The Residential Valuation Industry Group (RVI) has released a revised version of the ABFI Residential Valuation Standing Instructions Version 2.2.1 which will came into effect on 1st October 2019.
The new version (ABFI RVSI V2.2.1) includes a number of changes throughout the document to provide clarity and guidance to Instructing Parties and API Valuer Members.
Items of note include further guidance with regard to:
- Professional expectations of Members
- Property inspections
- General reporting requirements
- Photo requirements
- Situations where a rental assessment is to be provided
- Reviewing and commenting on documents provided by the instructing party
- Commenting on documents recommended by the Valuer for the client to sight
- Date of amendment to be included in amendment comments
In addition, clarification has been provided with regard to key terms, including:
- Existing Property (‘As Is’)
- ‘As If Complete’
- Not suitable for rent
- Restrictions relating to re-sale of the property
- Restrictions relating to construction on vacant sites
There has also been further refinement to the instructions for Split Contracts for Multiple Dwelling Residential Developments.
Completion of this year’s Standing Instructions Online Module is compulsory for Valuers undertaking residential valuation on bank panels using the API PropertyPRO and Restricted Assessment report format.
Lenders require Valuers to complete the elearning module prior to commencing work for 2020.
Valuers who seek or wish to maintain their appointment to a Lender’s residential panel must complete the module before they can commence panel valuation work for 2020.