Some frequently asked questions are:
1.Will the valuer need to inspect inside the property?
Yes, valuation protocols require the property to be fully inspected and on occasions internal and external photographs will be taken.
2. What if my property is tenanted ?
For tenanted properties the valuer will need to arrange with the managing agent or with the tenant for access arrangements. Access to a rented property is governed by the Lease terms. Normally we are provided with the tenant’s contact details after they have been advised of our need to inspect the property. The managing agent would be aware of these requirements.
3. Can I be told the valuation figure?
For mortgage purposes, the Lender instructs the valuer not to discuss the valuation with the Client. The Lender should be contacted direct for this information. For all other valuations, these are made available to the client.
4. Can I have a copy of a mortgage valuation?
A copy of the valuation is not available from the valuer. The Lender should be contacted for this information.
5. Can I use a mortgage valuation for Stamp Duty Purposes?
No, each State or Territory requires a valuation purpose to be stated to be a valuation for “Stamp Duty Purposes”.
6. How long is a valuation valid?
A valuation is generally valid for three (3) months from the date of valuation. After three months the valuation would need to be up-dated.
7. Is a short form valuation suitable for Family Law or Property Settlement Purposes?
We do not produce short form reports for Family Law Purposes. We believe that the interests of the parties is too critical for a report which, by its form, is not “transparent”. See more>> (Family Law/ Litigation).
8. Is the Insurance assessment the same as the “market value”?
No, the insurance valuation is made on a different basis. The insurance assessment is based on the replacement cost new of the improvements on the land together with other assessments which includes such things as the cost of demolition and removal of debris, architects fees, Council fees, and an allowance for increase in costs over a development period and may include an allowance for loss of rent.