TERMS AND CONDITIONS

EXCLUSION ON USE AND LIABILITY

Any advice or report prepared by Northbourne Valuers will remain for and will be confidential to the Client for the specific purpose outlined in writing in the engagement. The only parties who may rely upon the advice or report is the Client, or any other party to whom the advice or report is specifically addressed to. Any party who wishes to rely upon the advice or report must receive the consent of Northbourne Valuers in writing. Northbourne Valuers accept no liability for negligence and/or any other cause of action for any loss or damage suffered by a third party to whom the advice or report was not addressed nor assigned.

The Client thus recognises and agrees that no part of any advice or report or the substance thereof will be communicated to any other person or party without the written consent of Northbourne Valuers. The Client further agrees that if it does communicate any part of the report or it’s substance to any other person or party, the Client will communicate these terms of engagement to the relevant persons and will indemnify Northbourne Valuers in any event to failure to do so. Neither the advice provided by Northbourne Valuers nor any of the services provided pursuant to the engagement of Northbourne Valuers to confer any benefit on third parties (other than those nominated to Northbourne Valuers in writing included within the engagement) and the liability of Northbourne Valuers to third parties is expressly disclaimed.

The Client acknowledges and understands that the valuation is current only as the date of valuation. Any losses that occur as a result of changes in market value after the date of valuation is out of Northbourne Valuers control and thus does not accept any responsibility. Without limiting this qualification, Northbourne Valuers does not accept any responsibility for any reliance placed on a report subsequent to 3 months after the date of issue of the report.

PERFORMANCE OF THE SERVICES

Northbourne Valuers shall exercise all available resources with reasonable skill and care in providing the services and will inform the Client if it becomes apparent that the scope of the engagement with the services need to be varied. Northbourne Valuers will confirm any agreement established between the Client and Northbourne valuers that may result in a variation of the scope of engagement.

All valuation reports will be prepared in accordance with applicable Australian Property Institute (API) Professional Practice Standards and Guidance Notes and will be subject to disclaimers and qualifications where those are noted in the report.

INFORMATION PROVIDED BY CLIENT

by the Client. Northbourne Valuers accepts no liability for possible inaccuracies contained in the information disclosed by the Client, regardless of whether the information was prepared by the Client or a third party and whether or not it was provided directly to Northbourne Valuers by that third party. Except with the prior written consent of the client, all information provided by the client will remain confidential by Northbourne Valuers except where required by law or any proper authority.

Upon the Client’s request, all confidential information provided by the Client will be destroyed, returned or erased. Northbourne Valuers reserves the right to retain one copy of the information for purposes of compliance with legal, professional or regulatory requirements or obligations.

INFORMATION PROVIDED BY NORTHBOURNE VALUERS

Intellectual Property in all material prepared by Northbourne Valuers of whatever nature and provided to the Client or otherwise produced in the course of the services provided shall remain the property of Northbourne Valuers. The reproduction, transmission or disclosure of any part of any report, document or publicated in any forms by any means, or stored in any database or system of retrieval is forbidden without the prior written permission of Northbourne Valuers.

DELAYS

In instances where matters beyond Northbourne Valuers control that may cause delay, Northbourne valuers shall not be responsible for the delay of the performance of the Services.

PAYMENT OF FEES, EXPENSES AND DISBURSEMENTS

Payment fees for the Services provided by Northbourne Valuers shall be calculated and charged and made as agreed in writing between the Client and Northbourne Valuers. The Client shall pay reasonable expenses and be responsible to reimburse the disbursements incurred on its behalf by Northbourne Valuers as agreed in writing. Any references to fees, expenses and disbursements are exclusive of any applicable government taxes. As such, any taxes chargeable on Northbourne Valuers fees, expenses and disbursements must be paid by the Client. The fee is payable prior to the report being released.

In any instance for any reason Northbourne Valuers provides only partial service for which it is engaged, Northbourne Valuers shall be entitled to charge fees proportionate to the fees agreed upon, based on our estimate of the percentage of completion of the services.

The relevant fees are inclusive of responding to normal post valuation enquiries if necessary. In the event that work subsequent to the valuation extends beyond reasonable enquiry or additional work beyond the established scope of work, Northbourne Valuers reserves the right to charge for additional professional time involved in responding to the request of the Client, their queries or further work required.

ENVIRONMENTAL ISSUES

The Client understands and acknowledges that Northbourne Valuers is not an expert within the field of environment issues and that it will not rely on any environmental matters raised by Northbourne Valuers. It is not to be considered by the Client that Northbourne Valuers has the expertise to be able to prepare environmental audit reports and any report provided by Northbourne Valuers will not in any way constitute an environmental audit.

