The Residential Valuation Industry Group (RVI Group) has conducted a review of V2.2.1 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI), and have released a revised version (V2.2.2) which will come into effect on 4 October 2020 with earlier adoption permitted and encouraged.
The new version ‘go live; date coincides with the release date of the updated version of the PropertyPRO Supporting Memorandum (PPSM).
The new version (ABFI RVSI V2.2.2) includes a number of changes throughout the document which align the document to the PPSM and to provide clarity and guidance to Instructing Parties and API Valuer Members in regard to certain scenarios.
Items of note include:
- Updating the ‘Suitable/In Scope’ and ‘Unsuitable/Out of Scope’ sections (pages 7 to 9)
- Changes to VRA 1 (page 18)
- Changes to VRA 4 (pages 21 & 22)
- Providing a minimum of two (2) photos for Progress Inspection reports (page 25)
- Updates to ‘Residential Property with Development Potential’ (page 36)
- Updates to ‘Progress Inspection Reports’ to cover the treatment of post contract variations (page 42)
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 copy of Version 2.2.2 is available here.
If there are any questions in relation to the revised version of the ABFI RVSI, please do not hesitate to contact us at [email protected].
Posted on September 23, 2020
Guidance Paper released – APGP 402 Native Title Matters
The API is systematically reviewing its standards to meet the changing and future needs of Members. The API reviewed the paper Native Title Issues guidance paper and released an exposure…
IVSC Perspectives Paper: AVMs and Residential Valuations – invitation to provide feedback
The IVSC Tangible Assets Board recently published a Perspectives Paper – Automated Valuation Models and Residential Valuations. This paper follows on from the Agenda Consultation 2020 which highlighted Automatic Valuation…
Updated Residential Desktop Assessment Supporting Memorandum released
The API is focused on the future of the profession and is systematically reviewing its robust standards to respond to changing market conditions, property values, data set changes and capacity…
Guidance Paper released - AVGP 304 Rent Determinations
The API is systematically reviewing its standards to meet the changing and future needs of Members. The API have reviewed the feedback and comments received during the consultation period and…
Guidance Paper released - ANZPGP 201 Disclaimer Clauses and Qualification Statements
The API is systematically reviewing its standards to meet the changing and future needs of Members. The API and our PINZ colleagues in New Zealand have reviewed the feedback and…
Exposure Draft released – Native Title Matters
The API is focused on the future of the profession and is systematically reviewing its robust standards to meet the changing and future needs of its Members. The API have…