Terms and Conditions of Engagement

 

Thank you for engaging Northern Rivers Valuations (NR Valuations). We are pleased to act for you.

These Terms and Conditions (‘Terms”) apply in respect of all work carried out by NR Valuations for the Client, except to the extent that we agree otherwise with the Client in writing. By completing the Valuation Request process through the NR Valuations website, you confirm the acceptance of these Terms, as they relate to the property and the valuation request stipulated in the fields provided on the website.

If you are unable to complete the booking process on-line, NR Valuations will complete the Valuation Request either via the website, email or hard copy. These Terms and Conditions are deemed to be accepted by you, except to the extent that we agree otherwise with you in writing within five days of delivery of these terms.

Definitions

Northern Rivers Valuations shall mean Northern Rivers Valuations, NR Valuations, Stephen James Greenhalgh or any person acting on behalf, or with the authority of, Northern Rivers Valuations.

Valuer shall mean NR Valuations, Stephen James Greenhalgh or any person acting on behalf of, or with the authority of, Northern Rivers Valuations

Client shall mean the Client, or any person acting on behalf of, or with the authority of, the Client.

Services shall mean all services supplied by NR Valuations to the Client including valuation reports and rental property condition reports.

Market Value as defined by the International Valuation Standards Council will be used for all NR Valuations. Market value is defined as:

“The estimated amount for which an asset or liability should exchange for on the date of valuation between a willing buyer and a willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”.

Valuation, consultancy and Rental Property Condition Report services provided by NR Valuations are at all times entirely subject to the following Terms and Conditions

  1. A Valuation Request by you is subject to acceptance or rejection by us and is not binding on us prior to our written acceptance or performance of it. By submitting your Valuation Request, you authorize us to enter into a Supply Agreement for you on your behalf. In doing so we may need to provide your details including your name, property address and property details to NR Valuations representatives, councils or statutory authorities.
  2. Any work that we are instructed to perform in addition to the initial valuation work will incur additional fees. Any additional work performed will be invoiced on an hourly rate of $75 per hour basis in accordance with this agreement.
  3. Any disbursements including for copies of Deposited Plans, Strata Plans, Title Searches and Council enquiry fees shall be fully recoverable from the Client.
  4. The report remains the property of NR Valuations until the account has been paid in full.
  5. Debt collection fees where applicable are fully recoverable by NR Valuations in addition to other charges from the Client.
  6. The valuation cannot be released for any form of marketing or advertising purposes. No part of the valuation report can be reproduced or included as part of a marketing / advertising campaign or sales brochure.
  7. In the case of a tenanted property, the Client should identify any improvements undertaken by tenants and state whether or not these improvements are to be disregarded, or if they may give rise to a compensation claim by the tenant when vacating the property.
  8. Unless special assumptions are agreed upon between the Client and the valuer, any valuation will be undertaken in accordance with the Australian Property Institute Professional Standards and will also be subject to qualifications, disclaimers and terms and conditions as noted in the valuation report.
  9. Any quotation for the provision of valuation services is valid for 10 working days from the date of the quote.
  10. After an invoice is provided to the Client, the Client must pay NR Valuations any fees and disbursements according to the agreement.
  11. The Client shall make all arrangements necessary to allow the valuer to gain access to the property to inspect the property at an agreed time. If access to the property is impeded at the arranged time, NR Valuations shall be entitled to charge the Client travelling expenses plus an hourly rate to attend the property on a second occasion.
  12. The valuer shall not be liable for any loss or damage whatsoever due to the valuers inability to supply the services promptly, or at all, due to circumstances beyond the control of the valuer.
  13. In the event the Client cancels delivery of the services, the valuer is entitled to charge the Client for expended time and expenses relating to the provision of services. If the valuation is cancelled prior to the inspection of the property by the valuer, a charge of 30% of the agreed fee will be made. If cancellation occurs after the valuer has undertaken the inspection, but before the provision of the final report, a charge of 60% of the agreed fee will be made.
  14. NR Valuations warrants the work of its own sub-contractors, but it does not warrant the work of third parties. The Client shall not hold NR Valuations responsible for the performance, accuracy or products of third party contractors.

