Standard Valuation Assesment Conditions

Once your initial instructions are recieved we will draft a client agreement and instructions letter that enables us to confirm the relevant details with you, including our fee and the service that you require.

When you sign the client agreement and instructions letter, your agreement with the Valuer will include the following conditions, except to the extent that they are inconsistent with something stated in that agreement and instructions letter.

The client agreement and instructions letter summaries the main facts relating to this assessment request and sets out the particular work to be done for you. You should not assume that any other work will be undertaken for you unless you provide further instructions in this regard.

So far as reasonably practicable, you will be kept informed about the progress of the work undertaken. The assessment will be undertaken for the sole use only of the party to which it is addressed and for no other purpose. No responsibility is accepted to any third party who may use or rely on the whole or any part of the content of this assessment. Should any third parties seek to use or rely on this assessment, they should first seek our written approval to assign the use of this assessment for a particular or similar use.

Neither the whole nor any part of the assessment report or any other advice given in respect of the property the subject of the assessment report, nor any reference thereto, may be relied upon by any third parties or included in any document, circular or statement by third parties, without such written request being made for our written consent for use, reissue or assignment. The valuer accepts no responsibility to any third parties who does not seek written request for use, reissue or assignment.

The valuer has a policy of risk management in determining to whom it is prepared to assume responsibility and this policy will be exercised to limit those who the valuer determines can rely upon the valuation to those who have consent as detailed in the client agreement and instructions.

It is normal practice to investigate, collect and pass on information necessary to be relied upon within an assessment. If any advice is based on assumptions or qualifications, you will be told what they are and accept that assumptions and qualifications are necessary due to the level of detail/information provided to the valuer and the valuers level of expertise. Responsibility will not be accepted if new information comes to hand later showing that a stated assumption was incorrect or a stated qualification was inapplicable.

The valuer will, in qualifying his liability, set out what material or information the valuer has adopted from another identified source and the reliance placed upon that information by the valuer. An invitation is given to those relying on the assessment report assumptions and qualifications to verify that information stated from their own inspection or investigation is reasonable. It will be assumed that any information investigated, collected and passed on within our assessment will be obtained from reliable sources, with such sources detailed in the assessment report and the valuer will have no reason to doubt its completeness or accuracy and must not be held liable for same. If the valuer discovers issues which require further investigation that fall out of his level of expertise then it is appropriate that the valuer identify that the further information has not been obtained/identified and may require assumptions or qualifications in order to form a basis for the assessment report which will allow the user to determine what reliance should be given in this respect. It is sensible that the valuer seeks to qualify the report as to matters beyond any expertise brought to the assessment and these will be addressed in such a fashion as to be an identification aide to the user.

In assessments where the valuer is asked to provide or contains a general market overview, same will be provided on this basis. The information , opinions and forecasts provided in this assessment are only intended to provide a general overview of issues and trends in the property market. That overview depends necessarily on the accuracy and correctness of information obtained by the valuer, for which the valuer cannot accept responsibility. The valuer expressly declines to accept that the information is accurate. The property market is subject to fluctuations in value for which the Valuer accepts no responsibility. The assessed value may change significantly over a short period of time, including but not limited to, general market movements, changes in interest rates, the effects of economic change nationally or internationally and as such the valuation can only remain relevant as at the date of valuation assessment.

Unless otherwise stated fees are charged on an hourly basis at the rate identified in the covering instructions plus disbursements incurred in dealing with your matter. The time taken to carry out an assessment is based on a number of factors, including but not limited to, the nature of the work, its complexity, the availability of information necessary, the extent of the service required and other factors that cannot be quantified at the time of taking this instruction. You can rest assured that fees are charged only for the time taken in undertaking your assessment. It is assumed the assessment will proceed in a straightforward manner, however experience confirms that in some cases it can be difficult to predict the expected time frame due to matters outside the valuers control. It is this same reason and rationale that you will find why most legal practitioners charge on a similar hourly basis.

Fees are not calculated under or with reference to any court scale of costs, practitioner remuneration scale or other method of calculation of valuation fees specified by a statute or an industry related Institute. Fees are calculated to all units of time recorded in 6 minute units. A remaining unit may be rounded up or down at our discretion. If, during the course of this assessment or after this assessment, the client requires further services, similar hourly rates will apply for this further service should the valuer be available. Disbursements include all other expenses we incur on your behalf in undertaking this assessment excluding travel within Sydney. Travel outside of Sydney within greater NSW may incur travel and accommodation allowances. Disbursements are charged to the client at the same cost they are charged to the valuer. No profit is made on any disbursement charges.

If you have been requested to pay any amounts in advance, such amounts are generally made to cover costs incurred in undertaking this assessment. We may use that money to pay our fees or disbursements. Fees for the service are due and payable at the time of report collection or as otherwise agreed within a time frame after receipt of report or at a time of property settlement if such is to occur.

