairs, etc.);

Use cases of the subject to be assessed, for the determination of the degree of physical possibility of which it is required to carry out special survey the technical condition of buildings and structures, subject to a positive conclusion based on the results of such a survey.

6.1.2.1. Conducting a survey of the technical condition of buildings and structures of the object of assessment is necessary in the following cases:

The physical deterioration of buildings/structures of the appraised object exceeds 60%, and if the appraiser has not substantiated the expediency of demolishing the appraised object;

The appraised object is an object/objects under construction, the construction of which/which started earlier than three years before the date of appraisal and the degree of construction readiness of which/which is less than 80%.

6.1.2.2. The nature and necessity of conducting a special survey of the technical condition of buildings and structures to determine the physical feasibility of implementing options not listed in paragraph 6.1.2.1 for the further use of the appraisal object is substantiated by the Appraiser.

6.1.2.3. Inspection of the technical condition of buildings and structures is carried out by a legal entity licensed to provide services for the inspection of the technical condition of buildings and structures.

6.1.2.4. Refusal to conduct a special survey of the technical condition of buildings and structures must be justified.

6.1.3. Requirements for checking each of the options for using the facility for financial feasibility.

For options requiring investment for further use of the appraisal object from the remaining options based on the results of clause 6.1.2, the Appraiser must determine the internal rate of return for each of these options, and compare the resulting rate of return of the option with the weighted average rate of return on capital attracted to finance the option of using the appraised object. As financially feasible, the Valuer shall select for further consideration only those options for which the IRR of the option exceeds weighted average rate the profitability of the variant of further use of the capital appraisal object attracted for financing.

6.1.4. Requirements for identifying from the selected options such a use case that provides the maximum value of the object.

If, following the results of the previous stages of the analysis of the most effective use of the object of assessment, more than one use case remains, the Appraiser must compare the future benefits from the implementation of financially feasible options for the further use of the object with the necessary costs for the implementation of these options, taking into account the time factor. The option for which the discounted difference between income and costs is maximum is recognized as the option for the most efficient use of the object of assessment.

Appendix No. 4 to this Documentation

and Appendix No. 5 to the State Contract

on the provision of assessment services

Terms of reference for assessing the market value of a property and lease rights (rent amounts)

on real estate objects that are the property of the Russian Federation

Customer: Appraiser:

This assignment contains requirements for conducting an assessment of the market value of the right to lease in relation to the federally owned object (objects) of immovable property, prepared in accordance with the current legislation in the field of valuation activities:

Federal Law No. 135-FZ dated July 29, 1998 “On Appraisal Activities in the Russian Federation” (hereinafter referred to as Law No. 135-FZ).

Federal valuation standard "General concepts of valuation, approaches and requirements for valuation (FSO No. 1)", approved by order of the Ministry of Economic Development of the Russian Federation of May 20, 2015 No. 297 (hereinafter - FSO No. 1).

Federal valuation standard "The purpose of the valuation and types of value (FSO No. 2)", approved by order of the Ministry of Economic Development of the Russian Federation of 20.05.2015 No. 298 (hereinafter - FSO No. 2).

Federal valuation standard "Requirements for the valuation report (FSO No. 3)", approved by order of the Ministry of Economic Development of Russia dated May 20, 2015 No. 299 (hereinafter - FSO No. 3).

Federal valuation standard "Real Estate Appraisal (FSO No. 7)", approved by Order of the Ministry of Economic Development of Russia No. 611 dated September 25, 2014 (hereinafter - FSO No. 7).

This Terms of Reference, if the leased object has certain specifics that distinguish it from a typical real estate object, is applied in terms of the general requirements for the Valuation Report, the valuation methodology for such a leased object should be determined by the Appraiser independently, taking into account its features and specifics, including number using existing guidelines, which will also be indicated by the Customer in the relevant task for evaluation

Assignment for evaluation
1. The object of appraisal is a real estate object and the right to lease (amount of rent) to it, the composition and other characteristics of which are specified in the appraisal agreement.
In addition, the Report must include the following information:
1) The address of the property (or other location characteristics that uniquely identify the property):

Index, name locality, district, street, house number, floor, room number.

2) Type of property: determined in the application for evaluation.

3) Book value of the appraisal object (residual) (if any).
2. Property rights to the object of assessment.

Owner (balance holder) of the property:

Property of the Russian Federation.________________________________________________________________

The purpose of the appraisal is to determine the market value of the appraisal object.

4. Intended Use of the Evaluation Results: evaluation task - why this type of value is determined:

1) to establish the starting (initial) amount of rent for the transfer of property for lease at auction;

3) to establish the starting (initial) price for the sale of an immovable property to provide it for ownership at an auction;

4) to establish the selling price of an immovable property for its provision into ownership in the manner of exercising pre-emptive rights;

5) for the purposes of calculating the amount of unjust enrichment.
5. Cost type. Market price.
6. Date of evaluation - "____" ________ 20 ____

The date of appraisal (date of appraisal, date of determination of value) is the date as of which the value of the object of appraisal is determined. (Article 10 of Law No. 135-FZ, FSO No. 1).
7. The term of the assessment -«___» calendar days from the date of signing the contract for the assessment.
8. Assumptions and restrictions, on which the assessment should be based, are indicated in the relevant section of the Terms of Reference.
9. Composition of the object of assessment indicating information sufficient to identify each of its parts (if any).
10. Characteristics of the object of assessment and its assessed parts or links to documents available to the appraiser containing such characteristics.
11. Rights taken into account when assessing the object of assessment, restrictions (encumbrances) of these rights, including in relation to each of the parts of the object of assessment.

costs for the elimination of environmental pollution and (or) land reclamation (FSO No. 7) .

