What's the difference between a valuation and an estimate?

**An estimate (avis de valeur):** - Free, delivered in 1-3 pages - No formal methodology - Not opposable to banks or courts - Produced by real estate agents or brokers for commercial purposes - Inherently biased toward the party that commissioned it **A RICS valuation:** - Paid professional service (2,500-25,000 MAD) - Rigorous methodology (2+ approaches: market, income, cost) - Accepted by every Moroccan bank, court, auditor, AMMC - Produced by a RICS-regulated appraiser bound by professional ethics - Independent — the appraiser has no interest in the outcome - Covered by professional indemnity insurance - Opposable in legal proceedings **When to use which:** - First marketing opinion: agent estimate is sufficient - Mortgage application, refinancing: RICS valuation required - Inheritance distribution, divorce, court filings: RICS report essential - IFRS 13 fair value for listed entity or OPCI: RICS required - Pre-acquisition due diligence above 2 M MAD: RICS strongly recommended - Tax filings (TPI): RICS recommended to defend your basis Engaging a certified appraiser is an investment that protects your financial and legal interests.