FAQs.png

FAQs

Note: ‘End-user’ refers to the actual person or entity that will be relying on the Valuation Report e.g. a lending institution or statutory body.

What are the requirements to make a Valuation Request?

For a typical Valuation Request, we require the following documents:

  • A copy of a valid photo ID

  • A Utility Bill or other document for proof of home / mailing address (Proof of home / mailing address should be dated within a six (6) month period)

  • A copy of Deed / Title document

  • A copy of Survey Plan / Cadastral Sheet

Please note that additional documents may be required based on the type of property and/or the purpose of valuation.

What is the fee for a standard residential valuation request?

Our fee is dependent on the value of the property and in most cases, the following fee structure applies:

$2,000 for the first $500,000 of the opinion of market value and ¼ of 1% of the excess over $500,000 plus VAT, subject to a minimum fee of $2,000 plus VAT.

For example, if a property is valued at $1M, our fee would be $3,250 plus VAT @ 12.5%. Therefore, the total cost would be $3,656.25.

Please note that our fees may vary based on the type of property and/or the purpose of valuation.

How long is a Valuation Report valid?

Typically, a valuation report is valid for six (6) months however, it depends on the requirements of the ‘end-user’ and their informed opinion of the validity of the Valuation Report as time passes.

Where are you located?

We have five (5) branches located throughout Trinidad & Tobago and they are as follows:

  • #23 Ariapita Avenue, Port of Spain, Trinidad, W.I.

  • #51 Harris Street, San Fernando, Trinidad, W.I.

  • 1st Floor, No. 9, Mulchan Seuchan Road, Chaguanas, Trinidad, W.I.

  • #51-59 Tumpuna Road, Shops of Arima, Inner Mall Shops, Arima, Trinidad, W.I.

  • Unit 5, Tateco Building, Wilson Road, Scarborough, Tobago, W.I.

What is the turnaround time for a standard Valuation Request?

Our process usually takes ten (10) working days however, it may take longer depending on the location, size and other characteristics of the property as well as the relative complexity of the valuation assignment.

Why would I need to have my property valued?

You may require a Valuation Report for various reasons, some of which are noted as follows:

  • An opinion of what you should pay if you are purchasing a property

  • Mortgage purposes for a long-term loan

  • To determine a replacement cost of a building for Insurance purposes

  • To finance the Construction of a new building

  • If selling a property, to have an opinion of the sale price for marketing purposes

  • An accurate assessment of the applicable Stamp Duty Tax (e.g. when transferring ownership of a property)

  • A record of Assets for accounting purposes such as in a Balance Sheet

  • Statutory requirements – Probating a will or litigation

Are your Reports accepted by ‘end-users’?

Yes, we are on the panel of approved service providers to all the major Mortgage Lending Institutions and Statutory Bodies.

What are the methods of payment?

Payment can be made at our offices (San Fernando, Chaguanas, Port of Spain, Arima or Tobago) via cash, debit card, credit card (also, over the phone or via our website), cheque, online transfer or bank deposit.

Do I need to make an appointment before visiting the office?

It depends on the purpose of your visit.  Generally speaking, no appointment is required to visit our office – all COVID-19 protocols would be observed. Our offices are open Monday to Friday from 8:00am to 4:00pm (GMT-4), excluding Public Holidays. For the purpose of requesting a valuation, you may opt to do this online via our online form here.

Can someone (otherwise called an agent) make a valuation request on my behalf, I being the client?

Yes, someone can make a valuation request on your behalf however, we require a valid photo ID from you, the Client as well as the Agent.

What are the requirements to collect a completed Valuation Report?

In order to collect the completed Valuation Report, the outstanding balance on fees must be settled in full. Kindly note if someone (an Agent) is collecting the Valuation Report on your behalf, we require a letter authorising the Agent to collect on the client’s behalf as well as a copy of a valid photo ID for the Agent.

Do you value agricultural land?

Yes, we value agricultural lands generally once there is a motorable access to the lands and Cadastral Survey Plan is available. As such, all requests will be screened prior to acceptance. Kindly note that we only value the surface rights (i.e. freehold or leasehold interest) and not what is grown in the lands such as crops and timber trees.

What are comparables?

RICS Valuation – Global Standards 2020 defines Comparables as “an item of information used during the valuation process as evidence to support the valuation of another, similar item. Comparable evidence comprises a range of relevant data used by the valuer to support a valuation.” The primary source of comparables is Agreements-of-Sale.

If I instruct that I need my Valuation Report to come in at a particular figure, can the company facilitate this?

It would be unethical to accept such an instruction. Our Valuation Opinion is based on consideration of all relevant factors including the analysis of comparables (defined above). It would go against best practice to report a valuation opinion that does not follow this process. This is supported by the fact that G. A. Farrell & Associates Limited is a RICS-regulated firm with a duty to uphold international standards [RICS – Royal Institution of Chartered Surveyors].

When conducting a site visit, does the Valuation Officer need access to all rooms?

Yes. Access to all areas of a building allows for a complete visual inspection of the premises which contributes to a realistic and reasonable assessment of the market value of the property.

If I commissioned a Valuation Report to determine a price for my property, can a prospective purchaser use this Valuation Report e.g. to secure a mortgage?

As per international standards, a Valuation Report can only be done for one specific purpose. As with the example above, a Valuation Report done for the specific purpose of sale, should not be used for mortgage purposes. We recommend that a prospective purchaser secure his / her own Valuation report.

I did a valuation of my property previously and I need an updated Valuation Report. Can the date on my initial Valuation Report be changed?

The initial Valuation Report would have been done at a specific date. If we changed the date on the Valuation Report to a later date, this means that the same Valuation Report exists at two different dates. This would be unethical and therefore, we cannot simply change the date on a pre-existing Valuation Report. As such, we advise that a new Valuation Report be commissioned.

If my property was already valued in the past by G.A. Farrell & Associates Limited, what will it cost to get an updated Valuation Report?

In cases where we have done a Valuation Report on the same property within the last three (3) years, and for the same client, a discount of up to 30% of the fee is given, subject to the applicable minimum fee.

For properties valued within the last four (4) to six (6) years, and for the same client, a discount of up to 15% of the fee is given, subject to the applicable minimum fee.

Do you also prepare Quantity Surveyor’s Reports?

Yes, we do prepare Quantity Surveyor’s Reports on structures that have not exceeded its foundation stage of construction. However, please confirm with your lending institution that we are on their panel of approved Quantity Surveyors. If you require both a Proposed Building Valuation and a Quantity Surveyor’s Report, confirm also with your lending institution that they will accept both Reports from our firm.

Do you conduct valuations for properties without Town and Country Planning Division (TCPD) approvals?

In the absence of TCPD approvals, once reasonable and practical, we can value the property, but our opinion of value would be based on the following assumption:

 

“All relevant approvals have been obtained from the relevant authorities.”

How should I choose a valuation firm?

It is important that when a valuation report for a specific purpose is required, you ensure that the Valuation Firm selected is approved by the ‘end-user’. Qualified Valuers will be chartered (i.e. have a professional RICS designation, MRICS or FRICS), a RICS-registered Valuer and may also be a full member of the Institute of Surveyors of Trinidad & Tobago (ISTT), as evidenced by the designation, MISTT.