The following terms are the standard terms and conditions that apply to valuation or consultancy assignments and services for which Sydney Property Valuers is engaged.
These terms form part of the appointment of Sydney Property Valuers by the Client to provide the services unless other specific terms and conditions are agreed in writing between Sydney Property Valuers and the Client.
Advice or any report prepared by Sydney Property Valuers will be for and will be confidential to the Client for the specific purpose outlined in writing in the engagement. Only the Client, or any other party to whom the advice or report is specifically addressed, may rely upon the advice or report. Should any other party seek to rely upon the advice or report, the consent of Sydney Property Valuers must be obtained in writing. Sydney Property 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 agrees that neither the whole nor any part of any advice or report or the substance thereof will be communicated to any other person without first obtaining the written consent of Sydney Property Valuers. The Client further agrees that if it does communicate to any other person, the whole or any part of the report, or the substance of it in accordance with these terms and conditions the Client will also communicate the terms of the engagement to that other person and will fully indemnify Sydney Property Valuers in the event of any failure to do so.
Neither the advice of Sydney Property Valuers nor any of the services provided pursuant to the engagement of Sydney Property Valuers are intended, either expressly or by implication, to confer any benefit on any third party (other than a third party who is nominated to Sydney Property Valuers in writing as part of the engagement) and the liability of Sydney Property Valuers to any third party is expressly disclaimed.The Client acknowledges that the valuation is current as at the date of valuation only. Sydney Property Valuers does not accept any responsibility for losses caused by changes in market value after the date of valuation. Without limiting this qualification, Sydney Property Valuers accepts no responsibility for any reliance placed on a report any later than:
Sydney Property Valuers shall exercise all reasonable skill and care in providing the services and shall inform the Client if it becomes apparent that the scope of the engagement for the services need to be varied. Sydney Property Valuers shall confirm in writing to the Client any agreement reached resulting in a variation of the scope of engagement.
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.
The Client shall provide to Sydney Property Valuers all information necessary or reasonably required to enable Sydney Property Valuers to properly perform the Services. The instructions should be provided in writing and must include a statement as to the purpose for which the Client intends to use the report.
The Client accepts that Sydney Property Valuers is entitled to rely on the accuracy, sufficiency and consistency of any and all information supplied by the Client. Sydney Property Valuers accepts no liability for any inaccuracies contained in information disclosed by the Client, whether prepared by the Client or by a third party and whether or not supplied directly to Sydney Property Valuers by that third party.
Except where required by law or by any proper authority, all confidential information provided by the Client shall, except with the prior written consent of the Client, be kept confidential by Sydney Property Valuers.
All confidential information provided by the Client will be returned, destroyed or erased upon the Client’s request, save that Sydney Property Valuers reserves the right to retain one copy of the confidential information for purposes only of compliance with any professional, legal or regulatory requirements or obligations (subject always to its continuing duty to treat such information as confidential).
Intellectual property in all material of whatever nature prepared by Sydney Property Valuers and provided to the Client or otherwise generated in the course of carrying out the Services shall remain the property of Sydney Property Valuers. No part of any report, document or publication may be reproduced or transmitted or disclosed in any form or by any means, or stored in any database or retrieval system of any nature, without prior written permission of Sydney Property Valuers.
All information and advice made available by Sydney Property Valuers to the Client is for the sole use of the Client for the sole purpose for which it was prepared.
The Client acknowledges that, save in respect of Sydney Property Valuers own sub-contractors, Sydney Property Valuers does not warrant the performance, work or the products of third parties. The Client shall not hold Sydney Property Valuers responsible for the inspection or supervision of the execution of such performance, work or products.
Sydney Property Valuers shall not be responsible for any delay in the performance of the Services, where matters beyond Sydney Property Valuers control cause such delay.
Payment of the fees for the Services shall be calculated, charged and made as agreed in writing between the Client and Sydney Property Valuers. The Client shall pay reasonable expenses and reimburse the disbursements incurred on its behalf by Sydney Property Valuers as agreed in writing. All references to fees, expenses and disbursements are exclusive of any applicable government taxes. Any such taxes chargeable on Sydney Property Valuers fees expenses and disbursements shall be paid by the Client.
Where for any reason Sydney Property Valuers provides only part of the services for which it is engaged, Sydney Property Valuers shall be entitled to charge fees proportionate to the agreed fees, based on our estimate of the percentage of completion of the services.
