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

An estimate (avis de valeur): - Free, delivered in 1-3 pages - No formal methodology - No sourced comparables, nothing to verify - Produced by real estate agents or brokers for commercial purposes - Inherently biased toward the party that commissioned it A RICS valuation: - Paid professional service (from 3,500 MAD excl. VAT) - Rigorous methodology (2+ approaches: market, income, cost) - Documented and verifiable line by line: explicit basis of value, sourced and dated comparables, adjustments quantified one by one - Produced by a RICS-certified appraiser bound by professional ethics - Independent — the appraiser has no interest in the outcome - Covered by professional indemnity insurance - Signed and dated, engaging the valuer's liability When to use which: - First marketing opinion: agent estimate is sufficient - Mortgage application, refinancing: RICS valuation required - Inheritance distribution, 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.