General
Last updated
Last updated
The General Tab in the Terms of Engagement (ToE) form is the foundation for your valuation assignment setup. It includes critical information about the assignment, valuation standards, statutory disclosures, client details, and team members. Completing this tab accurately ensures that your valuation process meets the required standards and client expectations.
ToE ID: Enter a unique identifier for the Terms of Engagement. This ID helps track and reference the specific ToE.
Purpose of Valuation: Specify the reason for the valuation, such as market value assessment, insurance, or sale.
Valuer Status: Indicate whether the valuer is external or internal to the organization. This helps in understanding the valuer's relationship with the assignment.
Liability Limitations: State whether the liability limitations for this ToE differ from the generic limitations held by the valuer. If yes, provide specific details. Example: The liability limitations for this Terms of Engagement include a maximum financial liability cap of $500,000, which is specifically agreed upon for this assignment. This cap applies to any claims arising from negligence, errors, or omissions in the performance of the valuation services. Additionally, the valuer's liability does not extend to indirect, consequential, or incidental damages, including loss of profits, data, or use. The client also agrees that any claims must be initiated within 12 months from the date of the final valuation report. These specific limitations are agreed upon to clarify and manage expectations for both parties, differing from the valuer's generic liability limitations, which typically have no such caps or specific exclusions.
Governing Laws: Mention the laws governing these Terms of Engagement. This ensures legal compliance and clarity in the valuation process.
Core Standard(s): Select the core standards applicable to the valuation, such as RICS/IVS Valuation Global Standards 2022. This ensures that the valuation adheres to recognized international standards.
National Supplement(s): Indicate if there are any national supplements available. This helps in customizing the valuation according to local regulations.
Custom Supplement(s): Choose any custom supplements required for the valuation. This allows for additional specifications beyond core and national standards.
System of Measurement: Select the measurement system used, such as Metric. This ensures consistency in data recording and reporting.
Disclosure to Third Parties: Specify if the valuation results will be disclosed to any third party or in the public domain. Indicate other intended users if applicable. If yes is checked, the system will also generate a draft statement for third parties. It is a preliminary document that summarizes the key findings and conclusions of a valuation report. Examples: The valuation report will be provided to XYZ Bank as part of the mortgage application process / ABC Insurance will receive the report to assess the insurance value of the property / The local municipal authority requires the valuation report for property tax assessment purposes / A summary of the valuation will be available to potential buyers during the sales process, ensuring they have accurate and professional information about the property's value.
Responsibilities to Third Parties: State whether the valuer accepts any responsibilities and liabilities to third parties. Provide details if applicable. Example: The valuer does not accept any responsibilities or liabilities to third parties. The valuation report is intended solely for the use of the client specified in the Terms of Engagement. Any third party accessing the valuation report does so at their own risk, and the valuer assumes no responsibility for any decisions made based on the report. The valuer explicitly disclaims liability for any reliance placed on the report by third parties, indirect or consequential damages, and any unauthorized use of the report for purposes not agreed upon with the client. These limitations ensure that the valuer's professional responsibilities are focused solely on the intended client and agreed purposes.
Data Source Reliance: Indicate if the valuer will rely on a source of data that differs from the agency's generic sources. Specify the data source if applicable. Example: The valuer will rely on a proprietary data source provided by an external market research firm, which offers more up-to-date and comprehensive information than the agency's generic sources. This source includes detailed market trends, recent comparable sales, and property-specific data not available through standard channels. The use of this data source ensures a more accurate and reliable valuation, tailored to the specific requirements of this assignment.
Search: Use the search bar to find existing clients quickly.
New Client: Click to add a new client to the system. This ensures that all relevant client details are captured and accessible.
Client List: Display of clients already in the system. This helps in selecting the correct client for the ToE.
Team Member: List the team members involved in the assignment. This includes their roles and qualifications.
Add Team Member: Click to add new team members to the assignment. This ensures that all relevant personnel are included.
Lead Valuer: Indicate the lead valuer for the assignment. This person is primarily responsible for the valuation.
Default Task: Assign default tasks to each team member. This helps in defining responsibilities clearly.
Actions: Options to edit or remove team members from the assignment. This allows for adjustments as needed.