Northbourne Valuers does not carry out on site investigations or enquiries to ascertain whether any building was altered or constructed using deleterious materials (eg. asbestos). Unless otherwise informed, our reports are on the basis that no relevant materials have been or were used. The Client should engage third-party structural experts to advise on the existence and state of any of these materials.

TOWN PLANNING AND OTHER STATUTORY REGULATIONS

Information regarding Town Planning is typically obtained verbally by Northbourne Valuers from the Local Government Authority or through the LGA’s website. We recommend that the Client obtains verification of this from relevant authorities in writing that confirms:

  • the position is correctly stated in Northbourne Valuers report;
  • the property is not adversely affected by any other decisions made, or conditions prescribed by public authorities;
  • that there are no outstanding statutory notices.

In the instance that the information provided to Northbourne Valuers proves to be incorrect, we reserve the right to amend our report. The reports prepared by Northbourne Valuers are operated on the basis that the premises (and any works thereto) comply with all relevant statutory regulations, including ordinances relating to fire regulations. The validity and correctness of these assumptions should be checked by the Client.

STRUCTURAL SURVEYS

Northbourne Valuers does not carry out structural services or operate tests regarding building services (e.g. air conditioning, electrical, fire, etc.) Despite any defects or items of disrepair which may be noted during the course of the inspection, Northbourne Valuers is not able to provide any assurance that a property is exempt from any defects. The Client should therefore engage appropriate professionals for advice on the structural soundness and suitability and state of services.

SITE CONDITIONS

Northbourne Valuers does not carry out on site investigations in order to determine the suitability of ground conditions and services for any new development. Our reports are on the basis that these aspects remain satisfactorily unless informed otherwise. Where development is proposed, no extraordinary expenses of delays will be sustained during the construction period.

LEASE AND TITLE SEARCHES

Northbourne Valuers does not typically inspect all dealings or leasing registered on title. In the instance where a client is considering the purchase of a property, we recommend seeking professional advice by a lawyer on legal matters. Northbourne Valuers assumes that unless informed to the contrary, all documentation is satisfactorily drawn and there exist no restrictions, easements or encumbrances or any other issues of an onerous nature which may affect the value of the interest under consideration.

Further enquiries as to the financial standing of actual lessees or prospective tenants are not made unless specifically requested. In instances where properties are assessed with the benefit of lettings, it is assumed that the tenants are capable of meeting their obligations under the scope of the lease, as well as there exist no arrears of rent or undisclosed breaches of covenants.

In the absence of the benefit of these formal searches or enquiries, we have assumed that the results of any such searches would not disclose any matters, which would significantly affect the value of the property. If such searches and enquiries reveal any matter, which has an adverse affect on value or marketability, then the matter should be referred to the valuer for comment and possible amendment of the valuation.

LAND BOUNDARIES

The report is made on the basis that there are no encroachments by or upon the subject property, however, should there be required any confirmation, the services of a consultation surveyor should be engaged.

REFUND & TERMINATION

It should be noted that our valuation is an indication of market value only. Our valuation represents the valuer’s opinion of value at the date of valuation. Due to the nature of our business and the products and services we provide, the valuation fees are not eligible for a refund after the report is completed and sent to the client. Please note, that once you access and receive the report you pay, you no longer have the right to cancel your purchase and receive a refund.

On termination of the engagement, Northbourne Valuers shall be entitled to, and shall be paid fees for all relevant Services provided to that time, to the satisfaction of the Client, in accordance with the above clause regarding the payment of fees.

MARKET MOVEMENT COMMENTARY

Any auction result different to the assessed valuation should be referred back to the valuer for further comment. An auction results above or below the assessed valuation may possibly still be deemed to be within market parameters by the valuer. Some auctions can produce heated bidding and result in a sale price above expectations whilst other properties not suitable for auction can result in poor results. Please note that the fee for valuation is payable prior to the report being released.

It must be recognised that the real estate market fluctuates with internal and external influences and the risk that the property’s value may change under varying market conditions is a fact that the parties should understand and accept. No liability is accepted for any loss or damage (including consequential or economic loss) suffered as a consequence of fluctuations in the property market subsequent to the date of valuation. Further, we do not assume any responsibility or accept any liability where this valuation is relied upon after the expiration of 3 months from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation.

Whilst we have attempted to confirm the veracity of the information supplied, the scope of work did not extend to verification of all information supplied or due diligence. Our valuation and report has been prepared on the assumption the instructions and information supplied been provided in good faith and contained a full disclosure of all information that is relevant. The valuer and valuation firm does not accept any responsibility or liability whatsoever in the event the valuer has been provided with insufficient, false or misleading information.