Valuation Consultants New Zealand Limited (hereinafter ‘VCNZ’) undertakes to carry out all work in a timely and professional manner in accord with best Professional
Practice.

Our professional services are at all times entirely subject to the following terms and conditions.

  1. The person requesting the report shall be deemed to be ‘the Client’ and shall be personally liable for payment of the account unless they are acting as agent for
    a nominated party (Company, Trust or other Individual Person) who is specifically identified on the report as ‘Client’. In the latter instance both parties shall be
    jointly and severally liable for the fee.
  2. Any disbursements including travelling and other reasonable expenses, incurred by us in the provision of our valuation services shall be fully recoverable from
    the Client as and when incurred.
  3. We reserve the right to submit interim invoices for valuation services where it is considered necessary to do so.
  4. If the job is cancelled after the property has been inspected but before the report has been processed we reserve the right to charge a fee equivalent to  75% of
    the initial quoted fee.
  5. Unless specified, all fees quoted exclude Goods and Services Tax.
  6. Settlement of all accounts are to be within ‘7’ (seven) working days of receipt of the invoice unless alternative credit terms have been agreed to in writing in
    advance.
  7. The report remains the property of VCNZ until the account is paid in full.
  8. After seven days have expired, interest may be charged on the overdue fee or balance thereof at the rate of 2.5% per calendar month. The balance to be
    calculated daily.  
  9. Debt collection fees where applicable are recoverable in addition to other charges from the Client.


STATEMENT OF GENERAL VALUATION POLICIES

Report Purpose, Copyright & Client Disclosure

  1. Unless stated otherwise, all reports are provided solely for the purpose stated in the report. No responsibility is accepted in the event of a report being used for
    any other purpose, or by any third party other than the addressee for any purpose whatsoever.
  2. Valuation and consultancy services are provided on the basis that the Client, Agent or other interested party have provided us with a full and frank disclosure of
    all material information and other facts which may affect the valuation. We accept no responsibility or liability whatsoever for the valuation unless such a full
    disclosure has been made.
  3. The copyright of this valuation report at all times remains the property of VCNZ. No report may be assigned to a third party without the express written consent of
    the owner of the copyright.
  4. Neither the whole nor any part of any valuation report, or any reference to the same may be included in any published document, circular or statement without
    our written approval as to the form and context in which it may appear.

Valuation Report Limitations

  1. Except where noted in the report neither the Valuer nor VCNZ research or investigate issues that may affect the property such as title defects, planning, resource
    consent, Local Authority requirements, hazardous or noxious substances or physical condition of the property.  It is assumed that there are no outstanding
    matters that will affect the market value of the property such as Local Authority requisitions. If there are any such matters existing then the appraised figure will
    be contingent upon a professional opinion being obtained from a suitably qualified professional as to the effect on the value of the subject property by the
    unresolved issue.
  2. It is assumed that all mechanical systems, hot and cold water systems, electrical systems, ventilating systems and other devices, fittings, installations or
    conveniences which are in the building are in proper working order and properly functioning in accord with the purpose for which they were designed, and
    conform to the current building, fire and government regulations and codes.
  3. Our valuations do not constitute a builders report and we make no warranty whatsoever as to the physical condition of the property or that of any of the
    comparable properties used in the analysis.  In particular any issues which ensue from water tightness defects are specifically excluded.
  4. Our report does not constitute a boundary survey and survey pegs are not located.  It is assumed that all properties are built within their legal boundaries.
  5. While due care will be taken to note any contamination issues, our investigations will be undertaken for valuation purposes only and the report does not
    constitute an environmental audit. No enquiries in respect of any property, or of any improvements erected thereon, will have been made for any sign of timber
    infestation, asbestos other environmental contaminant and/or other defect, whether latent, patent, or structural.
  6. Where a building permit or resource consent may have been required for any work carried out in or on the property, it is assumed that these were obtained at the
    time such work was carried out.
  7. Except where specifically noted in any report, it is assumed that:

               i)  The building has been properly designed and built.

               ii) There are no latent defects which could result in the building ceasing to be watertight.

               iii) Where the building has been built after 1991, it complies with the Building Act and Building Regulations 1992.

               iv) Where the building has been built after July 2004 it complies with the Building Act 2004.

Privacy Act

Any personal information collected and held by us will only be used for purposes related to servicing your needs in respect of valuation or property services. Your private
information will not be disclosed to any third parties for any other purpose.  Under the Privacy Act you have the right of access to and correct any personal information
about you that we hold.


Consumer Guarantees Act 1993

Where there is a conflict between any term in this document and the provisions of the Consumer Guarantees Act 1993, the latter shall prevail.
Valuation Consultants New Zealand Limited
Terms of Engagement
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PO BOX 9018, Wellington 6141 | phone: (04) 240-0124 | fax: (04) 232-4414 | email: valuer@ vcnz.co.nz
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