Is your Valuer a proper Qualified Valuer?
There are ignorant and fraudulent people saying they are Qualified Valuers when they are not.
Don't be caught out. NSW Valuers Registration was repealed in March 2016 and as a result there is now no such thing as a Registered Valuer in NSW. The Strata Schemes Development Act 2015 requires a "Qualified Valuer" to provide a Valuer's Certificate for the issue of a Schedule of Unit Entitlements.
The definition of a Qualified Valuer is restricted to specific classes of membership limited to three professional bodies that represent Valuers.
Be aware that some people have been fraudulently approaching Surveyors and advertising on the internet stating that they are a Qualified Valuer when in fact they are not.
The best way to protect yourself is to ring the Institute that they claim to be a member of and make sure that they are of a member class that allows them to be a Qualified Valuer.
Qualified Valuers own and operate Unit Entitlement Valuations Pty Limited and are Fellow Members of the Australian Property Institute.
Does your Valuer know the Strata legislation?
Significant amounts of time can be lost dealing with a Valuer that does not understand the new Strata legislation.
Strata valuations are a specialised area of the Valuation profession. It is not something that a Valuer instantly learns nor understands.
The depth of experience comes from a variety of areas including reading numerous Court and Tribunal decisions to ensure that the valuation advice is legally sound and follows the appropriate valuation methodology.
We regularly see errors in other Valuers advice, and basically, they just don't understand the requirements of the new Strata legislation. Many of these errors are on their own websites.
It is simply prudent to engage an experienced Strata Valuer Expert such as those Qualified Valuers from Unit Entitlement Valuations Pty Limited.
How do I check if my Valuer is a Qualified Valuer?
There are only three professional bodies that represent Valuers in NSW.
The Australian Property Institute (02) 9299 1811 - must be an Associate, Fellow or Life Fellow Member to be a Qualified Valuer.
Royal Institute of Chartered Surveyors (02) 9216 233 - must be a Chartered Valuer Member to be a Qualified Valuer.
The Australian Valuers Institute - must be a Fellow or Life Fellow Member, CANNOT BE AN ASSOCIATE.
Don't be fooled. Make the phone call now if you are not sure, and get something in writing to protect yourself. Note that the Strata Legislation makes no reference whatsoever about needing to be a Certified Practicing Valuer. It is the membership class, nothing to do with being a Certified Practicing Valuer.
Only 'Qualified Valuers' can sign Valuer's Certificates and Schedules of Unit Entitlements.
s92G of the Crimes Act provides a jail term of 5 years for anyone who intents to defraud by false or misleading statement.
"A person who dishonestly makes or publishes, or concurs in making or publishing, any statement (whether or not in writing) that is false or misleading in a material particular with the intention of: (a) obtaining property belonging to another, or (b) obtaining a financial advantage or causing a financial disadvantage, is guilty of an offence."
"Maximum penalty: Imprisonment for 5 years."