Memorandum for first mortgage purposes
The purpose of this Memorandum is to provide the basis upon which Members of the Australian Property Institute (API) should prepare residential Desktop Assessments. API Members undertaking a Residential Desktop Assessment do so pursuant to the API’s Code of Professional Conduct.
A Lender / Client who instructs an API Member to do a Residential Desktop Assessment must do so in accordance with the provisions of this Memorandum and in doing so agrees to accept the commercial risks inherent in relying upon a Residential Desktop Assessment as described in this Memorandum and the immunities and indemnities in favour of the API Member and their employer provided within this Memorandum.
This Memorandum sets out the requirements that a Lender/ Client must comply with in requesting, and an API Member must comply with in providing, a Residential Desktop Assessment for residential mortgage purposes.