15. The Condition of Buildings

The valuer will carry out such inspections and investigations as are appropriate and possible in the particular circumstance. This will be confined to a visual inspection and will not extend to a pest or building inspection as undertaken by experts in these fields who establish details of any building defects or disrepair and/or termite or pest infestation. The valuer is not a building construction or structural expert and as such is unable to certify the structural soundness of the improvements. The Client should make their own enquiries in this regard.

The valuer will assume that inspection of those parts that have not been inspected will not reveal any material defects. The valuer will not be under any duty to move anything or use a moisture detecting meter.

The valuer will assume that the property complies with all applicable and current statutory requirements to enable it to be occupied for its current use.

Unless informed to the contrary, the Valuer will assume that no deleterious or hazardous materials or techniques were used in the construction of the property or have since been incorporated.

16. Building Services

The valuer will not investigate or test the condition or efficiency of building services and associated plant and machinery, such as, but not limited to, electrical services, plumbing services, air-conditioning, effluent disposal services, water supply, heating etc. Unless informed to the contrary by the Client, the valuer will assume that the services and any associated controls or software are in sound working order, free from defect and meet all current statutory requirements.

It will be assumed that machinery, trade fittings, furnishings and other equipment on the property are to be excluded from the valuation unless the Client’s instruction specifies otherwise.

17. Planning

Town planning information will be obtained verbally or on-line from council. The valuer will assume that the property is unaffected by any matters which would be revealed by a council search or by any statutory notice, and that neither the property, nor its use, nor its intended use, is or will be unlawful.

Full certificates and written documentation will not be obtained from council by the valuer in relation to:

  • Zoning and planning affectations
  • Dwelling entitlements
  • Past Development approvals and whether the existing use of the property is lawful
  • Drainage diagram showing the council’s sewer mains in relation to the property’s boundaries
  • Fire compliance of the structures
  • Bushfire compliance of the property
  • Swimming Pool Compliance Certificate
  • Outstanding Health or Building Notices
  • On site sewerage management system inspection report
  • Copy of Approved Plans
  • Occupation Certificate
  • Development Consent Search
  • Outstanding Rates and Water Charges.

We recommend that the Client obtains written verification of the issues noted above from the relevant authorities and confirm that the details provided in the valuation report are accurate and advise the valuer otherwise. Should the information provided to NR Valuations be incorrect, we reserve the right to amend our report.

The valuer will also assume there are no outstanding statutory notices and it is the responsibility of the Client to advise otherwise in writing.

On some occasions delays may be incurred in obtaining definitive information from councils and statutory authorities. Where a valuation is required before such enquiries can be completed, the valuer will detail any additional planning or other assumptions in the valuation report. The report will be based on these assumptions and should subsequent information be provided to Northern Rivers Valuations that indicates the assumptions were incorrect, we reserve the right to amend our report.

18. Contamination

Where the valuer has prior knowledge of the locality and experience of the type of property being valued, they will comment on the potential that may exist for contamination and the impact this could have on value and marketability. However, the valuer is not an expert in this field and will not be competent to advise on either the nature or risks of contamination or hazardous substances, or any costs involved with their removal. Unless informed to the contrary the valuer will assume that the property is free from contamination and hazardous substances.

19. Hazardous Materials

Properties built or modernised up until the mid 1980’s may contain asbestos. The presence of asbestos material in some components or fittings can only be confirmed by testing. This testing does not form part of the valuers role and no testing for asbestos or hazardous materials has been undertaken. It will be assumed that the property is free from asbestos and hazardous materials unless otherwise stated in the report. If subsequent investigation reveals that asbestos and hazardous materials are present on the property and they have a detrimental impact on the value of the property, NR Valuations reserves the right to amend the valuation and accepts no liability in any form whatsoever for the presence of asbestos or other hazardous materials.