General terms

The following conditions must be taken into account in the assessment, unless otherwise expressly stated in the previous section.

1. Determination of the market rental rate for a real estate object is made on the assumption that there is no one-time initial payment for the right to lease.

2. Market rent in general, i.e. if no special lease conditions are specified, the appraiser calculates for those lease conditions that the market would consider the market rate. However, if the contractual terms of the lease differ from the market norm, then the market rent applicable to that lease should reflect those differences.

3. The rental rate is determined for the property in the state "as it is".

4. Rent is a payment directly to the owner of the object for benefiting from the useful properties of the thing (real estate object).

Comments. Legal basis for conducting a rent assessment.
Valuation activity means professional activity subjects of appraisal activities aimed at establishing market, cadastral or other value in relation to the objects of appraisal.

(Article 3 of Law No. 135-FZ). The following are comments on the grounds on which the valuation of market rent is related to valuation activities, and market rent may be the result of valuation.

Cost types

The types of value are defined in Art. 3 of Law No. 135-FZ and clause 5 of FSO No. 2.

The purpose of the evaluation is to determine market value of the appraisal object.

When determining the market value of the appraised object, the most probable price is determined at which the appraised object can be alienated as of the appraisal date on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary events are not reflected in the value of the transaction price. circumstances, that is, when:

one of the parties to the transaction is not obliged to alienate the object of assessment, and the other party is not obliged to accept the performance;

the parties to the transaction are well aware of the subject of the transaction and act in their own interests;

the valuation object is presented on the open market through a public offer typical for similar valuation objects;

the price of the transaction is a reasonable remuneration for the object of assessment and there was no coercion to conclude a transaction in relation to the parties to the transaction from either side;

payment for the object of assessment is expressed in monetary terms. (Clause 6 of FSO No. 2).

The possibility of alienation on the open market means that the appraisal object is presented on the open market through a public offer typical for similar objects, while the period of exposure of the object on the market must be sufficient to attract the attention of a sufficient number of potential buyers.

The reasonableness of the actions of the parties to the transaction means that the price of the transaction is the highest price achievable on reasonable grounds for the seller and the lowest price achievable on reasonable grounds for the buyer.

The completeness of the available information means that the parties to the transaction are sufficiently informed about the subject of the transaction, they act in an effort to achieve the best terms of the transaction from the point of view of each of the parties, in accordance with the full amount of information about the state of the market and the subject of the valuation available at the valuation date.

The absence of extraordinary circumstances means that each of the parties to the transaction has motives for the transaction, while there is no compulsion on the parties to complete the transaction.
The transaction price is a reasonable remuneration for the object of evaluation and there was no coercion to complete the transaction in relation to the parties to the transaction from either side (Article 3 of Law No. 135-FZ).

The price is the amount of money requested, offered or paid by the participants as a result of a completed or proposed transaction (clause 4 of the FSO No. 1).
Objects of assessment

An exhaustive list of types of objects of assessment is determined by Art. 5 of Law No. 135-FZ. The objects of assessment include:

Separate material objects (things);

The totality of things constituting the property of a person, including property of a certain type (movable or immovable, including enterprises);

Ownership and other real rights to property or certain things from the composition of property;

Rights of claim, obligations (debts);

Works, services, information;

Other objects of civil rights, in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation.

The owner has the right to own, use and dispose of his property. The owner has the right, at his discretion, to alienate his property into the ownership of other persons, to transfer to them, while remaining the owner, the rights of possession, use and disposal of property, to pledge property and encumber it in other ways, to dispose of it in another way (Article 209 of the Civil Code of the Russian Federation).

Under a lease agreement, the landlord undertakes to provide the tenant with property for a fee for temporary possession and use or for temporary use (Article 606 of the Civil Code of the Russian Federation).

Lease has a reimbursable nature, which is expressed in the obligation of the tenant to pay rent 1 . Thus, a lease is a transfer of a part of the rights constituting the right of ownership (rights of use and, possibly, possession) for a certain period of time.

The temporary nature of the use of the leased property is expressed in the limitation of lease relations for a period. Moreover, the period can be expressed by indicating 2:

the expiration of a period of time, which is calculated in years, months, weeks, days or hours;

an event that must inevitably occur (for example, the beginning of a navigation or season).

The term may be indefinite. In this case, the lease agreement is valid until one of the parties refuses to perform the agreement. In this case, the contract is considered terminated after a period of 3 months from the date of receipt of the refusal by the counterparty. The agreement may also provide for a longer period for warning about the termination of the lease agreement 3 .

Rent is the payment for the use of property. The procedure, conditions and terms for paying rent are determined by the lease agreement (clause 1, article 614 of the Civil Code of the Russian Federation). The rent, among other things, can be determined in a fixed amount of payments made periodically or at a time (clause 2 of article 614 of the Civil Code of the Russian Federation).

If the property is transferred to the tenant on the right of possession and use, these rights become an independent property object, which can be called lease rights (lease right) and which can be the subject of independent transactions.

