Thank you for engaging Added Valuation Ltd. We are pleased to act for you.
Please note that if we have supplied you personalised Terms and Conditions of Engagement they supersede the Terms and Conditions of Engagement below.
These Terms and Conditions (“Terms”) apply in respect of all work carried out by us for you, except to the extent that we agree otherwise with you in writing. By completing the valuation booking process through the Added Valuation Ltd website you confirm the acceptance of these Terms, as they relate to the property and a valuation request stipulated in the fields provided on the website.
If you are unable to complete the booking process online, Added Valuation Ltd will supply these terms either via the website, e-mail or hard copy. These Terms are deemed to be accepted by you, except to the extent that we agree otherwise with you in writing within five days of delivery of these terms.
Added Valuation Ltd will supply the client (being that person and/or entity named on the website form (“client”) with a property valuation on the property (stipulated on the website form (“property”). The valuation will be for the purpose stipulated on the website form (“purpose”), and may be relied upon for that purpose only.
Our responsibility in connection with this valuation report is limited to the client and other parties named in the valuation report as specifically requested by the client. We disclaim all responsibility to any other party who used the report for any purpose without reference to us.
Identification and Status of the Valuer
The valuation of the property is to be undertaken by a registered valuer. It is hereby declared that the valuer will be a Registered Valuer within the meaning of the Valuers Act 1948; and at least an Associate of the New Zealand Institute of Valuers (ANZIV) and a Senior Member of the Property Institute of New Zealand (SPINZ).
Unless otherwise declared in the report, the valuer has no interest, financial or otherwise, in the property or with any party in relationship to the subject property. Should any declaration of a relationship or interest be necessary, this will be declared to the client prior to commencing the job, unless this declaration is already apparent to the client.
Extent of investigation
Unless otherwise agreed, Added Valuation Ltd will undertake all reasonable endeavours to undertake an internal and external valuation inspection of the property, which will comprise inspecting the interior of all major buildings where access is available. However we may not inspect the interior of some minor buildings, which are not considered to have a material impact on the value of the property.
Added Valuation Ltd relies upon information supplied by third parties. Where this information comes from an independent professional information source; such as REINZ, RPNZ or Local Authorities, this information will be relied upon without specific verification during the valuation process. Where the information comes from other sources, we may undertake standard investigations (where felt necessary) to determine the accuracy of this information. However, we cannot accept responsibility, should information received prove not to be accurate.
No guarantee is given that the land is not subject to statutory rights not recorded on the relevant Computer Freehold Register and not apparent from normal inspection of the property. We assume no responsibility in connection with such foregoing matters. A copy of the Computer Freehold Register may not be obtained in some circumstances, in which cases we may rely upon other information sources or historic records.
We are not experts in the detection or quantification of environmental problems and will not carry out investigations on site in order to determine the suitability of ground conditions and services, nor do we undertake environmental or geotechnical surveys. A visual site inspection may not reveal any obvious problems. Unless notified to the contrary, this valuation will be made on the basis that these aspects are satisfactory and also that there are no actual or potential contamination or ground condition issues affecting the value or marketability of the property. Should your investigation or knowledge show that the site is contaminated, Added Valuation Ltd should be informed and given the opportunity if necessary to reassess (if applicable) the value of the property.
Our valuation will be subject to there being no detrimental registration(s) affecting the land other than those appearing on the Computer Freehold Register(s). We will not normally undertake investigations into other detrimental registration(s) affecting the land unless specifically requested to do so.
Zoning information will be obtained from online records of the territorial authority. However, we recommend that this zoning should be verified by the Council.
We will not obtain from the territorial authority a Land Information Memorandum. Our valuation will be made on the basis that such a Memorandum if obtained would not have disclosed information which would have affected our opinion of the market value of the property.
While in the course of inspection due care will be taken to note building defects, however no structural survey will be made and no undertaking will be given about the absence of rot, termite or pest infestation, deleterious substances such as asbestos or calcium chloride or other hidden defects. We will give no guarantee as to outstanding requisitions in respect to the subject building(s). Unless building defects are obvious, or the findings of a suitably qualified expert are provided to the valuer, the valuation report will be prepared on the assumption that the building has been competently designed and built and is structurally sound and water tight and does not contain any latent or patent defects that could result in the building ceasing to be water tight or the gradual decay of the building structures.
