Identification and Status of the Valuer
This valuation will be undertaken by a registered valuer with particular expertise in the subject property sector and holds a current Annual Practicing Certificate. The valuer and Hutchins and Dick Ltd (firm) hold professional indemnity insurance appropriate for the value level assessed in this report. The valuer and firm has no conflict of interest, financial or otherwise, in the property or with the instructing party or any party in relationship to the subject property. The Valuer is in a position to provide an objective and unbiased valuation and is competent to undertake the valuation.
Client and Restrictions on Use, Distribution or Publication
This valuation has been prepared on specific instructions and addressed to the addressee. This report is not to be relied upon by any other person or for any other purpose. We accept no liability to third parties nor do we contemplate that this report will be relied upon by third parties. We invite other parties who may come into possession of this report to seek our written consent to them relying on this report. We reserve the right to withhold our consent or to review the contents of this report in the event that our consent is sought.
Basis of Value
Market Value: The International Valuation Standards 2022 defines ‘Market Value’ as:“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties have each acted knowledgeably, prudently and without compulsion.”
Extent of Investigation
While due care is taken to note building defects in the course of inspection, no structural survey has been made, and no guarantee is given in respect of rot, pest infestation, water tightness or other not readily apparent defects. Unless stated elsewhere in this report, it is left to others to decide whether to seek advice from a suitably qualified specialist to determine the structural soundness of buildings.
We will carry out a full physical inspection of the property prior to completing this valuation, including an inspection of exposed and readily accessible areas of the improvements. However, the valuer is not a building construction or structural expert and is therefore unable to certify the structural soundness of the improvements. Readers of the report should make their own enquiries. The inspection is not a structural or environmental survey.
We will assume that all improvements to the property comply with the terms and conditions of all relevant legislation and the requirements of territorial authorities except as detailed in the report.
Analysis and review of key sales and any supporting contracts, consents, leases and relevant market conditions that may impact the value of the property will also be reviewed and considered.
Nature and Source of Information Relied Upon:
The nature and source of any relevant information relied upon without specific verification during the valuation process shall be agreed and recorded.
Assumptions are matters that are reasonable to accept as fact in the context of the valuation assignment without special investigation or verification. They are matters that, once stated, are to be accepted in understanding the valuation.
A Special Assumption is an assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date.
This valuation has been prepared with conformity to the International Valuation Standards effective 31 January 2022, the Australia and New Zealand Valuation Guidance Papers for Valuers and Property Professionals, Property Standards, as well as the Residential Valuation Standing Instructions Version 1.3. We confirm that the valuer has acted as a Registered Valuer in accordance with the New Zealand Institute of Valuers Code of Ethics.
Obligations of the Valuer
1. Hutchins & Dick Ltd undertakes to perform the services using reasonable skill, care and diligence subject to any financial, physical, time or other restraints imposed by the Client or necessarily resulting from the nature of the project.
Obligations of the Client
2. The Client shall provide to Hutchins & Dick Ltd, free of cost, as soon as practicable following request, all information which is within the Client’s power to obtain.
3. The client must co-operate with Hutchins & Dick Ltd and not obstruct the proper performance of the Services, including allowing Hutchins & Dick Ltd reasonable access to the site and other locations associated with the Service.
4. As soon as the Client becomes aware of anything that will materially affect the scope or timing of the Service, the Client must inform Hutchins & Dick Ltd in writing.
5. All fee estimates supplied to the Client by Hutchins & Dick Ltd will be provided based on the request by the Client for work to be carried out and as detailed within the estimate/quote. Any work or Services provided outside the original contract or quote, not originally detailed in the quote or contract, will be completed and invoiced separately after discussion and agreement with the Client.
6. Upon request from Hutchins & Dick Ltd the Client shall immediately pay to Hutchins & Dick Ltd all disbursements and external expenses incurred, paid or payable by Hutchins & Dick Ltd on behalf of the Client.
