The Residential Valuation Industry Group (RVI) has prepared a revised version of the ABFI Residential Valuation Standing Instructions Version 1.1.4 which came into effect on 23 October 2016.
They provide a single set of Standing Instructions to be adopted by the industry with respect to PropertyPRO, Restricted and Progress Inspection Reports. They represent the minimum a lender / LMI should be expecting in a valuation report, however specific reporting requirements will be dependent on the instructing party which may not require the full impact of the Standing Instructions, e.g. the VRA questions may not be applicable to all lenders.
The Standing Instructions provide clarity and are subject to the PropertyPRO Supporting Memorandum. In the event of any inconsistency, the provisions of the API PropertyPRO Supporting Memorandum shall prevail.
This new version provides clarity and includes a number of changes throughout the document such as the treatment of Vacant Residential Land, Split Contracts for Multiple Residential Developments, Two Dwellings on one Title and Residential Property with Development Potential. Members are advised to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.
It is recommended that a copy of the Standing Instructions V1.1.4 document is printed off and available as you work through the module.
CPD Points: 2