The best work comes out of great relationships. Honesty, respect and gratitude are the keys to a great relationship and therefore we have an interest in treating each other with these values at all times. As much as legal documents are important, what truly binds us is our drive to do great work with great people and to develop a relationship of mutual respect and trust.
Terms of Service - Summary
Work will usually commence within 3 days of acceptance of the quote, if not sooner.
Payment is required on the day of inspection unless otherwise agreed in writing.
Direct payment is preferred to one of the Land Logic bank accounts listed on your invoice.
We aim to have your report completed within five (5) business days.
You have seven (7) days from receipt of the report to communicate any discrepancies or changes which may incur an additional fee.
Readdress of reports will incur an additional fee.
Reports are provided electronically in printable PDF format. Hardcopies are available upon request and will incur a fee.
Confidentiality
We hold all information provided by the client and the work performed by it confidential and shall not disclose the same to any party except where required by law or regulatory agencies or written confirmation from the client.
Assumptions, Disclaimers, Limitations & Qualifications
No Liability To Third Parties
We state that a valuation report is for the sole and exclusive use of person and purpose as stated in the Valuation Purpose section of a valuation report. Valuations are only for their use and no other purpose, and we disclaim responsibility and liability to any other party who may use or rely on the whole or any part of a valuation report. Any such use by other parties is expressly forbidden. Neither the whole nor part of this report shall be printed or published in any circular, document or publication, without first obtaining our written consent.
No responsibility is accepted, nor any liability accepted for any losses occasioned by you or any other party as a result of the circulation, reproduction or use of this valuation.
Valuation Subject To Change
Valuations are based on information available as at the date of the valuation. No warranty can be given as to the maintenance of the value in the future as Real Estate values can vary from time to time in response to changing market circumstances.
The Valuer reserves the right (under no obligation) to review the valuation and revise the opinions expressed herein after the release of this valuation, for any reason.
Our Investigations
Valuations are conducted on the basis that we are not engaged to carry out all possible investigations in relation to the property. We have identified certain limitations to our investigations to enable you to instruct further investigations if you consider appropriate. The Valuer is not liable for any loss occasioned by a decision not to instruct further investigations.
Not A Structural Survey
Valuations are not a structural, site engineering, electrical, drainage or plumbing survey and do not include details in relation to such. For the purposes of each valuation, therefore, we have assumed that the subject land and property are free from any defects as stated. Parcels sizes have been obtained from the Lands Department unless otherwise stated. The property rights valued exclude any mineral rights or values arising therefrom.
Valuations exclude and do not consider plug-in prime costs (PC) items.
It is assumed that the buildings are structurally sound and in need of no immediate repairs, unless noted within the report. It is not intended that Valuations reports be to be read as a structural survey report. We have not carried out a structural survey nor have we inspected woodwork or other parts of the property, which are covered, unexposed or inaccessible, and such parts will be assumed to be in good repair and condition. The report will not purport to express an opinion about or to advise upon the condition of un-inspected elements and should not be taken as making any implied representation or statement about such elements.
Validity Period
Should a period of greater than six (6) months elapse from the date of preparation of the report, it is recommended the person to whom it is addressed to should seek confirmation from the Valuer as to whether the valuation can still be relied upon in context of the relevant current market situation. Failing to do so will nullify the validity of the report as will strict reliance upon a faxed copy of the same unless previously agreed to in writing between the Valuer and recipient and/or end user.
Valuations are relevant as at the date of preparation and the circumstances prevailing at the time it is provided. Should any form of political or civil unrest occur after the date of the report, the opinions expressed in the report will not be valid and should not be relied upon.
Compliance Statement
Valuations are performed in accordance with the International Valuation Standards (IVS) and we confirm that,
· The statements of fact presented in the report are correct to the best of the Valuer’s knowledge;
· The analyses and conclusions are limited only by the reported assumptions and conditions;
· The Valuer has no interest in the subject property;
· The Valuer’s fee is not contingent upon any aspect of the report;
· The valuation was performed in accordance with an ethical code and performance standards;
· The Valuer has satisfied professional education requirements;
· The Valuer has made a personal inspection of the property; and
· No one, except those specified in the report, if any, has provided professional assistance in preparing the report.
Valuations are compiled inline with the Vanuatu Valuation Standards Code of Professional Practice Standard 1 and Practice Standard 2.
Market Value Definitions
In accordance with International Value Standard, the definition of market value is as follows:
“Market Value is the estimated amount for which a property should exchange on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing, wherein the parties had each acted knowledgably, prudently and without compulsion.”
