Version 2.2.1 (effective from 1 October 2019)
The Residential Valuation Industry Group (RVI) has revised Version 2.2 of the ABFI Residential Valuation Standing Instructions and subsequently released Version 2.2.1 which came into effect on 1 October 2019.
A copy of V2.2.1 is available in the resources below, as is a highlighted version showing changes made between V2.1 and V2.2.1.
The previously notified version, V2.2, has been withdrawn prior to its effective release date, and replaced by V2.2.1.
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.
Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.