Residential Desktop Assessment Supporting Memorandum – for first mortgage purposes only

The purpose of the Residential Desktop Assessment Supporting Memorandum – For First Mortgage Lending Purposes Only (RDASM) is to provide the basis upon which Valuers undertake Residential Desktop Assessments for first mortgage purposes only for the lender specified in the residential desktop assessment report (RDA Report).

The RDASM sets out the limitations and risks inherent in desktop assessments.

It sets out the requirements that a Valuer must comply with when undertaking a RDA Report, as well as outlining the requirements for a lender when requesting a RDA Report.

The RDASM sets out the basis on which the lender accepts and relies on the RDA Report.

A lender who instructs a Valuer to undertake a RDA report under the provisions of the RDASM agrees to accept the commercial risks inherent in relying upon a RDA Report and the immunities and indemnities in favour of the Valuer and their employer, the Valuation Firm, provided within the RDASM.

The API has undertaken a review of the existing memorandum and published an updated version which has an effective date of 5 March 2023.

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