Thus, since the right to lease can be the subject of independent transactions and, accordingly, have a value, it can be interpreted as a property right, and therefore can be an object of assessment.

Despite the fact that the Civil Code provides for a contract for the sale of property rights 4 , lease rights cannot be an object of sale. As paragraph 16 of the information letter of the Presidium of the Supreme Arbitration Court of the Russian Federation No. 66 emphasizes, an exhaustive list of ways to dispose of the right to lease is contained in Art. 615 of the Civil Code of the Russian Federation: “The transfer of the right to lease to another person can be carried out only by the methods provided for in paragraph 2 of Article 615 of the Civil Code, that is, in the order of rehiring, making a contribution to the authorized capital economic society or partnership, contribution as a share contribution to a production cooperative”. Therefore, this article establishes special rules for the transfer of the right of lease by the lessee to another person, which do not allow assignment as an assignment of a "pure" right of lease, not burdened with any obligations.

The interest that the lessee acquires under the lease agreement (the right to lease) represents the right to use and possess for a certain period of time under certain conditions.

Thus, for the purposes of assessing the rent, a lease agreement should be interpreted as a set of agreements on the transfer of a lease right (a set of temporary property rights - use and possession or only use) for successive periods of time - payment periods. The number of such agreements is determined by the term of the lease agreement and the frequency of payment of the rent. At the same time, the transfer of the right to lease, of course, occurs through the mechanism of the lease, and the reimbursable nature of the transfer of rights is ensured by the payment of rent.

Those. for each rental payment, the tenant is given a corresponding period of possession of the rental rights to the immovable property.

Then the rent should be interpreted as the price of the right to use or use and own real estate for a certain period (payment period). Accordingly, the rental rate is the price of the right to use and own a unit area of ​​a property for a certain period.

In this interpretation, the rent is the cost of the right to rent for one payment period on the terms specified in the lease agreement.

Those. the object of assessment is the right to lease real estate (the right to use or a combination of rights to use and possession) for one payment period on the terms specified in the lease agreement. Accordingly, the type of determined value is the market value.

Work order requirements

An appraisal is a set of logical procedures and calculations aimed at forming a reasonable conclusion about the value of the rights to an object being assessed. In essence, this is a modeling of the ideas of potential buyers and sellers (tenants and landlords) who are rationally thinking and free in their actions about the usefulness of the property, its dependence on its properties and their willingness to acquire this property (part with it) for an acceptable (according to their ideas) amount. money.

The process of assessing the value of the object of assessment is a set of actions to identify and analyze physical, economic, social, etc. factors influencing the value of the object.

In accordance with paragraph 23 of FSO No. 1, the assessment includes the following steps:

a) conclusion of an appraisal contract, including an appraisal task;

b) collection and analysis of information necessary for the evaluation;

c) application of valuation approaches, including the choice of valuation methods and the implementation of the necessary calculations;

d) coordination (if necessary) of the results and determination of the final value of the value of the object of assessment;

e) drawing up an evaluation report. The appraisal report is drawn up as a document containing reliable information of an evidentiary nature and is submitted to the Customer.

The nature of the presentation of the process in which the result is obtained is just as important as the rationale and accuracy of the final result. The value judgment should be based on market data, procedures and justifications that support the outcome.

Questions that arise during the assessment should be answered in a logical sequence. This should enable the valuation user to understand the valuation process and to have confidence in the conclusions drawn. The report should convey to the reader a clear understanding of the opinion expressed by the evaluator.

In accordance with paragraph 3 of FSO No. 3, the Valuation Report is a document containing information of probative value, drawn up in accordance with the legislation of the Russian Federation on valuation activities, including this Federal Valuation Standard, regulatory legal acts of the authorized federal body which performs the functions of legal regulation of valuation activities, as well as the standards and rules for valuation activities established by the self-regulatory organization of appraisers, of which the appraiser who prepared the report is a member.

The report is drawn up on paper and (or) in the form electronic document in accordance with the requirements of federal valuation standards, regulatory legal acts of the authorized federal body that performs the functions of legal regulation of valuation activities (Article 11 of Law No. 135-FZ).

Requirements to the preparation of the Report Clause 5 of FSO No. 3 is provided for.

When preparing a valuation report, the Valuer should adhere to the following principles:

the report must contain information that is essential from the point of view of the appraiser to determine the value of the object of appraisal;

information provided in the appraisal report that significantly affects the value of the appraisal object must be confirmed;

Requirements for the content of the Assessment Report are provided for in paragraph 8 of FSO No. 3

The valuation report must indicate the date of the report and its number. Regardless of the type of appraisal object, the appraisal report should contain the following information:
A ) assessment task in accordance with the requirements of federal assessment standards:

1) the object of assessment;

2) property rights to the object of assessment;

3) the purpose of the assessment;

4) the intended use of the evaluation results and the associated limitations;

5) type of cost;

6) date of assessment;

7) the term for the assessment;

8) assumptions and limitations on which the assessment should be based (for details, see Section 1 of this Terms of Reference);

9) the composition of the object of assessment, indicating information sufficient to identify each of its parts (if any);

10) characteristics of the object of appraisal and its evaluated parts or links to documents available to the appraiser containing such characteristics;