In the event that invoices are not settled on the terms agreed prior to acceptance of the engagement by Sydney Property Valuers, Sydney Property Valuers will be entitled to charge interest on the fees from the date of invoice and also reserves the right to withdraw responsibility for work performed.
The Client acknowledges that Sydney Property Valuers is not an expert in environmental issues and that it will not rely on any environmental matters raised by Sydney Property Valuers. Sydney Property Valuers is not to be considered by the Client to have the expertise to be able to prepare an environmental audit report and any report prepared by Sydney Property Valuers will not in any way constitute an environment audit.
Sydney Property Valuers does not carry out investigations on site or by enquiry to ascertain whether any building was constructed or altered using deleterious materials (eg. asbestos). Unless we are otherwise informed, our reports are on the basis that no such materials have been used. The Client should engage structural experts to advise it on the existence and state of any such materials.
Information on Town Planning is usually obtained verbally by Sydney Property Valuers from the Local Planning Authority. We recommend that the Client obtains verification of this from the relevant authority in writing that confirms:
a) the position is correctly stated in Sydney Property Valuers report;
b) the property is not adversely affected by any other decisions made, or conditions prescribed by public authorities;
c) that there are no outstanding statutory notices.
Should the information provided to Sydney Property Valuers prove to be incorrect, we reserve the right to amend our report. Sydney Property Valuers reports are prepared on the basis that the premises (and any works thereto) comply with all relevant statutory regulations, including ordinances relating to fire regulations. The correctness of these assumptions should be checked by the Client.
Sydney Property Valuers does not carry out structural surveys nor do we test building services (e.g. fire, electrical, air conditioning, etc.) Whilst any defects or items of disrepair which we note during the course of the inspection may be noted in our report, Sydney Property Valuers is not able to give any assurance that a property is free from defect. The Client should engage appropriate professionals to advise on structural soundness and the suitability and state of services.
Sydney Property Valuers does not carry out investigations on site in order to determine the suitability of ground conditions and services for any new development. Unless otherwise informed, our reports are on the basis that these aspects are satisfactory and that where development is proposed, no extraordinary expenses or delays will be incurred during the construction period.
Special use properties, where the physical existence of the real estate is necessary to the conduct of the business, are valued as fully operational businesses either as a “going concern” with vacant possession or subject to an occupational lease or an operating agreement as appropriate. Our reports assume the subject property has the benefit of all-necessary licences and fire certificates, unless stated to the contrary. It is further assumed that a prospective purchaser will normally engage the existing staff and management and would expect to take over the benefit of future bookings.
We do not take an inventory or separately assess the pricing of furniture, fittings and equipment but can arrange for such service to be provided. Sydney Property Valuers presumes all these items are owned by the proprietor of the business unless otherwise informed. Those items hired or leased are presumed to be sufficiently secured by appropriate documentation and able to be transferred without penalty. No allowance is made for any contingent tax liabilities to staff.
Sydney Property Valuers does not normally inspect all leases or dealings on title. Where this would be required for the purpose of an estimate of value, we recommend that a lawyers’ advice be obtained. Sydney Property Valuers assumes, unless informed to the contrary, that all documentation is satisfactorily drawn and that there are no encumbrances, restrictions, easements or other issues of an onerous nature which would affect the value of the interest under consideration.
Enquiries as to the financial standing of actual lessees or prospective tenants are not normally made unless specifically requested. Where properties are assessed with the benefit of lettings, it is therefore assumed that the tenants are capable of meeting their obligations under the lease and that there are no arrears of rent or undisclosed breaches of covenants.
The report is made on the basis that there are no encroachments upon or by the subject property, however, should confirmation of this be required, the services of a consulting surveyor should be engaged.
A valuation is being provided on your agreement that any liability we may have to you, is strictly limited, in our sole discretion, to either the fee or the services or the cost of providing the services again. You agree that this limitation of liability clause applies, even if you consider that the services we provided have been negligently performed, or constitute misleading and deceptive conduct under the Australian Consumer Law; or amount to a breach of contract.
In the event that either party is in material or persistent breach of any of the terms of the engagement , the other party may terminate the engagement if, upon the expiration of 14 days after serving notice on the party in default, steps have not been taken by such party to remedy the breach.
On termination of the engagement, Sydney Property Valuers shall be entitled to, and shall be paid, fees for all Services provided to that time, to the satisfaction of the Client, in accordance with the above clause relating to payment of fees.