Valuation Engagement Terms

These terms describe how we actually do the work. They apply to every valuation we issue, they are referenced inside each report, and they sit alongside our terms and conditions.

Basis of value

The basis of value is the definition of value we are measuring. It is set by the purpose of the report, not by preference, and it is stated on the face of every report we issue. Common bases include:

Valuation date

Every figure is an opinion as at one specific date, stated in the report. Markets move. A report is not a rolling statement of value and it does not update itself. Where a report is prepared as at a historic date, we say so and we set out the evidence relied on for that period.

What the inspection covers

Our engineer carries out a visual, non-invasive inspection of the parts of the property that are reasonably accessible on the day. Photographs are taken with date, time and location recorded.

What that inspection is not:

• Not a structural survey. We do not open up floors, walls or ceilings, and we do not test foundations.
• Not a services test. Plumbing, electrical, drainage, lifts and firefighting systems are not tested and are assumed to be in working order unless something visible suggests otherwise.
• Not a soil or environmental investigation. We do not test for contamination and assume the site is free of it unless we are told or shown otherwise.
• Not a measurement survey to the standard of a licensed surveyor. Areas are taken from documents and checked against site observation.
• Not a pest or dampness inspection.

If a defect we can see appears material to value, we say so and reflect it. If you want any of the excluded investigations, engage the relevant specialist and we will factor their findings in.

Title and legal matters

We are valuers, not title investigators. We assume, unless we say otherwise in the report:

• That the title is good and marketable and free from encumbrances, disputes and litigation.
• That statutory approvals and occupancy permissions are in place.
• That the property is not subject to any acquisition or road widening proposal we were not told about.
• That the documents given to us are genuine and complete.

We do not carry out a title search, we do not verify signatures, and we do not give a legal opinion. Where a title issue is obvious from the papers, we flag it rather than ignore it, but a valuation is never a substitute for a lawyer's search.

Information you provide

We rely on the documents and facts you give us and we do not independently audit them. If a sale deed states an area, an approval date or a share of ownership, we work from it. Where we can cross check it against public records or site observation, we do. Where the papers conflict with what we see, we say so in the report rather than quietly picking one.

How we reach the figure

We select the method the property and the purpose call for, and we state which one we used and why:

• Comparable sales, adjusted for date, location, floor, condition, size and any specific advantage or disadvantage. Our main method for flats, plots and standard residential property.
• Land plus depreciated building cost, used for independent houses, industrial sheds and special purpose property where comparables are thin.
• Income capitalisation, used where the property is genuinely income producing and evidence of rent and yield exists.

Circle rate or ready reckoner rate is a floor set by the state for stamp duty. It is not market value, and where market evidence sits above or below it we report the market position and explain the gap.

Who may rely on the report

• The report is addressed to you and prepared for the purpose named in it.
• You may give it to the authority, bank, court or advisor it was prepared for.
• No duty is owed to any other party, and nobody else should rely on it without our written agreement.
• The report must be read whole. Extracting the figure without the assumptions behind it misrepresents it.

How long a report stays useful

There is no universal expiry, but the receiving institution usually sets one. Banks commonly treat a valuation as current for six months. Immigration authorities frequently ask for a report completed within the last one or two years. Tax matters are tied to the transaction date rather than the report date. Tell us the deadline you are working to and we will tell you whether a fresh report or an update is the right answer.

Revisions

We correct our own errors free of charge, and we mean arithmetic, factual and typographical errors, at any time. What we do not do is revise a figure because a party would prefer a different one. If you have evidence we did not see, send it and we will consider it properly, and we will tell you honestly whether it changes the outcome.

Independence

We take no commission from any bank, broker, developer or buyer connected with a property we value. Our fee is fixed before we start and does not depend on the figure. If we have any connection to a party in the matter, we disclose it or decline the job.

Complaints

If you think a report is wrong, write to nrivaluers@gmail.com setting out what you think is wrong and why. The valuer who signed the report will respond. Where a matter is regulated, you also retain your right to take it to the relevant authority.