11) the rights taken into account when assessing the appraisal object, restrictions (encumbrances) of these rights, including in relation to each of the parts of the appraisal object.
The assessment task may contain other calculated values, including:

market rent (the estimated amount for which the property could be rented out at the valuation date under typical market conditions);

costs for the creation (reproduction or replacement) of capital construction facilities;

losses (actual damage, lost profit) in case of alienation of the property, as well as in other cases;

costs for the elimination of environmental pollution and (or) land reclamation.
b) applicable valuation standards;

The appraisal report must contain information on federal appraisal standards, standards and rules of appraisal activities used in the appraisal of the appraisal object.
V) assumptions made when assessing the object of appraisal;

Validity (compliance with the law) and reliability (correspondence to the actual circumstances) of the assumptions made during the assessment.
G) information about the valuation customer and the appraiser(appraisers) who signed (signed) the valuation report (including the surname, name and (if any) patronymic, location of the appraiser and information about the appraiser’s membership in a self-regulatory organization of appraisers), as well as about the legal entity with which the appraiser (appraisers) ) concluded (concluded) an employment contract;
e) information on all organizations and specialists involved in the assessment and preparation of the assessment report, indicating their qualifications and the degree of their participation in the assessment of the object of assessment;
e) main facts and conclusions.

The main facts and conclusions section should contain:

the basis for the appraiser to evaluate the object of appraisal;

general information identifying the object of assessment;

evaluation results obtained by applying different approaches to evaluation;

the final value of the value of the appraisal object. The final value of the market value of the immovable property and the final value of the market value of the right to lease (the amount of rent) for such an immovable property shall be provided without fail;

restrictions and limits on the application of the resulting total cost;
and) description of the object of assessment indicating the list of documents used by the appraiser and establishing the quantitative and qualitative characteristics of the appraisal object, and in relation to the appraisal object owned by a legal entity, also the details of the legal entity (including the full and (if any) abbreviated name, date of state registration , the main state registration number) and book value of the subject property (if any);

Availability of photographs of the rental object.

The specificity of the right to lease as an object of assessment.

In addition, the report must include
h) market analysis of the appraisal object, pricing factors, as well as external factors affecting its cost;

To determine the value of real estate, the appraiser examines the market in those segments, which include the actual use of the property being valued and other uses necessary to determine its value.

Real estate market analysis is performed in the following sequence:

a) analysis of the impact of the general political and socio-economic situation in the country and region where the appraisal object is located on the market of the appraised object, including trends that have emerged on the market in the period preceding the appraisal date;

b) determination of the market segment to which the property being valued belongs. If the real estate market is not developed and there is not enough data to get an idea of ​​the prices of transactions and (or) offers with comparable real estate, it is allowed to expand the study area at the expense of territories similar in economic characteristics to the location of the property being assessed;

c) analysis of actual data on the prices of transactions and (or) offers with real estate objects from market segments, to which the object being evaluated can be attributed in the actual, as well as in alternative options for its use, indicating the range of price values;

d) analysis of the main factors affecting the demand, supply and prices of comparable real estate, such as rates of return, payback periods of investments in the real estate market, with the intervals of values ​​of these factors;

e) the main conclusions regarding the real estate market in the segments necessary for the assessment of the object, for example, market dynamics, demand, supply, sales volume, market capacity, motivation of buyers and sellers, liquidity, price fluctuations in the market of the object being evaluated and other conclusions.

The scope of research is determined by the appraiser based on the principle of sufficiency (FSO No. 7).
And) description of the evaluation process of the object of evaluation in terms of applying the approach (approaches) to the evaluation. The report should describe the rationale for the choice of the valuation approaches and methods used within each of the approaches used, the sequence of determining the value of the object of the used valuation approaches and methods within each of the approaches used, the sequence of determining the value of the valuation object, and the corresponding calculations. . At the same time, such a description should allow the user of the appraisal report to understand the logic of the process of determining the value and the compliance of the method (methods) chosen by the appraiser with the object of appraisal, the type of value being determined and the intended use of the appraisal results;
The main approaches used in the assessment are comparative, income and cost approaches. When choosing the approaches used in the assessment, one should take into account not only the possibility of applying each of the approaches, but also the goals and objectives of the assessment, the intended use of the assessment results, assumptions, completeness and reliability of the initial information. Based on the analysis of these factors, the choice of approaches used by the appraiser is substantiated.
Comparative approach
Comparative approach - a set of valuation methods based on obtaining the value of the appraised object by comparing the appraised object with analogue objects.

The comparative approach is recommended to be used when reliable and sufficient information on prices and characteristics of analogue objects is available for analysis. In this case, both the prices of completed transactions and the prices of offers can be applied.

As part of the comparative approach, various methods are used, based both on a direct comparison of the object being valued and analogue objects, and methods based on the analysis of statistical data and information about the market of the object of assessment.
When applying a comparative approach to real estate valuation, the appraiser takes into account the following provisions:

a) a comparative approach is used for real estate valuation, when it is possible to select a sufficient number of similar objects with known transaction and (or) offer prices for valuation;

b) real estate objects are used as analogue objects that belong to the same market segment as the object being evaluated and are comparable with it in terms of pricing factors. At the same time, for all real estate objects, including the one being assessed, pricing for each of these factors should be uniform;

c) during the assessment, the volume of market data available to the appraiser about objects-analogues and the rules for their selection for calculations should be described. The use in the calculations of only a part of the analogous objects available to the appraiser must be justified in the appraisal report;

d) to perform calculations, specific cost indicators (comparison units) typical for a similar object prevailing on the market of the evaluated object, in particular, the price or rent per unit of area or unit of volume, are used;

e) depending on the initial information available on the market, qualitative valuation methods can be used in the real estate valuation process (relative comparative analysis, method expert assessments and other methods) quantitative methods estimates (method of regression analysis, method of quantitative adjustments and other methods), as well as their combinations.

