When buying or selling real estate an expert opinion is used to determine the official price set by a decree and to estimate the market price. These are two different terms.
In the perspective of state authorities – the tax office – the official price from which the property transfer tax is derived is essential.
Market prices are important to determine the actual or also the usual price at a given place and time (depending on local conditions) for a transfer between individual entities. Market prices are used e.g. by financial institutions providing mortgages.
Expert opinions are drawn up by authorised experts who can only be individuals – experts in the field of economics, pricing and real estate appraisal – appointed by the Court or the Minister of Finance pursuant to Act No. 37/1967 Coll. on experts and interpreters and pursuant to the relevant decree as amended.