Version 2.2.2 (effective from 4 October 2020)
The Residential Valuation Industry Group (RVI) has reviewed and updated Version 2.2.1 of the ABFI Residential Valuation Standing Instructions and subsequently released Version 2.2.2 which came into effect on 4 October 2020 with earlier adoption permitted and encouraged.
A copy of V2.2.2 is available in the resources below, as is a compare version showing changes made between V2.2.1 and V2.2.2.
The new version (ABFI RVSI V2.2.2) includes a number of changes throughout the document which align the document to the PropertyPRO Supporting Memorandum (PPSM) which is also effective as of 4 October 2020. The intention of the changes was to provide clarity and guidance to Instructing Parties and API Valuer Members.
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.
Previous Versions of the ABFI Residential Valuation Standing Instructions
The Residential Valuation Standing Instructions were originally developed in 2012 to provide operational clarity for the valuation community and were a significant step forward in providing further guidance, clarity and consistency in the requirements of the lending institutions.
The list below gives access to previous editions of the Residential Valuation Standing Instructions:
Please note that these Residential Valuation Standing Instructions have been superseded and are no longer current.