Valuation Assumptions, Conditions, Limitations and Liability Terms

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Defined terms

Client means the instructing party for whom the Report is prepared. Property means the property described in the Report. Services means the valuation and related advisory services. Valuer means the individual valuer and/or valuation firm issuing the Report. Report means the valuation report, including these assumptions, conditions, limitations and liability terms.

1. General assumptions, conditions and limitations

Unless otherwise stated, the valuation assumes improvements have been constructed in accordance with relevant planning and building regulations and that required approvals have been obtained. The inspection and report do not constitute a structural survey and are limited to exposed and readily accessible areas.

The valuation is based on known and assumed condition as at the date of inspection. If condition deteriorates or fixtures are removed, the value may be materially lower. The valuer should be consulted if adverse matters become apparent.

Unless stated, land dimensions and areas are obtained from third-party sources considered reasonable at the date of issue and have not been independently surveyed. No current survey report is assumed unless expressly stated. The valuation assumes correct boundary alignment and absence of encroachments.

Unless expressly stated, the valuer has not undertaken a full title search and assumes good and marketable title, free from easements, encumbrances, restrictions, caveats, leases, licences, defects or other matters that materially affect value or marketability.

Searches with council or statutory authorities are not undertaken unless stated. The valuation assumes necessary planning, building, occupation and other approvals have been issued. Utility services, fixtures, appliances and systems are not tested. Flood, water-related, environmental and contamination matters are assumed not to materially affect the property unless identified.

Comparable sales evidence is selected from reasonably available evidence having regard to comparability, location, timing and market movement. The valuer may rely on property databases, agency information and third-party sources, and gives no guarantee as to their accuracy or completeness.

The client is responsible for full disclosure of all information and documents that may affect the valuation. If material information is withheld, incomplete, inaccurate or later becomes available, the valuer may need to reassess the report.

The valuation is current only as at the valuation date. Unless otherwise stated, it should not be relied upon more than three months after the valuation date, or earlier if new material information comes to light or market conditions materially change.

Market Value means the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and willing seller in an arm’s length transaction, after proper marketing, where each party acted knowledgeably, prudently and without compulsion.

Unless otherwise stated, the valuation assumes GST is not applicable to the assessed market value. The valuer does not provide tax advice and independent tax advice should be obtained where GST treatment may affect transaction or value.

2. Reliance, use and disclosure

The report is prepared solely for the purpose stated in the report and for the use of the client. It must not be used for any other purpose without prior written consent. No person or entity other than the client may rely on the report without prior written consent. Unauthorised use or reliance is at that party’s own risk.

The report, or reference to it, must not be published, reproduced, disclosed or included in another document, circular, statement, prospectus, website, public filing or publication without prior written approval.

3. Client obligations and services terms

The client must facilitate access and provide complete, accurate and timely information requested by the valuer. The client must promptly notify the valuer of any change in information or circumstances that may affect the report, including changes to condition, legal status, planning status, tenancy, access, title, environmental condition, services or marketability.

4. Liability, release and indemnity

Nothing in these terms excludes rights that cannot lawfully be excluded, including applicable rights under the Australian Consumer Law. Subject to non-excludable rights and to the maximum extent permitted by law, the valuer’s liability may be limited to resupplying the services, paying the cost of resupply or refunding the fee paid.

The client releases and indemnifies the valuer against claims, losses, liabilities, costs and expenses arising from false, misleading, incomplete or inaccurate information, withheld material information, unauthorised use or disclosure, reliance by unauthorised third parties, use for a purpose other than the stated purpose, or breach of these terms, except to the extent caused by fraud, wilful misconduct or liability that cannot lawfully be excluded.