15/02/2016
State Revenue Announcement!
Letters of Appraisal
We require a valuation (“market value”) via a letter of appraisal for the purpose of assessing certain transactions. This letter must meet our requirements or it will be rejected.
Often real estate agents will ask why you are requesting them to provide a valuation for marketing purposes. Valuation reports and/or letters of appraisal are provided subject to the assumptions, disclaimers, limitations and qualifications as detailed within the report.
Letters we will accept
We will accept a valuation via a letter of appraisal that has been commissioned by, or for, a financial institution for security purposes (bank valuation) provided the valuation is from one of the following:
• Certified practising valuer who is a member of the Australian Property Institute (API valuer with API membership), or
• Real Estate Institute of Victoria member (REIV valuer with sworn valuer accreditation)
What we don’t accept
We do not accept letters of appraisal from “sales consultants” or any representative of a real estate agent who does not hold relevant qualifications.
All appraisals signed by officers who do not state their qualifications will be rejected.