7. Hutchins & Dick Ltd may charge the Client, generally by way of monthly progress claims, on the agreed fee basis, or if no basis of charging has been agreed, Hutchins & Dick Ltd may charge the Client the fee on completion of the work. Hutchins & Dick Ltd may also render interim fee accounts.
8. The Client shall pay the invoiced amounts in full not later than 7 days following the date on which a tax invoice for the Service is rendered to the Client by Hutchins & Dick Ltd. If any account is in dispute, the undisputed portion of the account shall be payable in accordance with the normal terms of payment as described herein. Payment of the disputed portion may be withheld provided the matter is brought to Hutchins & Dick Ltd attention as soon as it is discovered. A letter of explanation setting out the particulars of this dispute shall be sent to Hutchins & Dick Ltd within 7 days of the dispute arising. If agreement between the Parties cannot be reached, the matter will proceed to the Disputes Tribunal.
9. If the Client does not pay within 7 days, Hutchins & Dick Ltd does not have to supply any further services, and the fee dispute will proceed to a debt collection agency.
10. If any payment is not made as provided above, without prejudice to any other rights and remedies Hutchins & Dick Ltd may have in respect of recovery of the unpaid amounts, the amount or amounts unpaid shall be liable to carry interest from the original due date to the date of payment, at a rate equal to 2% per month.
11. The Client shall pay all costs, expenses and charges, including legal costs that are incurred by Hutchins & Dick Ltd in recovering any money owing to it by the Client.
Liability and Insurance
12. In preparing the report, Hutchins & Dick Ltd shall exercise the degree of skill, care and diligence normally expected of a competent professional. Whilst every effort will be made to ensure the accuracy of the opinions, information and forecasts expressed in the report, no liability is accepted for any incorrect statement, information or forecast within.
13. The report will be provided solely for the use of the client/s named on the report. Hutchins & Dick Ltd does not accept responsibility to any other party.
14. Hutchins & Dick Ltd has not and will not during the term of this Agreement or at any time after it, assume any obligation as the Client’s Agent or otherwise which may be imposed upon the Client from time to time pursuant to the Health and Safety in Employment Act 1992 (“the Act”) arising out of the engagement. The Consultant and the Client agree that, for the purpose of the Act, the Consultant will not be the person who controls the place of work in terms of the Act.
15. As our services do not extend to the identification of structural issues or the presence of “Leaky Building Syndrome”, we advise clients to take separate professional advice on these matters.
16. The Client may request variations to the Service in writing and may require Hutchins & Dick Ltd to make proposals for variation to the Service which could include a variation to the fees for the Service if necessary.
Copyright of Documents
17. Hutchins & Dick Ltd shall retain copyright of all documents it has prepared. The Client shall be entitled to use them or copy them for the purposes of the project. The ownership of data and factual information collected by Hutchins & Dick Ltd and paid for by the Client, shall, after payment by the Client lie with the Client. The Client shall have no right to use any of the documents where any or all of the fees and expenses payable to Hutchins & Dick Ltd have not been paid in accordance with this agreement.
Consumers Guarantees Act
18. If the Client is obtaining the Service for business purposes the provisions of the Consumer Guarantees Act 1993 are excluded in relation to that service. If the Client is not obtaining the Services for business purposes then to the extent that any provision in this agreement is inconsistent with the Consumers Guarantees Act, the provisions of the Act will prevail.
19. The Client authorizes Hutchins & Dick Ltd to collect, retain and use personal information about the Client including the information contained in this agreement for the purposes of assessing the Client’s credit worthiness, administering Hutchins & Dick Ltd rights against the Client or marketing any Services provided by Hutchins & Dick Ltd. The Client may request access to and correction of any personal information and Hutchins & Dick Ltd will comply with its obligations under the Privacy Act 1993.
20. Neither Hutchins & Dick Ltd nor the Client will be liable for any act, omission or failure under this agreement (except failure to meet an obligation to pay money) if that act, omission or failure arises directly from a force majeure event (being circumstances beyond the reasonable control of the party concerned, including, without limitation, extreme weather conditions, civil disruption or industry wide industrial action).