The opinion of market value excludes the following: -
a) Selling expenses
b) Legal fees and expenses
c) Stamp duty or other fees levied by Government
d) Furniture, contents and possessions
e) Sales commissions
Title Searches
Valuations may not have a full title search conducted or a brief title search is conducted due to limited information available at Lands Records. In such instances, we assume that there are no easements or encumbrances not disclosed by this title search. Should documentation arise that reveal further easements or encumbrances, we should be consulted to assess the effect on the value.
In the case where a lease is yet to be registered we assume the lease will be granted, and all easements will be allowed so the land parcel has legal registered access.
We assume no responsibility for matters legal in character, nor do we render any opinion as to title, which, is assumed to be good. All existing liens, encumbrances or encroachments, if any, have been disregarded and the property appraised as though free and clear.
It is assumed that there is no charges against the subject property, which would have a bearing on the market value, except for those, if any, noted in the report.
Insurance Valuations
A valuation for insurance purposes does not include the value of the land nor does it reflect the Market Value of the property.
Insurance valuations do not include the following:
· The value of land
· Furnishings external and internal
· Any special finishing (usually by owners) which differ from the specifications included herein
· Public or private utilities
· Consequential losses, e.g. the removal and relocation costs, loss of rents, or compensation
· Financing charges or taxes
· No account is taken of the possible effects in increased construction prices that may occur in the event of a major cyclone, tsunami of earthquake affecting Vanuatu
· Any other loss other than the actual loss of the buildings and (if included) external works
· Soft landscaping works
Allowances for repair and age of the building have been ignored as the value stated is the new construction cost of replacing the buildings to its current specification. The replacement cost also excludes financing, transfer taxes, owners’ overheads or expenses, (, (i.e. Re-habitation expenses), consequential losses, compensation, furnishings, and owner’s/tenant’s special fittings.
Projected Inflation factor: The Insurance contract will endure for one year during which time a small amount of inflation is expected to occur.
All figures for building work assume compliance with building regulations and bylaws.
An insurance period of 12 months is assumed unless stated otherwise.
All inflationary provisions are given without prejudice.
This is not an engineer’s report for cyclone certification
Assumptions
Assumptions are a necessary part of this valuation. We adopt assumptions because some matters are not capable of accurate calculation, or fall outside the scope of our expertise, or our instructions. Assumptions adopted by Land Logic are formulated on the basis that they could reasonably be expected from a professional and experienced Valuer undertaking a similar valuation. However, the risk that some of the assumptions adopted in this document may be incorrect should be taken into account, and we do not warrant or represent that these assumptions are entirely accurate or correct.
Vanuatu will remain a significant South Pacific tourist destination capturing at least its current share of world tourism.
Vanuatu will continue to be serviced by at least the current number of international airlines who will provide adequate flight frequencies and seating capacities so as not to limit visitor numbers and the price of airfares and holiday packages will remain competitive with other similar destinations.
All relevant authorities and any potential land claimants will approve a proposed subdivision or development.
That all required registration fees, lease creation fees are paid to allow the registration of the proposed lots.
The Government has proposed new Tax Legislation, which may include both Income and Company tax. Neither has been taken into consideration in our valuation as it is not yet clear exactly what will be implemented and when. There is the potential for any new tax policy to significantly affect the costs of a potential new business or development. Specialist advice should be consulted with regard to this.
No major political or economic disturbance or major “shock” event will occur. The site is free from any environmental contamination or toxic material that could affect value.
There are no onerous restrictions in regard to the title, which may adversely affect the value or marketability of the property. This valuation assumes the presence of any mortgage or any other financial lien (if any) pertaining to this interest is cleared.
Due to the poor transparency of the real estate market and difficulty in verifying sales evidence relied upon in completing our valuation the quality of the information used in this report may not be as high as many other real estate markets and therefore increases the potential volatility of our valuation advice.
Information supplied by others
Valuations contain information directly derived from other sources. We confirm that we are not instructed to verify that information. Further, the information is not adopted by us as our own, even where it is used in our calculations. Where the content of a valuation has been derived, in whole or in part, from sources other than us, we do not warrant or represent that such information is accurate or correct.
VAT
Unless otherwise stated, all financial information and valuation calculations and assessments in this report exclude VAT.
Valuer’s Interest
We hereby certify that the principal Valuer is suitably qualified and authorised to practice as a Valuer; does not have a pecuniary interest, financial or otherwise, that could conflict with the proper valuation of the property (including the parties with whom our client is dealing, including the lender or selling agent if any); and accepts instructions to value the property only from the instructing party.
Qualifications
Valuation reports are provided subject to the assumptions, disclaimers, limitations, and qualifications detailed throughout the report and to those included within the assumptions, disclaimers, limitations, and qualifications section of reports.