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Request For Valuation: Terms of Engagement

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Request For Valuation
You must agree to these terms before submitting a request for valuation. Please read through carefully, then click on the Agree button to go to the online form. Clicking on the Do Not Agree button will take you to our contact information.

Please call or e-mail us with any questions that you may have with this process, or any of our other services, and thank you for visiting our website.

TERMS OF ENGAGEMENT

1

BASES

 

The Royal Institution of Chartered Surveyors (RICS) defines these as:
 
  1. Market Value - “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”;
     
  2. Market Rent – “the estimated amount for which a property or space should lease on the date of valuation between a willing lessee and a willing lessor in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”; and
     
  3. Reinstatement Cost - “the calculation of cost to reconstruct the building and associated external works including site clearance and professional fees but excluding VAT”.

 

2

DISCLOSURES

We will declare any material link to this property or to the client or his advisers; compliance to the standards may be subject to monitoring by the RICS conduct and disciplinary regulations.

 

3

ASSUMPTIONS

These include good title, vacant possession, all relevant statutory requirements have been satisfied, no encumbrances, no unduly restrictive covenants, no onerous or unusual outgoings, no hazardous or deleterious materials, no contamination, those parts of the property which have not been inspected would not reveal defects or cause an alteration in value and all information - including directions to the property - and documents provided are true and correct.

 

4

LIMITATION

We will conduct a visual inspection of the property and not a structural survey, therefore covered, unexposed or inaccessible parts are not inspected; our report is confidential to the client for the specific purpose to which it refers and must not be used for any other purpose or any other person however it may be disclosed to other professional advisers assisting the client in respect of the specific purpose.

 

5

LIABILITY

Any liability on the part of the Company for breach of any provisions of this Agreement giving rise to liability or forming any cause of action whatsoever shall be limited to the Client's actual direct, provable damages in an amount not to exceed the total amount paid to the Company in respect of Fees. The Client agrees that in no event will the Company be liable for damages in respect of incidental, punitive, exemplary, indirect, special or consequential damages, including but not limited to loss of business revenue, lost profits, failure to realize expected savings, or loss of business opportunity. The Client further agrees that in no event will the Company's directors, officers, or employees, be liable for any damages arising out of or related to this Agreement.

 

6

FEES

 

A rate of 1/3 of 1% of the first million of the market value and thereafter at ¼ of 1% subject to:
 
  1. Minimum fees - $1,500 for vacant land, $2,000 for dwelling-houses, $3,000 for remote and properties with difficult access; $3,000 for commercial buildings or part thereof; $2,000 for agricultural land and $3,000 for Prestige Areas;
     
  2. Deposits - $1,500 for vacant land, $2,000 for dwelling-houses, $3,000 for commercial buildings; $2,000 for agricultural land and $3,000 for Prestige Areas;
     
  3. Minimum fees are PLUS 12.5% VAT;
     
  4. Settlement is due within 30 days of notification of completion of the report thereafter interest at a rate of 2% per month will be charged on the outstanding balance;
     
  5. Values will not be disclosed nor reports delivered until settlement of our fees; and
     
  6. A full refund is only applicable where no work has been undertaken.

 

7 DELIVERY

Once all our requirements are provided delivery would be within 15 working days.

 

I have read and understood these terms

I Agree I Do Not Agree
Click above to proceed to the
Property Valuation request Form
Click above to cancel and go to our contact information.
Please call or e-mail us with your questions
 

 

With today's high property prices, can you afford not to use us?

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We offer a nationwide service from our offices conveniently located at:

Head Office
Emrond House,
111 Oxford Street,
P.O. Box 298,
PORT-OF-SPAIN
Trinidad & Tobago
Tel: (868) 623 4945
Fax: (868) 623 5103
Central Office
Suite 4
Xtra Commercial Center
Eleanor Street
CHAGUANAS
Trinidad & Tobago
Tel: (868) 671 1370
Fax: (868) 671 0909
South Office
Suites 13 & 15, 2nd floor
Cathay House, Carlton Center
St James Street
SAN FERNANDO
Trinidad & Tobago
Tel: (868) 653-2847
Fax (868) 657-0173


The Royal Institution of Chartered Surveyors
E-mail us at
info@raymondandpierre.com

www.raymondandpierre.com 
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Last updated February 17, 2017