Instructing a valuation report typically involves the following steps:
- Determine the purpose of the valuation report: The first step is to determine the reason why you need the valuation report. The purpose of the report will determine the scope of the valuation and the methodology that the valuer will use.
- Find a qualified valuer: Look for a qualified valuer who has experience in valuing the type of property or asset you want to have valued. You can search for a valuer through professional organizations or associations, online directories, or through referrals.
- Provide information: Provide the valuer with all the necessary information about the property or asset to be valued. This may include documents such as property deeds, leases, or financial statements. The valuer may also want to inspect the property or asset.
- Agree on the scope and fee: Agree on the scope of the valuation and the fee with the valuer. The scope of the valuation should be detailed in the instruction letter, including any assumptions or limitations. The fee should be agreed upon in advance and may be based on a fixed price or hourly rate.
- Provide written instruction: Once you have agreed on the scope and fee, provide the valuer with a written instruction letter outlining the scope of the valuation, the purpose of the report, the fee, and any other relevant details. The valuer will then carry out the valuation and provide you with the report.
It’s important to note that the specific instructions for a valuation report may vary depending on the type of asset being valued and the purpose of the valuation. It is always best to consult with a qualified valuer and seek legal advice before instructing a valuation report.