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Appraisal

State and municipal property appraisal

The state and municipal property appraisal is mandatory before entering into any transaction connected with such property. The Russian laws require the mandatory appraisal, with involvement of an independent appraiser, in case of any transactions connected with the state or municipal property in case of its privatization, nationalization, use as a security or contribution to registered capitals,  legal foundations, bankruptcy proceedings, etc. This requirement is stipulated by Article 8 of the Federal Law No. 135-FL dated July 29, 1998 “On Appraisal Activities in the Russian Federation”.

"Appraisal of the subject assets is mandatory when  the assets owned fully or partially by the Russian Federation, constituent entities of the Russian Federation or municipal entities are involved in a transaction including the following events: 

·         when determination of the value of the subject assets owned by the Russian Federation, constituent entities of the Russian Federation or municipal entities is required for the purposes of their privatization, trust or lease;

·         when the subject assets owned by the Russian Federation, constituent entities of the Russian Federation or municipal entities are used as a security;

·         when selling or otherwise disposing of the subject assets owned by the Russian Federation, constituent entities of the Russian Federation or municipal entities;

·         when assignment of debentures connected with the subject assets owned by the Russian Federation, constituent entities of the Russian Federation or municipal entities;

·         when transfer of the subject items owned by the Russian Federation, constituent entities of the Russian Federation or municipal entities as a contribution to legal entity’s registered capital or fund."

Lease of the assets forming federal or municipal property
Lease payment for the use shall be determined depending on the market value of the annual lease payment specified by appraiser when determining the market value of an asset subject to lease.

In case of the lease of federal or municipal reals estate — buildings, premises and land lots — not the market value of the real estate itself but the market value of the leasehold right, i.e. the amount of lease payment shall be appraised.

The lease rate and lease payment appraisal is mandatory when leasing the assets (not only immovable assets) owned by the Russian Federation or its constituent entities, or municipal entities as set forth by Article 8 of the law « On Appraisal Activities in the Russian Federation».