Limiting Conditions & Assumptions
1. If the Valuer has provided a sketch in the valuation report, it is to show approximate dimensions of the building and the sketch is included only to assist the reader of the report in visualising the property and understanding the Valuer’s determination of its size.
2. If the Valuer has provided GPS coordinates (Global Positioning System referenced to WGS 1984 UTM), it is to show the approximate location of the property and is included only to assist the reader of the report in locating the property. While it depends in part on atmospheric conditions prevailing at the time the reading was taken, the accuracy of the coordinates is generally within 15m.
3. The valuation report, which has been prepared in accordance with the terms of engagement (TOE), is not a Court document and is not to be used in any Court proceedings. On acceptance of the TOE, the client had accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property unless specific arrangements to do so have been made beforehand.
4. The purpose and function of the report and valuation for mortgage is to enable the lending institution to assess the security offered by the property for the proposed loan. Unless otherwise stated, the client has not commissioned another specialist survey of the property, structural or otherwise. It must not be assumed that if defects are not mentioned in the report, all parts of the structure are free from defect. Where attention is drawn to some defects, it does not mean that other defects may not exist. Moreover, services have not been tested.
5. If the client is proposing to purchase the property and wishes to be satisfied as to the condition of it, he or she must have a surveyor’s detailed inspection and report of their own before deciding whether to enter into a contract. If the property is of architectural or historic interest, appropriate specialist advice should be sought before carrying out any works.
6. It is assumed that in the event of the destruction of the existing structure(s) if any, all approvals would be granted from the appropriate Statutory Authorities for the reconstruction of a similar building on the site.
7. It is assumed that the property is connected to, and there is the right to use, the reported main services on normal terms. It is also assumed that sewers, main services and the roads giving access to the property have been adopted and that any lease provides rights of access and egress over all communal grounds, parking areas and other facilities.
8. This report does not constitute a structural survey and the opinion of value is contingent upon -
a) Good and marketable title;
b) Vacant possession is available unless otherwise stated in the Report;
c) Planning permissions and statutory requirements for the existing building and its use, including any extensions or alterations have been granted;
d) Statutory approvals have been or would be granted for the existing or highest and best use of the site;
e) No deleterious or hazardous materials have been used;
f) There is no contamination;
g) There are no unusual or onerous outgoings and restrictive covenants and there have been no breaches of the lessee’s covenants to 8. warrant a determination of the lease;
h) There are no encumbrances or encroachments;
i) All parts of the property which are covered, unexposed or inaccessible are in satisfactory repair and condition and an inspection of those parts which have not been inspected, or a survey inspection carried out, would not reveal material defects or cause the valuer to materially alter the valuation;
j) 1There are rights to use the roads, drains and all communal areas and facilities;
k) No account has been taken of an additional bid by a prospective purchaser with a special interest;
l) All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer were true and correct;
m) There are no outstanding taxes, rates or charges associated with the property;
n) The services and any associated controls or software are in working order or free from defect;
o) The building and other improvements are structurally sound;
p) Where the property is part of a building/development (e.g. townhouses and apartments):
i. There is a properly formed and operated management company;
ii The cost of repairs and maintenance to the building and grounds are shared equitably;
iii. The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants d. between all leaseholders;
iv. There are no substantial defects, or other matters requiring expenditure (in excess of the current amount or assumed amount of service charge payable on an annual basis), expected to result in charges to the leaseholder;
v. Where the subject property forms part of a mixed residential/commercial building or development, there will be no significant changes in the existing pattern of use.
9. This Valuation Report is provided for your benefit alone and solely for the purposes of the instruction to which it relates. Our valuation may not, without our written consent, be used or relied upon by any third party, even if that third party pays all or part of our fees or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such third party is deemed to have accepted the terms of our engagement.
10. Neither the whole nor any part of this Valuation Report or any reference hereto may be included in any published document, circular or statement, or published in any way, without the Valuer’s written approval of the form and context in which it may appear.
11. No investigation has been undertaken with the land registry, regional corporations, public utilities, town planning department, EMA, or any other government body in preparation of this report.
12. It is expressly agreed that in the absence of authoritative information and/or formal advice from any planning authority or related State body, the valuer will make an assumption as to the highest and best use of the property considering, but not limited to, the characteristics of the property including its current use and the character of the neighbourhood. If subsequent investigation by a suitably qualified professional reveals that such use is not allowed by the relevant authorities, the opinion of value could be significantly affected, and the valuer shall not be liable for any such difference. Should any planning permission document, status-of-land letter, completion certificate and/or an approved development plan be provided prior to the completion of this valuation assignment, it will be assumed that the information contained therein is true and correct and no further investigation will be conducted. It is strongly recommended that a suitably qualified professional verify that all relevant approvals have been or would be granted, wherever applicable.
13. We did not undertake a land survey therefore we cannot confirm the size or precise boundaries of the site.