Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). A Property Valuer is a qualified individual who assesses the value of property. Banks and other lenders use Property Valuers to conduct valuations to determine the value of property when mortgage loan applications are made and to assess the feasibility of the proposed purchase. Property valuation is the process which determines the economic value of real estate. Property valuation typically seeks to determine fair market value, the price at which a knowledgeable seller willingly sells her property and a knowledgeable buyer will willingly purchase it.