An Independent Valuer
An independent valuer is the person or persons who could be an external valuer, who has no current or present foreseeable potential fee earning relationship between the subject property or properties apart from valuation fees.
Why are Property Valuations Carried Out?
Valuation of property supports a wide range of financial activities. It is important to make a distinction between valuations, which are produced essentially for the use of the client only, or valuations where others who are not part of the valuation process will be expected to use the information/valuation. These include: -
Valuations, which are normally produced on the instructions of a single client, and are usually, driven by lenders such as banks, building societies, mortgage lenders. These are the people who are anxious to secure their loans on their property;
Valuations which are done for incorporation in company accounts and for audit purposes. These valuations are normally commissioned by the directors or the managers, trustees of the company or a funding agency and are provided for the benefit of third parties, such as people who are interested like investors, policyholders and or shareholders;
Valuation of property is also carried out by government to be able to collect Property Taxes from citizens;