TO VALUER AND SUPPLY OF INFORMATION
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.
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.
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
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
the name of the firm to whom the instructions are addressed
date of request, date required (if applicable and not a contract
the name of the instructing organisation, appropriate
references and organisation contact details.
name(s) of borrowers) and any reference number(s)
- Loan Amount:
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.
Type: eg Dwelling, unit, hobby farm
Price: if current sale involved (or price and date if recent
sale). Extracts from Copy or Copy of any special
conditions, certificates, etc.
A special fee may be appropriate
for perusal of any substantial extra documentation.
for residential investment properties, serviced
apartments and community title, access to the contract should be
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.
Tenanted: Tenant's name, rent being paid and expiry date.
Instructions: if any applicable
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.
name and licence details
- Any other
relevant information: eg zoning certificate, development
approval, pest report, etc.
dispatch : to where and how the report should be forwarded.