ABFI Residential Valuation Standing Instructions Version 2.2 withdrawn and republished as Version 2.2.1

ABFI Residential Valuation Standing Instructions Version 2.2.1

The Residential Valuation Industry Group (RVI Group) has conducted a review of V2.1 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI), and have subsequently released a revised version. Version 2.2.1 of the ABFI RVSI will come into effect on 1 October 2019.

The current document, namely Version 2.1, will operate until that time.

The new version (ABFI RVSI V2.2.1) includes a number of changes throughout the document to provide clarity and guidance to Instructing Parties and API Valuer Members.

Items of note include further guidance with regard to:

  • Professional expectations of Members
  • Property inspections
  • General reporting requirements
  • Photo requirements
  • Situations where a rental assessment is to be provided
  • Reviewing and commenting on documents provided by the instructing party
  • Commenting on documents recommended by the Valuer for the client to sight
  • Date of amendment to be included in amendment comments

In addition, clarification has been provided with regard to key terms, including:

  • Existing Property (‘As Is’)
  • ‘As If Complete’
  • Not suitable for rent
  • Restrictions relating to re-sale of the property
  • Restrictions relating to construction on vacant sites

There has also been further refinement to the instructions for Split Contracts for Multiple Dwelling Residential Developments.

Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.

A new online training module is currently under development in consultation with the RVI Group, and will be released by API education on 1 October 2019.

A copy of Version 2.2.1 is available here

Members can address any questions in relation to the revised version to standards@api.org.au.