Land valuations undertaken and the result of the same have a significant impact on all the stakeholders associated to any real estate. Land or house valuations are primarily meant to establish the calculated and projected fair and open market value of a piece of land that a seller can fairly quote as a selling price to a purchaser.
The property valuation report of any land or house is an instrument that gives the consumers a protection and a loan facility against their property to raise credit. The fair market property valuation in sydney standards are a lifeline for those who transact the properties in any country globally. Valuers that are regulated by the relevant standards, laws, rules and regulations thereby provide fair values of the property and don’t indulge in any transgression and negligence.
Appropriate regulatory framework motivates them to never fail to authenticate truthful data that may influence the valuation. It also guides them to not be negligent in their performance as a valuer and never to contravene a stated code of professional conduct.Valuers are considered as genuine operators in the property sector and they actually set the necessary pact for defining the sentiment of the real estate arena.
The regulated valuers’ follow a code of conduct as described by the regulator of the land valuations industry and respects the national standards. Regulating land valuations professionals is a must since they are the experts who gather, select and report the sales data in any valuation report, so their credentials are vital for any bank valuation.
Valid valuations of a land or a house by registered valuer allows’ borrowers to make informed decisions backed by standard sales data. Thus, appropriate regulation facilitates the valuer to act in best interests of the buyer of property. A regulatory regime for valuers also introduces an open and transparent free market system with protections for the buyer of land and lenders. Since land is our precious asset, it is crucial that the affairs of this be managed by such professionals that are beyond any questioning and hence, regulation for valuers is a must.