When applying qualitative methods, real estate valuation is performed by studying the relationships identified on the basis of an analysis of the prices of transactions and (or) offers with analogue objects or relevant information received from experts, and using these relationships to conduct an assessment in accordance with the technology of the method chosen for valuation.

When applying the adjustment method, each analogue object is compared with the object of assessment in terms of pricing factors (comparison elements), differences in objects are revealed by these factors, and the price of the analogue object or its specific indicator is adjusted according to the identified differences in order to further determine the value of the object of assessment. In this case, the adjustment for each comparison element is based on the principle of the contribution of this element to the value of the object.

When applying the methods of regression analysis, the appraiser, using the data of the market segment of the appraised object, constructs a pricing model corresponding to the market of this object, according to which it determines the estimated value of the desired value;

f) to compare the object of assessment with other real estate objects with which transactions have been made or which are presented on the market for their completion, the following elements of comparison are usually used:

transferable property rights, restrictions (encumbrances) of these rights;

terms of financing the completed or proposed transaction (type of payment, credit terms, other terms);

conditions of sale (atypical conditions for the market, transaction between affiliates, other conditions);

market conditions (price changes for the period between transaction and valuation dates, discounts to offer prices, other conditions);

type of use and (or) zoning;

the location of the object;

the physical characteristics of the object, including the properties of the land plot, the state of capital construction objects, the ratio of the area of ​​the land plot and the area of ​​its development, other characteristics;

economic characteristics (level of operating expenses, lease terms, composition of tenants, other characteristics);

the presence of movable property not related to real estate;

other characteristics (elements) affecting the cost;

g) in addition to cost, the comparative approach can be used to determine other calculation indicators, such as rental rates, depreciation and obsolescence, capitalization and discount rates.
income approach
Income approach - a set of valuation methods based on the determination of expected income from the use of the valuation object.

The income approach uses various methods based on discounting. cash flows and capitalization of income.
When applying the income approach, the appraiser takes into account the following provisions:

a) the income approach is applied to the valuation of real estate that generates or is able to generate income streams;

b) within the framework of the income approach, the value of real estate can be determined by the direct capitalization method, the discounted cash flow method or the capitalization method according to calculation models;

c) the direct capitalization method is used to evaluate real estate objects that do not require significant capital investments in their repair or reconstruction, the actual use of which corresponds to their most efficient use. Determining the value of real estate objects using this method is carried out by dividing the annual income from the object corresponding to the market by the total capitalization rate, which is determined on the basis of an analysis of market data on the ratio of income and prices of real estate objects similar to the object being valued;

d) the discounted cash flow method is used to evaluate real estate that generates or is able to generate income flows with an arbitrary dynamics of their change over time by discounting them at a rate corresponding to the return on investment in similar real estate;

e) the calculation model capitalization method is used to evaluate real estate that generates regular income streams with the expected dynamics of their change. Such income is capitalized at a general capitalization rate, which is constructed on the basis of a discount rate taken into account in the capital return model, financing methods and conditions, as well as expected changes in income and property values ​​in the future;

f) the structure (accounting for taxes, return of capital, rate of change in income and asset value) of the used discount rates and (or) capitalization must correspond to the structure of the discounted (capitalized) income;

g) for real estate that can be rented out, rental payments should be considered as a source of income;

h) the valuation of real estate intended for the conduct of a particular type of business (for example, hotels, restaurants, gas stations) can be carried out on the basis of information about the operating activities of this business by separating from its value components that are not related to the property being valued.
Cost approach
Cost approach - a set of methods for estimating the value of the object of assessment, based on the determination of the costs necessary for the acquisition, reproduction or replacement of the object of assessment, taking into account depreciation and obsolescence.

The cost approach is mainly used in cases where there is reliable information that allows you to determine the cost of acquiring, reproducing or replacing the object of assessment.

As part of the cost approach, various methods are used based on determining the costs of creating an exact copy of the object of assessment or an object that has similar beneficial features. The criteria for recognizing an object as an exact copy of the object of assessment or an object with comparable useful properties are determined by federal standards for assessment that establish requirements for the assessment of certain types of objects of assessment and (or) for special purposes.
When applying the cost approach, the appraiser takes into account the following provisions:

a) the cost approach is recommended to be used to evaluate real estate objects - land plots built up with capital construction projects, or capital construction projects, but not their parts, for example, residential and non-residential premises;

b) it is advisable to use the cost approach for real estate valuation if it corresponds to the most efficient use of the land plot as undeveloped and it is possible to correctly assess physical deterioration, as well as functional and external (economic) obsolescence of capital construction objects;

c) the cost approach is recommended to be used when the market activity is low, when there is not enough data necessary to apply the comparative and income approaches to valuation, as well as for real estate valuation special purpose and use (for example, linear facilities, hydraulic structures, water towers, pumping stations, boiler houses, utilities and other real estate for which market data on transactions and offers are not available);

