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@example.com.
Posted on September 23, 2020
Member Advice - Valuations for HomeBuilder Scheme Application
This advice relates to requests from homeowner(s) for a valuation report that can be used as supporting evidence for an application for the HomeBuilder Scheme Grant. Valuer Members are reminded…
New World-Wide Fire Safety Standard Launched
The API is proud to announce the release of the International Fires Safety Standards: Common Principles (IFSS-CP) document by the International Fires Safety Standards Coalition (IFSSC) on 5 October 2020.…
Exposure Draft Valuation Guidance Paper
The API/PINZ Valuation Guidance Paper (VGP) - Considerations when forming an opinion of value when there is a shortage of market transactions has been released as an Exposure Draft. The purpose of this VGP is to impart advice…
Updated API Sample Joint Appointment and New Single Appointment Family Law Valuation Retainer Letters
Family Law Valuations When acting as an independent expert valuer for family law matters, it is vital that Members utilise strong risk management practices to ensure that they are adequately guarded against any potential claims. This is…
COVID-19 Updated Valuation Protocol– Significant Valuation Uncertainty
API State of Emergency Declaration We have been monitoring the changing environment and reviewing when the State of Emergency can be declared over. Due to current economic uncertainty and the rising unemployment rate in Australia, the API…
Exposure Draft open for comment
The API/PINZ Technical Information Paper (TIP) and Resource Pack (RP) - Valuations for Compensation and Compulsory Acquisitions has been released as an Exposure Draft and is now open for consultation and feedback. The…