Valuation is the act of giving a professional opinion on the monetary worth of a property. Reasons for obtaining a property valuation will vary depending on whether you are a buyer or a seller, mortgagor or mortgagee. Occupiers or investors may also be interested parties in a takeover bid. Properties could also be valued for probate, insurance, inclusion as assets in reports and accounts, or for stock exchange purposes. Additionally, properties could be valued to ascertain their true worth in a fact-finding or probe exercise. They are also valued for rating purposes, i.e., to determine the amount of property tax or rate payable to local councils. Valuations are still carried out to determine the amount of rentals payable for the occupation of a property for a periodic time.