Valuations and moving markets

Article Abstract:

The accuracy of property valuations are increasingly being disputed and valuers are finding themselves open to prosecution in the courts. The length of time a valuation should be considered as correct, despite movements in the housing market, have not been addressed satisfactorily. In the Court of Appeal in the United Kingdom, a judge decided that a valuation was incorrect because faults requiring repair within the house had not been detected. The Halifax (SW) Ltd., company was ordered to pay 5,000 pounds sterling to remedy the situation.

Real estate agents and managers, Real Estate Appraisers, Offices of Real Estate Appraisers, Real estate industry, Malpractice, Hailfax (SW) Ltd.,

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Invaluable advice

Article Abstract:

Changes to UK law during 1996 have helped UK property valuers in a number of ways. They are no longer required to pay all damages if they are found guilty of overvaluing a property. The mortgage lender is required to pay some of the damages if it has lent a relatively large proportion of the purchase value. Valuer practices vary greatly and can result in vastly different price valuations. Other legal issues are discussed.

Direct Property and Casualty Insurance Carriers, Other Justice, Public Order, and Safety Activities, Property & Liability NEC, Business Law NEC, Property and casualty insurance, Commercial law, Valuation, Real property, Real estate appraisal

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Essential lessons

Article Abstract:

The United Kingdom law on time provisions was laid down in a ruling in 1977, but this ruling was questioned in 2001. The 1977 ruling was confirmed and a detailed timetables cannot make time of the essence.

Time

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