In preparing the valuation (where applicable) it will be assumed hot and cold water systems, electrical systems and other devices, fittings and conveniences, are in proper working order and functioning for the purpose for which they were designed.
Where a property is leased, the valuation will be based upon the information received. That information will be accepted and relied upon at face value. Unless otherwise stated, it will be assumed that the information supplied is complete, accurate and enforceable.
Basis of Value
Added Valuation Ltd will assess the value of the property using the definition(s) of value (market value, reinstatement estimate, market rent, or other basis as applicable to the instruction) provided by the Property Institute of New Zealand Professional Practice Standards October 2009 and the International Valuation Standards 2013 (unless specifically requested to do otherwise).
General:
If this valuation is being acquired by you for business purposes, you agree that the Consumer Guarantees Act 1993 does not apply to this Agreement in respect of this valuation.
The report may not be reproduced, in whole or in part, without our prior written approval.
Payment:
We require our fee to be paid upon receipt of your report (unless otherwise agreed in writing).
Interest is payable on any amount which is more than 7 days overdue at the rate of 2% per month on any amount outstanding. If Added Valuation Ltd has to take steps to recover any unpaid account, the costs of recovery (including debt collector’s charges) are all payable by you.
In the event you expect a third party to reimburse our fees and expenses, whether or not our invoice is directed to a third party at your request, you remain responsible for payment to us if the third party fails to pay us.
If there is more than one instructing party, each party is jointly and severally liable for payment in due time of all our accounts and other charges.
Fees payable:
Where a quote has been provided additional fees may be payable if the instruction is changed, or if additional work is required or disbursements are incurred that could not have been reasonably prevented and which should not have been foreseen and allowed for within this quote, additional fees may be payable on a time cost and/or cost incurred basis. Should this uncommon situation occur, Added Valuation Ltd will endeavor to inform you as soon as we are practically able.
Where services are carried out on a time charge basis, Added Valuation Ltd may purchase such incidental goods and/or services as are reasonably required to perform the services. The cost of obtaining such incidental goods and/or services shall be payable by you.
Liability:
Neither you nor Added Valuation Ltd shall be considered liable for any loss or damage resulting from any occurrence unless a claim is formally made within six years from completion of the services.
Added Valuation Ltd shall only be liable to you, either in contract or in tort, for direct loss or damage you suffered as the result of a breach by Added Valuation Ltd of its obligations under this Agreement.
Client to provide details of any agreements:
The client must provide details of any agreements (including where secret or confidential) between the landlord and tenants (if any) or any other agreements that may have an impact on the value of the property.
Intellectual property:
Added Valuation Ltd shall retain copyright of all intellectual property we prepare. You are entitled to use them or copy them only for the purpose for which they were produced. The ownership of the reporting provided by Added Valuation Ltd and paid for by the client shall, after payment by the client, lie with the client.
Cancellation of the service:
The client may suspend all or part of the services or terminate the agreement by written notice to Added Valuation Ltd, who shall immediately make arrangements to stop the services and minimize further expenditure. Suspension or termination shall not prejudice or affect the accrued rights or claims and liabilities of the parties.
Dispute resolution:
Any unresolved dispute arising between the parties in relation to this agreement shall be referred to the arbitration of a single arbitrator in accordance with the Arbitration Act 1996. The arbitrator shall be agreed on by the parties, or failing agreement, shall be nominated by the president for the time being of the Hawke’s Bay District Law Society or his nominee. The arbitration will be held in Hastings and determined in accordance with the provisions of the Arbitration Act. The arbitrator’s decision shall be final and binding on both parties.
Personal Information:
The Client authorises Added Valuation 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 Added Valuation Ltd’s rights against the Client or marketing any Services provided by Added Valuation Ltd. The Client may request access to and correction of any personal information and the Firm will comply with its obligations under the Privacy Act 1993.
Circumstances beyond the reasonable control:
Neither the Firm 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 an event beyond the reasonable control of the party concerned, including, without limitation, extreme weather conditions, civil disruption or industry wide industrial action.
