VALUATION ASSUMPTIONS, CONDITIONS, LIMITATIONS AND LIABILITY TERMS

Defined terms

1.1 Improvements and condition

Unless otherwise stated in the Report, the valuation assumes that all improvements have been constructed in accordance with the relevant planning and building regulations in force at the time of construction and that all required approvals have been obtained from the relevant authorities.

The inspection and Report do not constitute a structural survey. The inspection was limited to exposed and readily accessible areas of the improvements. The Valuer is not a construction or structural engineering expert and does not certify the structural soundness of the improvements. Interested parties should make their own enquiries and obtain advice from appropriately qualified professionals where required.

The valuation is based on the known and assumed condition of the improvements and the Property generally as at the date of inspection. If the Property is sold in circumstances where its condition has deteriorated, or essential fixtures or fittings have been removed, the value may be materially lower than the value assessed in the Report. If any adverse matter regarding the improvements becomes apparent, the Valuer should be consulted and may reassess the effect on value.

1.2 Land dimensions and area

Unless otherwise stated in the Report, the Valuer has not independently surveyed the Property or verified the registered plans. Any land dimensions or areas quoted in the Report have been obtained from third-party sources considered reasonable at the date of issue. While reasonable care has been taken, the Valuer accepts no responsibility for inaccuracies in those dimensions or areas.

1.3 Boundaries, survey and encroachments

No current survey report has been sighted unless expressly stated in the Report. The inspection did not reveal any apparent encroachments upon or by the Property, but survey pegs were not located and boundary positions have not been certified. The valuation assumes correct boundary alignment and the absence of encroachments. These matters should be confirmed by a current survey report or advice from a registered surveyor.

If any encroachment, boundary discrepancy or survey issue is identified, the Valuer should be consulted and may reassess the effect on the value stated in the Report.

1.4 Title, easements and encumbrances

Unless expressly stated in the Report, the Valuer has not undertaken a full title search. The valuation assumes that the Property has good and marketable title and is not affected by any easement, encumbrance, restriction, covenant, caveat, lease, licence, title defect or other matter that would materially affect value or marketability.

Interested parties should obtain and review a current title search and all relevant title documents. If any adverse title matter is identified, the Valuer should be consulted and may reassess the effect on the value stated in the Report.

1.5 Town planning, building approvals and statutory searches

Unless otherwise stated, searches with the relevant council or other statutory authorities have not been undertaken. The valuation assumes that all necessary town planning, building, occupation and other approvals, consents and certifications have been issued for the use and occupation of the improvements as described in the Report.

Interested parties should obtain all relevant searches, approvals, certificates and consents. If any adverse planning, building or statutory matter becomes apparent, the Valuer should be consulted and may reassess the effect on value.

1.6 Utility services

The Valuer has not tested utility services, fixtures, appliances or systems. Unless otherwise stated in the Report, the valuation assumes that all usual utility services are connected, available and functioning to a reasonable standard for the Property type. If any concern regarding utility services becomes apparent, the Valuer should be consulted and may reassess the effect on value.

1.7 Flood and water-related risk

No formal flood search has been undertaken unless expressly stated in the Report. The valuation assumes that the Property is not adversely affected by flooding, overland flow, stormwater, water saturation or similar water-related impediments. If any such matter is identified, the Valuer should be consulted and may reassess the effect on value.

1.8 Environmental and contamination matters

The inspection did not reveal any obvious environmental or contamination concerns. The Client acknowledges that the Valuer is not an expert in environmental matters, contamination hazards or environmental compliance. The valuation assumes that the Property is not affected by contamination, hazardous materials, environmental non-compliance or remediation obligations that would materially affect value or marketability.

If any environmental or contamination concern is identified, the Valuer should be consulted and may reassess the effect on the value stated in the Report.

1.9 Comparative sales evidence

The sales evidence used in the Report has been selected as the most relevant evidence reasonably available to the Valuer, having regard to physical comparability, location, timing and market movement. In many cases, the Valuer has not physically inspected the interior of the comparable sales and has relied on property databases, agency information and other third-party sources. No guarantee is given as to the accuracy or completeness of that information.

1.10 Full disclosure and reasonably available information

The Client is responsible for full disclosure of all information and documents in its possession, custody or control that may affect the valuation or the Services. The Report is based on information reasonably available to the Valuer as at the date of issue and on the information provided by the Client and third parties in accordance with usual valuation practice.