If you are given time to pay your account and do not pay your account within 30 days of the agreed time, interest will be charged on the amount outstanding at a pro-rata rate of 9% per annum for the time outstanding. If your account is overdue, the valuer may cease to act for you or suspend further work until payment is made. It is assumed that invoices prepared will be in Australian currency and that payments of fees will be issued in similar Australian currency.

All services at rates determined are subject to Australian Goods and Services Tax charges in accordance with Taxation requirements.

The party agreeing to the instructions should be aware that there is an Act in relation to certain valuations for dispute resolution, that provides that no matter or thing done or omitted to be done subjects the valuer to any action, liability, claim or demand if the matter was done in good faith. It is the intention of the valuer undertaking this assessment that same will be undertaken in good faith and the party agreeing to these instructions, except in the case of fraud, agrees that the valuer will not be held liable to a party in respect of any cause of action whatsoever for any act or omission by the valuer in the performance or purported performance of the process. The instructing party or parties jointly and/or severally will agree to hereby indemnify and agree to keep indemnified, the valuer and his business against all claims, actions, suits, proceedings, disputes, differences, demands, costs, expenses and damages arising out of or in any way referable to any act or omission by the valuer in the performance or purported performance of the valuer’s role in the assessment. Where reports are required for Court use or in relation to certain Acts, compliance with the rules for that particular Court or Act will be stated within the assessment report.

It may become necessary to ask for additional instructions during the course of this assessment as particular issues are identified by the valuer. If you intend to be un-contactable over the duration of this process, you should advise the valuer regarding alternate phone numbers in which you can be contacted.

The Valuer preparing undertaking this instruction declares that he is registered by the Office of Fair Trading to practice as a Valuer in New South Wales and at the time of these instructions has no pecuniary interest past, present or future prospective in the subject property or the client at the time of assessment.

The Valuer complies with the Valuers Rules of conduct within Valuers Regulation 2005 made under the Valuers Act 2003 which is detailed as follows:

1/ A valuer must not accept instructions to make a valuation of property which is contingent on a predetermined result or finding.

2/ If retained to make a valuation which will, or may, be used to determine or assess monetary compensation relating to the resolution of a dispute, a valuer must not require payment of a fee the amount of which is contingent on, or a percentage of, the amount of the compensation.

3/ If a valuer makes a written valuation or report, or is responsible for making a written valuation or report as a supervisor of another valuer, he or she must:

(a) sign the valuation or report, and

(b) disclose any relevant limitations or qualifications to the valuation or report, and

4/ (1) A valuer must not value property for another person (a client) unless the valuer has provided the client with the following:

(a) a written confirmation of the client’s instructions,

(b) a written disclosure of the cost of the valuation or the basis of calculating the cost of the valuation.

(2) The documents referred to in subrule (1) are to be provided to the client by hand, post or facsimile.

5/ A valuer must have a knowledge and understanding of the Act and the regulations under the Act, and such other laws as may be necessary to enable the valuer to properly exercise his or her functions as a valuer.

6/ (1) A valuer must act honestly, fairly and professionally in the course of practice as a valuer.

(2) A valuer must not mislead or deceive any person in the course of practice as a valuer.

7/ A valuer must exercise reasonable skill, care and diligence in the course of practice as a valuer.

8/ A valuer must not engage in high pressure tactics, harassment or harsh or unconscionable conduct in the course of practice as a valuer.

9/ (1) A valuer must not, at any time, use or disclose any confidential information obtained while acting on behalf of a client, unless:

(a) the client authorises the use or disclosure, or

(b) the valuer is permitted or compelled by law to disclose the information.

(2)In this rule, confidential information means information that:

(a) has not previously been published or made available to

the public at the time of its proposed use or disclosure, and

(b) relates to the personal or business affairs of a client, and

(i) that was supplied in confidence, or

(ii) the publication of which would reveal a trade secret.

10/ A valuer must not enter into an agreement to undertake valuation work, or continue to undertake valuation work, if doing so would place the valuer’s interests in conflict with the client’s interests.

11/ A valuer must not offer to provide to a person any gift, favour or benefit, whether monetary or otherwise, so that the person induces another person to engage the services of the valuer as valuer in respect of any matter.

12/ A valuer must not solicit clients through advertisements or other communications that the valuer knows or ought to know are false or misleading.

13/ Representations about Act or regulations

A valuer must not falsely represent to a person the nature or effect of a provision of the Act or any regulation under the Act.

14/ Valuer to keep documents

A valuer must keep:

(a) a copy of every written confirmation of client’s instructions and every written disclosure of costs or the basis of calculating costs required to be provided to a client under rule 4 (1), and (b) adequate file notes and documentation that substantiate a valuation by way of inquiry, objective comparison, deduction, calculation and opinions formed by the valuer in the preparation of the valuation, and

(c) a copy of each valuation report prepared by the valuer, for a period of 3 years after the agreement is entered into or the valuation is completed (whichever is the later).

RETURN TO VALUATION REQUEST FORM

Liability limited by a scheme approved under Professional Standards Legislation