d) in general, the value of the property, determined using the cost approach, is calculated in the following sequence:

determination of the cost of rights to a land plot as undeveloped;

calculation of costs for the creation (reproduction or replacement) of capital construction facilities;

determination of the entrepreneur's profit;

determination of wear and obsolescence;

determination of the cost of capital construction objects by summing up the costs of creating these objects and the profit of the entrepreneur and subtracting their physical wear and tear and obsolescence;

determination of the value of a real estate object as the sum of the value of rights to a land plot and the value of capital construction objects;

e) for the purposes of determining the market value of a real estate object using the cost approach, the land plot is assessed as undeveloped on the assumption of its most efficient use;

f) calculation of costs for the creation of capital construction facilities is made on the basis of:

data on construction contracts (agreements) for the construction of similar facilities;

data on the costs of construction of similar facilities from specialized directories;

budget calculations;

information on market prices for building materials;

other data;

g) the costs of creating capital construction objects are determined as the sum of the costs included in the construction and installation works, directly related to the creation of these objects, and the costs associated with their creation, but not included in the construction and installation works;

h) for the purposes of assessing the market value of real estate, the profit of an entrepreneur is determined on the basis of market information by extraction methods, expert assessments or analytical models, taking into account direct, indirect and imputed costs associated with the creation of capital construction facilities and the acquisition of rights to a land plot;

i) the amount of depreciation and obsolescence is defined as the loss of property value as a result of physical depreciation, functional and external (economic) obsolescence. At the same time, depreciation and obsolescence relate to capital construction objects related to the property being valued.
The appraiser has the right to independently determine the need to apply certain approaches to valuation and specific valuation methods within the framework of applying each of the approaches.

During the assessment, it is possible to establish additional assumptions to those specified in the assessment assignment related to the intended use of the assessment results and the specifics of the assessment object.

The appraiser has the right to use a different calculation methodology and independently determine the method (methods) of real estate valuation within each of the selected approaches, based on the principles of materiality, validity, unambiguity, verifiability and sufficiency. At the same time, the appraisal report must contain a description of the method (methods) chosen by the appraiser, allowing the user of the appraisal report to understand the logic of the process of determining the value and the correspondence of the method (methods) chosen by the appraiser to the property, the principles of appraisal, the type of value being determined and the intended use of appraisal results.
To) description of the procedure for agreeing on the results of the assessment and conclusions, obtained on the basis of the calculations performed for various approaches, as well as using different methods within the framework of each approach, in order to determine the final value of the cost, or recognition as the final value of the cost of the result of one of the approaches.

Coordination of the results of real estate valuation obtained using various methods and approaches for valuation, and reflection of its results in the valuation report are carried out in accordance with the requirements of FSO No. 1 and FSO No. 3:

In the case of using several approaches to assessment, as well as using several assessment methods within any of the approaches to assessment, their results are preliminary coordinated in order to obtain an intermediate result of assessing the object of assessment by this approach. When agreeing on significantly different intermediate results of the assessment obtained by different approaches or methods, the report must reflect the analysis performed and the identified reason for the discrepancies. Such a difference is recognized as significant, in which the result obtained by applying one approach (method) is outside the boundaries of the value range indicated by the appraiser obtained by applying another approach (methods) (if any).

After the approval procedure, the appraiser, in addition to indicating in the appraisal report the final value of the object of appraisal, has the right to give his opinion on the possible boundaries of the interval in which, in his opinion, this value may be, unless otherwise specified in the appraisal assignment.

The final value of the value of the appraisal object must be expressed in rubles of the Russian Federation.
If several valuation methods are used within any of the approaches to real estate valuation, their results are preliminary coordinated in order to obtain an intermediate result of real estate valuation by this approach.

In the process of reconciling the intermediate results of real estate valuation obtained using different approaches, it is necessary to analyze the advantages and disadvantages of these approaches, explain the discrepancy between the intermediate results and, based on the analysis, determine the final result of the real estate valuation.

If there is insufficient market data necessary for the implementation of any of the approaches to real estate valuation in accordance with the requirements of this Federal Valuation Standard and FSO No. 1, FSO No. 2, FSO No. 3, within the framework of the chosen approach based on the available data, it is recommended to indicate indicative values ​​( value) of the assessed value, which are not taken into account in the final approval, but can be used as a reference to the final result of the real estate appraisal.

After the approval procedure, the appraiser, in addition to indicating in the appraisal report the final result of the real estate appraisal, gives his opinion on the possible boundaries of the interval in which, in his opinion, this value may be, unless otherwise specified in the appraisal task.

The final value of the object of appraisal is subject to rounding up to one thousand rubles in accordance with the current rounding procedure, it is indicated for the entire leased object per year.
In the application The appendix to the appraisal report should contain copies of documents used by the appraiser and establishing the quantitative and qualitative characteristics of the appraisal object, including title and title documents, as well as technical inventory documents, expert opinions, as well as other documents on the appraisal object (for example, photographs ) if available, in the absence of any documents in restrictive conditions and assumptions, the appraiser is obliged to reflect this fact.

The appendix to the report must contain The act of inspection of the property, drawn up by the APPRAISER based on the results of the inspection of the property, and signed by him, and, if necessary, by the tenant / user of the property (if any).