20. Environmental Factors

The property may be affected by environmental factors that are either an inherent feature of the property itself or of the surrounding area and which could impact on the value of the property interest eg risk of flooding, bushfire risk or presence of electricity transmission equipment. Where the valuer has prior knowledge of the locality or where the presence of such environmental factors can be established in the course of a normal inspection, the valuer will comment on the potential impact on value and marketability. However, the valuer is not an expert on environmental issues and a detailed commentary on their effects is outside the valuers expertise. Unless informed to the contrary, or their presence is evident from a visual inspection, the valuer will assume the property is unaffected by adverse environmental factors and will not carry out an environmental audit.

21. Valuer is not responsible to third parties

The valuation services are for the exclusive use of the Client as named in the agreement and the valuation report is not to be used by any other party for any purpose. Notwithstanding the forgoing, the Client agrees that in the event that it does communicate to a third party the whole or any part of the valuation report, it shall also communicate to the third party these full Terms and Conditions of Engagement and further agrees to indemnify NR Valuations in the event of any failure to do so.

22. Report only to be used for the stated purpose

All reports prepared by NR Valuations in the provision of valuation services will be used for the written stated purpose alone as detailed in the valuation report. NR Valuations will not accept any responsibility or liability whatsoever for valuations utilised for a different purpose than they were obtained or a purpose other than the purpose as stated in the valuation report.

23. Client to provide full disclosure of facts

The Client will provide NR Valuations with a full and frank disclosure of all facts and information that may affect the valuation. These facts provided will be accurate and will be provided in a timely manner. NR Valuations accepts no liability or responsibility whatsoever unless such a full disclosure of facts has been made.

24. Report is not to be published without NR Valuations approval

Neither the whole nor any part of any valuation report or rental property condition report, or any reference to the valuation report or rental property condition report, may be included in any published document, circular or statement without the written approval of NR Valuations as to the form and context in which it may appear.

25. Valuation is subject to conditions contained in the valuation report

All opinions of value provided by NR Valuations are also subject to any conditions contained in the valuation report.

26. Valuation is only valid at the date of valuation

Property values are constantly changing due to market forces. The valuation is based on information relevant at the date of valuation and the value assessed in the valuation report may change significantly and unexpectedly over a relatively short period of time. Consequently, the valuation is only valid at the date of valuation and valuations at subsequent dates of valuation would require a review. NR Valuations does not accept any liability whatsoever for any loss or damage (including consequential, special, incidental, indirect, exemplary or punitive) due to fluctuations in the real estate market and subsequent changes in value after the date of valuation or factors specific to a particular property under any circumstances whatsoever.

27. Engaging Expert Consultants

NR Valuations will undertake the valuation services in accordance with standard industry practice and will undertake all reasonable investigations without engaging expert consultants. The Client will be entitled to engage expert consultants as required by them and provide this information to the valuer. NR Valuations will not be liable for any loss whatsoever including consequential or economic loss caused by NR Valuations not engaging expert consultants, where information obtained from these consultants may have resulted in a different valuation outcome or valuation report.

28. A surveyor has not been engaged

NR Valuations has not located any boundary pegs or arranged for a survey. It will be assumed that all improvements are within the the title boundaries. NR Valuations reserves the right to amend the valuation if any encroachment can be shown to materially affect the value of the property.

29. Copies of Deposited Plans, Strata Plans, Leases or Title searches will not be obtained by the valuer unless deemed necessary

Copies of Deposited Plans, Strata Plans, Leases or a current Certificate of Title or other searches will not be obtained in normal practice unless deemed necessary by the valuer or requested by the Client. If the Client wishes to provide this information, such information will be considered in the valuation assessment. The valuation assumes clear Title free of any easements, encumbrances, encroachments or negative notations. If a subsequent Title Search indicates there are issues that negatively impact on the value of the property, NR Valuations reserves the right to review and amend the valuation as necessary.

