Points to be remembered if valuer dont want to face any enquiry

KNOWLEDGE BANK

LET KNOWLEDGE SPREAD

Message from B K Aruna 14.09.2023

Ten points to be remembered by a valuer who does not want to face any enquiry :

1. Know the purpose of valuation and certify the value accordingly.

2. Mention in your report clearly that your report should not be used for any other purpose.

3. Obtain a written engagement letter from the client and make it a point always to enclose it along with your valuation report.

4. Though the responsibility of identification of the property is with the owner, remember, it is your duty to verify the identification with reference to the documents produced before you.

5. If you are not sure 100% about the identification, avoid taking up such a risky assignment.

6. Be cautious if the property under valuation is a large extent of vacant land in an unknown place.

7. Before you sign the valuation report on market value, apply the “Four way test”.

8. Never be greedy, even for a day, while demanding your fees.

9. If you think you are not competent for the said complicated valuation, either you may seek the guidance of experts or you may decline the assignment.

10. Remember, a setback is common to any professional once in a lifetime but be prepared to face it boldly because you are knowledgeable, experienced and known for your fairness, honesty and integrity.