Requirements for description in the assessment report of information,used in the evaluation

The text of the assessment report should contain links to sources of information or copies of materials and printouts used in the report, allowing to draw conclusions about the source of the relevant information and the date of its preparation. If the information, when published on the site in the information and telecommunications network "Internet", is not provided with free access on the date of the assessment or after the date of the assessment, or in the future, this information or the address of the page on which it is published may be changed, or information is used, not published in a publicly available print publication, then copies of the relevant materials must be attached to the assessment report.

Documents provided by the customer (including certificates, tables, balance sheets) must be signed by an authorized person and certified in the prescribed manner, and their copies are attached to the report.

If the value determined by expert opinion is used as information essential for the value of the appraised object, the appraisal report should analyze this value for compliance with market data (if market information is available).

The final value of the cost can be presented as a specific number rounded according to the mathematical rounding rules or as an interval of values, if such a presentation is provided for by the legislation of the Russian Federation or the assessment task.

Appendix 1 to

Documentation from 01.01.2001

TECHNICAL TASKfor the provision of car valuation services

1. Name of services (nomenclature) and a list of facilities where services will be provided

Vehicle appraisal. The provision of services will be carried out at the site for parking vehicles at the location of the Customer - JSC "Petersburg Sales Company" (St. Petersburg, Mikhailova St., 11).

Terms (periods) for the provision of services: from the moment of signing the contract until December 31, 2016 at the request of the Customer.

List, volume and procedure for the provision of services: List of vehicles of JSC "Petersburg Sales Company" for an independent assessment of determining the market value in 2016:

2. General requirements

2.1. Basis for rendering services

The annual comprehensive procurement program of the Customer for 2016, the contract concluded as a result of the procurement procedure.

The purpose of the services provided is the assessment of vehicles that are on the balance sheet of JSC "Petersburg Sales Company".

2.2. Service time requirements

The beginning of the provision of services - from the moment of signing the contract;

The end of the provision of services - 31.12.2016.

2.3. Regulatory requirements for the quality of services, their results.

Vehicle appraisal services must be provided in compliance with the requirements of the regulatory legal acts of the Russian Federation governing this type of activity, including, but not limited to;

Art. 10 of the Federal Law "On valuation activities in the Russian Federation" -5-FZ;

Order of the Ministry of Economic Development of the Russian Federation “On Approval of the Federal Valuation Standard “General Concepts of Valuation, Approaches to Valuation and Requirements for Valuation (FSO No. 1)”;

3. Requirements for the provision of services

3.1. The scope of services provided

As part of the provision of services, the Contractor must evaluate the vehicles specified in clause 1 of the Terms of Reference.

The total cost of the work must not exceed 104,000 (one hundred and four thousand) rubles 00 kopecks, excluding VAT.

3.2. Requirements for the sequence of stages in the provision of services

The Contractor provides services at the request of the Customer in accordance with the Assignment for Assessment (Appendix to the Terms of Reference) within 3 (three) working days from the date of receipt of the Customer's application.

Services are considered rendered at the time of signing by the Parties of the act of acceptance of the rendered valuation services and transfer to the Customer of a written report on the valuation of the Valuation Object in 2 copies and an electronic written report on the valuation of the Valuation Object in PDF format to the Customer's e-mail address specified in the contract.

3.3. Requirements for the organization of service provision

Not required

3.4. Requirements for the materials and equipment used

Not required

3.5. Safety requirements

The contractor must ensure compliance with the internal regulations of the enterprise, safety regulations.

The contractor is responsible for the losses caused by conflicts, violation of discipline.

3.6. Requirements for the procedure for preparing and transferring documents to the customer during the provision of services and their completion

At the end of the service, the Contractor transfers to the Customer an act of acceptance of the services rendered and a written report on the assessment of the Assessed Object in 2 copies and an electronic written report on the assessment of the Assessed Object in PDF format to the Customer's email address specified in the contract.

The appraisal report must be drawn up in accordance with the legislation on appraisal activities, the FSO, the standards and rules for appraisal activities established by the Self-Regulatory Organization of Appraisers, of which the Independent Appraiser is a member, who prepared the report, intended for the customer of the appraisal and other interested parties (users of the appraisal report) , containing the professional judgment of the Independent Appraiser regarding the value of the Object of Appraisal, confirmed on the basis of the information collected and calculations.

The final value of the Valuation Item in the Valuation Report must be expressed in the currency of the Russian Federation.

An independent appraiser, both in the process of conducting an assessment and in compiling an assessment report, must comply with the FSO.

General concepts, approaches and requirements for the assessment are enshrined in the Federal Law "On Appraisal Activities in the Russian Federation", as well as in FSO No. 1.

The requirements for the valuation report are enshrined in the Federal Law "On valuation activities in the Russian Federation", as well as in FSO No. 3.

The valuation report, based on the results of the provision of valuation services, must be numbered page by page, stitched, signed by the Independent Appraiser or Independent Appraisers who conducted the valuation, and also sealed with the personal seal of the Independent Appraiser, who carries out valuation activities independently, in private practice, or with a seal and signature Head of the Appraisal Organization.

Not required

3.8. Responsibility of the performer

Losses caused to the Customer, or property damage caused to third parties as a result of using the final value of the market value of the appraisal object, are subject to compensation in full in accordance with the terms of the contract.

3.9. Requirements for the procedure for attracting subcontractors

Subcontractors are not allowed.