30. Land is stable and any earth fill is satisfactory

The valuation is conditional upon the the land being stable and not prone to land slippage and any earth fill is satisfactory. If subsequent information reveals that such factors are an issue on the property that could materially affect the valuation, NR Valuations reserves the right to amend the valuation.

31. The valuer has no interest in the land

The valuer has no interest in the property or with any parties to a transaction and is totally independent.

32. Client must raise any issues with the valuation report

The Client must fully read the entire valuation report and if they are not satisfied with any part of the report they must raise these issues or seek clarification from the valuer before relying on the valuation report. If the Client does not raise any issues with the valuer within ten working days of receiving the report, it will be assumed that the Client is satisfied with the report and no further complaints or correspondence will be received by NR Valuations in relation to the report.

33. Provision of an Amended Report

If additional information becomes available after the date of valuation that materially affects the value of the property, NR Valuations may need to provide an Amended Report and withdraw the original report. In this case, the Original Report must be returned to NR Valuations and the Amended Report will replace the Original Report in its entirety.

34. Dispute Resolution

No dispute relating to the provision of services by NR Valuations to the Client will be considered unless written notice of the dispute is given to NR Valuations within 21 days of the date of the NR Valuations invoice.

35. Mediation

The Client agrees that in any dispute, (other than our efforts to collect an outstanding invoice) that may arise regarding the performance or enforcement of this Agreement or the valuation report or rental property condition report, the Client will engage in the mediation process in good faith prior to resorting to litigation once a written request to mediate has been given by any party to the Agreement. Any mediation initiated as a result of this Agreement shall be administered within NSW according to its mediation rules. The results of any such mediation shall be binding only upon agreement of each party to be bound. The costs of any mediation proceedings shall be shared equally by the participating parties.

36. Limitation of Liability

To the fullest extent permitted by law, the maximum Liability of Northern Rivers Valuations, NR Valuations, directors and employees and Stephen James Greenhalgh relating to the services rendered under this Valuation/Rental Property Condition Agreement (regardless of form of action, whether in contract, negligence, liability in tort, statutory law eg under Sec 18 of the Competition and Consumer Act, 2010, Equity law or any other Civil Liability or or otherwise) is limited to the lesser of ten times the fee as provided by quote and AUD$10,000. In no event shall NR Valuations or Stephen James Greenhalgh be liable for consequential, special, incidental, indirect, exemplary or punitive loss, damage, or expenses (including but not limited to client loss of time, lost profits, revenue, money, goodwill, opportunity costs etc.) even if we have been advised of their possible existence.

37. Default due to factors beyond the control of the parties

Neither party shall be liable for any default due to any act of God, fire, flood, drought, storm or other event beyond the reasonable control of either party.

38. Valuation is not to be used for securing finance

No valuation report or Rental Property Condition Report provided by NR Valuations can be used in any form whatsoever for the purpose of obtaining finance or for mortgage security purposes.

39. Limitation of Action

No action, whether based on contract, product liability or tort, including any action based on negligence, statutory law, equity law, the Competition and Consumer Act, 2010, or any other Civil Liability or legal theory arising out of the performance of this Agreement, may be brought by either party more than one (1) year after the party knew or should have known of the breach or damage (whichever is first), except that an action for non-payment may be brought within two (2) years of the date of the last payment.

41. Termination

If either party is in consistent breach of the Terms of Engagement, the affected party may serve a Notice of Default outlining the breach of agreement. If reasonable attempts have not been made to rectify the breach within 14 days of receiving the Notice of Default, the affected party may terminate the engagement. If the engagement is terminated, NR Valuations will be entitled to be paid for all reasonable costs for services provided and disbursments incurred as a direct result of the termination.

NR Valuations undertakes all valuations and services only on the basis of these Terms and Conditions of Engagement, which shall apply to the exclusion of any other terms and conditions which the client may seek to impose. No variation of these terms shall be binding unless agreed to in writing by NR Valuations and the Client.