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EUROPEAN VALUATION STANDARD – 4 THE VALUATION PROCESS

EUROPEAN VALUATION STANDARD – 4 THE VALUATION PROCESS. A valuation must be professionally prepared The property appraised and all available evidence The result can be sustained under challenge. Introduction. Scope. The procedural steps Terms of engagement Appraisal and inspection

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EUROPEAN VALUATION STANDARD – 4 THE VALUATION PROCESS

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  1. EUROPEAN VALUATION STANDARD – 4 THE VALUATION PROCESS

  2. A valuation must be professionally prepared The property appraised and all available evidence The result can be sustained under challenge Introduction

  3. Scope • The procedural steps • Terms of engagement • Appraisal and inspection • Review an existing valuation

  4. Detailed terms Covering valuation assumptions Fee basis Instructing client of valuation Advice to lenders Recorded in writing Terms of Engagement

  5. Liaise with the client’s other advisers Secure necessary information Liaise closely with the auditors Ensuring consistency Appropriate bases of value LIAISON WITH CLIENTS ADVISERS, AUDITORS AND OTHERS

  6. Valuers have an absolute responsibility Sub-contracted valuations Valuation passed to a third party Valuations which are inconsistent with the standards Valuations carried out with limited information or where special assumptions are necessary Commentary

  7. Supporting the Valuation • Appraising the subject property in context • Property inspection • The nature and scale of the property • Relevant financial, legal and regulatory issues • Market uncertainty and volatitily

  8. Valuation Reviews • Circumstances resulting in the review • Instructions to the reviewing Valuer • The appropriateness of the approach adopted • The need for the reviewing Valuer to be aware of all the facts and information

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