4. The procedure for the formation of the participant's commercial offer, price justification, calculations

The evaluation of the Bidder's commercial offer will be made by comparing unit prices for the evaluation of one vehicle. The maximum size of the unit price for the assessment of one vehicle should not exceed 3 460 rubles 00 kop., excluding VAT.

Payment for the services rendered is carried out within 30 (thirty) calendar days from the date of signing by the Customer of the act of acceptance of the services rendered.

5. Requirement for procurement participants

5.1. Requirements for the availability of human resources and their qualifications

An appraisal organization must have at least 2 (two) independent appraisers on its staff. Confirmed by a certificate of human resources.

5.2. Requirements for the availability of material and technical resources

The liability of the Appraisal Organization to compensate for possible losses of the Customer or property damage caused to third parties from the use of appraisal reports that do not comply with the law must be insured for an amount of at least 5,000,000 (five million) rubles. Confirmed by a copy of the insurance policy.

5.3. Requirements to measuring instruments and tools

Not required

5.4. Requirements for the presence of valid certification permits, SRO certificates, licenses.

The procurement participant must have a certificate of a self-regulatory organization of appraisers. Confirmed by a copy of the certificate.

5.5. Requirement for certified management systems

Not required.

5.6. Requirements for accreditation in the Inter RAO Group

Procurement participants accredited with the Inter RAO Group as service providers that are the subject of this procurement must attach a copy of the current Certificate of Accreditation with the Inter RAO Group.

5.7. Requirements for experience in providing similar services

Involved Appraisal Organizations must have experience in providing valuation services to determine the value of property objects worth 200,000 (two hundred thousand) rubles excluding VAT and more - at least 3 (three) years. Confirmed by copies of contracts for the provision of similar types of services.

5. 8 Requirements for experience in the supply of similar goods

Not required

5.9. Requirements for subcontractors

Not required

6. Applications

1. Assignment for assessment

Assignment for evaluation

1. It is assumed that the information received from the Customer or third-party specialists is reliable and reliable. The Contractor and the independent appraiser cannot guarantee the absolute accuracy of the information provided by other parties, therefore, for all information, the source of the information is indicated.

2. The contractor and an independent appraiser do not conduct a legal examination of title documents for the Object of Assessment, as well as other specialized examinations (construction-technical, technological, environmental, etc.), unless otherwise provided by the subject of the contract for the assessment.

3. If no restrictions (encumbrances) of the rights to the Valuation Object, or other rights / claims of third parties to the Valuation Object are identified by an independent appraiser and contractor, the assessment is carried out on the assumption that they do not exist, unless otherwise specifically agreed.

4. The assessment is made on the assumption that there are no hidden factors affecting the value of the Object of Assessment that cannot be identified within the competence of an independent appraiser and the Contractor as a result of an analysis of the documents submitted for assessment, information that was publicly available by the date of the assessment , visual inspection of the Property and its surroundings. The Contractor and the independent appraiser are not required to carry out work to identify such factors, and are not responsible if they are subsequently identified.

5. The Contractor and the Independent Appraiser consider publicly available sources of industry and statistical information to be reliable, but do not make any conclusions regarding the accuracy or completeness of such information and accept this information as is. The Contractor and the Independent Appraiser do not assume responsibility for subsequent changes in social, economic, legal and natural conditions that may affect the value of the Object of Appraisal.

6. It is understood that the Property has, and can be immediately obtained or renewed, all licenses, warrants or permits from federal, or local legislative or executive authorities, or private enterprises, or organizations necessary to confirm the possibility of such uses of this property, on which the report is based.

7. The Contractor and an independent appraiser do not guarantee the achievement of the results predicted by the Customer, since the difference between the planned and actual results may be significant. At the same time, the achievement of the predicted results depends not only on the actions, plans and assumptions of the customer, but also on the influence of macroeconomic factors.

8. The cost of the Object of Assessment is recognized as valid only on the date of the assessment. The Contractor and the independent appraiser do not assume any responsibility for changes in economic, legal and other factors that may arise after this date and affect the market situation, and, consequently, the market value of the Property.

9. The appraisal report contains the professional opinion of an independent appraiser regarding the market value of the Appraisal Property and is not a guarantee that the Appraisal Property will be sold on the free market at a price equal to the value of the property specified in this report.

10. The Contractor and an independent appraiser cannot disclose the content of the appraisal report in whole or in part without prior written consent from the Customer.

11. The final value of the Valuation Object indicated in the Valuation Report may be recognized as recommended for the purposes of the transaction if no more than 6 (six ) months.

12. All calculations are made by an independent appraiser using the appropriate software. In the calculation tables presented in the report, the rounded values ​​of the indicators are given. Total indicators are determined using accurate data. Therefore, when recalculating totals based on rounded data, the results may slightly differ from those indicated in the report.

Order of the Ministry of Economic Development of the Russian Federation “On Approval of the Federal Valuation Standard “General Concepts of Valuation, Approaches to Valuation and Requirements for Valuation (FSO No. 1)”;

Order of the Ministry of Economic Development of the Russian Federation "On approval of the federal valuation standard" The purpose of the valuation and types of value (FSO No. 2) ";

Order of the Ministry of Economic Development of the Russian Federation "On approval of the federal valuation standard" Requirements for the valuation report (FSO No. 3) ";

Standards and rules of appraisal activities of a self-regulatory organization of appraisers, which includes an independent appraiser conducting the appraisal.