The Residential Valuation Industry Group (RVI Group) has conducted a review of V2.2.2 of the ABFI Residential Valuation Standing Instructions (ABFI RVSI) and have released a revised version (V3) which will come into effect on 6 December 2021 with earlier adoption not permitted.
The new version (ABFI RVSI V3) includes a number of changes throughout the document to provide clarity and guidance to instructing parties and API Valuer Members in regard to certain scenarios.
Items of note include:
- Relocate the ‘Report Format & Guidelines’ section to the ‘Professional Expectations’ section.
- Update to ‘Unsuitable/Out of Scope’ section to include Specialist Disability Accommodation.
- Addition of a new section outlining ‘Exclusive Use Rights’.
- Addition of a new section detailing what to do in relation to restrictions on Title or within a contract of sale or transfer for all property types.
- Updating the ‘Sales Evidence’ section.
- Updates to VRA 1.
- Removal of section outlining specific requirements when valuing vacant residential land.
Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.
The API Education Team are in the process of creating a standing instruction training module related to RVSI V3 which will be available from 1 October 2021. Further details relating to the training module will be provided in the future.
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 August 31, 2021