Statement of General Valuation Policies
The valuation and all valuation services are provided by Property Valuations Limited solely for the use of the client. Property Valuations Limited does not and shall not assume any responsibility to any person other than the client for any reason whatsoever including breach of contract, negligence (including negligent misstatement) or wilful act or default of itself or others by reason of or arising out of the provision of this valuation or valuation services. Any person, other than the client, who uses or relies on this valuation does so at their own risk.
The valuation will be completed for the specific purpose stated in the report. No responsibility is accepted in the event that the report being used for any other purpose.
The report will be relevant as at the date of preparation and to circumstances prevailing at that time. However, within a changing economic environment, returns on investment and values can be susceptible to variation – sometimes over a relatively short time scale. We therefore strongly recommend that before any action is taken involving acquisition, disposal, borrowing, restructuring or any other transaction that you consult us.
Property Valuations Limited has a policy of not contracting out of the provisions of the Consumer Guarantees Act. Accordingly, where there is any conflict between any statement in this report and the Consumer Guarantees Act 1993, the latter shall prevail.
Neither the whole nor any part of any valuation report, or any reference to the same may be included in any published document, circular or statement without our written approval as to the form and context in which it may appear.
Substances such as asbestos, other chemicals, toxic wastes or other potentially hazardous materials could, if present, adversely affect the value of the property. The stated estimate is on the assumption that there is no material on or in the property that would cause loss in value. No responsibility is assumed for any such conditions and the recipient of this report is advised that the Valuer is not qualified to detect such substances, quantify the impact on values or estimate the remedial cost.
The Valuer will not perform a structural survey. As a result:
(1) If you intend to purchase the property or lend money secured on it we recommend that you instruct a suitably qualified professional to survey the property for defects before you proceed further.
(2) The report will be prepared on the assumption that except where noted in the report:
(a) The building has been competently designed and built, is structurally sound and watertight.
(b) The building does not contain any latent or patent defects which could result in:
(i) The building ceasing to be watertight
(ii) Gradual decay of the building including its structure.
(c) Where applicable, the building complies with the Building Act 1991 and the Building Code contained in the first schedule to the Building Regulations 1992 (or any amendment or substitution of that code).
While due care will be taken to note any contamination liability, our investigations will be undertaken for valuation purposes only and the report does not constitute an environmental audit. Unless otherwise stated no account will be taken of the effect on value due to contamination or pollution.
We will not make a survey of the property and its boundaries and assume no responsibility in connection with such matters. Unless otherwise stated it will be assumed that all improvements lie within the Title boundaries. Any sketch, plan or map in the report will be included to assist the reader in visualising the property and should not be relied upon as being definitive.
The report will be prepared for valuation purposes only and will not be intended to be a structural, environmental survey. No enquiries in respect of any property, or of any improvements erected thereon, will have been made for any sign of timber infestation, asbestos or other defect, whether latent, patent, or structural.
We will undertake a visual inspection in respect of any building valued, but must advise that we will not commission structural surveys or test any of the services and are therefore unable to confirm that these are free from defect e.g. decay or rain water penetration. We note further that we will not inspect unexposed or inaccessible portions of any building and are therefore unable to certify that these are free from defect. Any elements of deterioration apparent during our consideration of the general state of repair of building/s will be noted or reflected in our valuation. We are however, unable to give any warranty as to structural soundness of any building and will assume in arriving at our valuation that there are no structural defects or the inclusion of unsatisfactory materials.
In preparing the valuation it will be assumed that all lifts, hot and cold water systems, electrical systems, ventilating systems and other devices, fittings, installations or conveniences as are in the building are in proper working order and functioning for the purposes for which they were designed, and conform to the current building, fire and government regulations and codes.
It will be assumed that all improvements to the property comply with the terms and conditions of all relevant legislation and the requirements of territorial authorities except as detailed therein.
(1) We certify that the registered Valuer(s) who sign reports hold a current practicing certificate and are at least ANZIV qualified, as is indicated.
(2) We certify that Property Valuations Limited hold current professional negligence insurance.