INSTRUCTIONS TO VALUER AND SUPPLY OF INFORMATION

It is normal and appropriate for clients requiring frequent reports, to appoint panel Valuers to whom standing instructions may be issued and with whom, in some instances, a service contract may be entered into. Model Standing Instructions can be found in the Client Focus section of 'Professional Practice' published by the API.

Instructions for individual reports are normally provided in "writing". Any instructions transmitted electronically should be produced in a hard copy form for retention in the Valuer's file. Any instructions provided verbally in the first instance should be confirmed in "writing" by the client, or failing that, it would be prudent for the Valuer to confirm the instructions in "writing" and retain a file copy.

While a Valuer can in due course produce a report after being provided with very little information by the client, considerable extra time and cost will be involved for the Valuer in ascertaining necessary detail. Where some information is not readily available to the Valuer, the report may be "qualified" to the extent of that information. Where necessary information is already in the hands of the lender, its provision to the Valuer should enhance the reliability of the report. One of the purposes of the short form report however, is to facilitate an expedited, cost effective report.

To achieve these benefits, as much of the following information and documentation as possible should be provided in or with the instructions for a Residential Valuation and Security Assessment. Some of the information may be obtainable by the intending borrower from the selling agent where the property is for sale.

• Valuer: the name of the firm to whom the instructions are addressed
• Date(s): date of request, date required (if applicable and not a contract condition).

• Lender: the name of the instructing organisation, appropriate references and organisation contact details.

• Borrower: name(s) of borrowers) and any reference number(s)
• Loan Amount: $
• Property Address: full street address, locality name and postcode
• Title detail: legal description, copy of search or title document, copy of deposited or registered plan, strata or unit plan or survey report.

• Property Type: eg Dwelling, unit, hobby farm
• Contract Price: if current sale involved (or price and date if recent sale). Extracts from Copy or Copy of any special conditions, certificates, etc.

• Contract: for residential investment properties, serviced apartments and community title, access to the contract should be arranged for

the valuer. A special fee may be appropriate for perusal of any substantial extra documentation.

• Borrower's Estimate: if no current or recent sale is involved.
• Contact for Access: contact's name (if property has been sold or leased, the names of any real estate or leasing agents involved should be provided) Contact's Phone numbers and whether am or pm.

• If Tenanted: Tenant's name, rent being paid and expiry date.
• Special Instructions: if any applicable
• Tender Details: if proposed dwelling, renovation or extension.
• Arrange for the valuer to receive:
  • copy of latest tender or quote with priced schedule of fittings/pc items.
  • copy of plans and specifications preferably approved.
  • builder's name and licence details
• Any other relevant information: eg zoning certificate, development approval, pest report, etc.

• Report dispatch : to where and how the report should be forwarded.

See valuation report