If material information is withheld, incomplete, inaccurate or later becomes available, the Valuer should be consulted and may reassess the Report.

1.11 Market movement and validity period

The valuation is current only as at the valuation date stated in the Report. The assessed value may change significantly and unexpectedly over a short period due to market movements or factors specific to the Property. The Valuer accepts no responsibility for changes in value after the valuation date.

Unless the Report states otherwise, the valuation should not be relied upon more than three (3) months after the valuation date, or earlier if new material information comes to light or market conditions materially change.

1.12 Definition of market value

Market Value means the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing, and where the parties had each acted knowledgeably, prudently and without compulsion.

1.13 GST

Unless otherwise stated in the Report, the valuation has been prepared on the basis that GST is not applicable to the assessed market value. This assumption should be reviewed where the Property is a new residential premises, commercial property, development property, potential residential land, or where the parties are registered or required to be registered for GST.

The Valuer does not provide tax advice. The Client and any permitted user should obtain independent tax advice where GST treatment may affect the transaction or value. If the GST basis differs from the assumption adopted in the Report, the Valuer should be consulted and may reassess the effect on value.

1.14 Conflict of interest

Neither the Valuer nor, to the best of the Valuer's knowledge, any member of the Valuer's firm has any conflict of interest or direct, indirect or financial interest in the Property, except as expressly disclosed in the Report.

2.1 Purpose and permitted reliance

The Report is prepared solely for the purpose stated in the Report and for the use of the Client. It must not be used for any other purpose without the Valuer's prior written consent.

2.2 No third-party reliance

No person or entity other than the Client may use or rely on the Report without the Valuer's prior written consent. Any unauthorised use or reliance is at that party's own risk, and the Valuer accepts no responsibility to any unauthorised user.

2.3 Publication and disclosure

Neither the whole nor any part of the Report, nor any reference to it, may be published, reproduced, disclosed or included in any document, circular, statement, prospectus, website, public filing or other publication without the Valuer's prior written approval, including approval of the form and context in which it appears.

2.4 Payment and release of report

Unless the Valuer agrees otherwise in writing, the Client may not rely on the Report until all fees and disbursements payable to the Valuer have been paid in full. Any reliance before full payment is at the Client's own risk and is subject to these terms.

3.1 Access and information

The Valuer may require access to the Property in order to provide the Services. The Client must take reasonable steps to facilitate access and provide complete, accurate and timely information requested by the Valuer to enable a proper assessment and opinion.

3.2 External or specialist advice

If the Valuer considers that independent legal, tax, planning, engineering, environmental, surveying or other specialist advice is reasonably required in connection with the Services, the Valuer may recommend that such advice be obtained. Where the Valuer obtains such advice on the Client's behalf, all reasonable costs and disbursements will be payable by the Client, provided the Client has been notified of the likely cost where practicable.

3.3 Changes in information or circumstances

The Client must promptly notify the Valuer of any change in information or circumstances that may affect the Report, including changes in the Property's condition, legal status, planning status, tenancy, access, title, environmental condition, services or marketability.

4.1 Non-excludable rights

Nothing in these terms excludes, restricts or modifies any right, guarantee, remedy or liability that cannot lawfully be excluded, restricted or modified, including any applicable rights or guarantees under the Australian Consumer Law.

4.2 Limitation of liability

Subject to clause 4.1, and to the maximum extent permitted by law, the Valuer's total liability arising out of or in connection with the Services or the Report, whether in contract, tort (including negligence), statute or otherwise, is limited, at the Valuer's election, to one or more of the following: resupplying the Services; paying the cost of resupplying the Services; or refunding the fee paid for the Services.

4.3 Release

Subject to clauses 4.1 and 4.2, the Client releases the Valuer, its directors, employees, contractors and agents from claims, losses, liabilities, costs and expenses arising from any unauthorised use of the Report, reliance by an unauthorised third party, use of the Report for a purpose other than the stated purpose, or any act or omission of the Client that materially affects the Services or the Report.

4.4 Indemnity

The Client indemnifies the Valuer, its directors, employees, contractors and agents against any claim, loss, liability, cost or expense, including reasonable legal costs, arising out of or in connection with:

• any information supplied by or on behalf of the Client that is false, misleading, incomplete or inaccurate;
• the Client withholding material information from the Valuer;
• the Client using or disclosing the Report for any purpose other than the stated purpose;
• any unauthorised publication, reproduction, distribution or reliance on the Report caused or permitted by the Client; and
• any breach of these terms by the Client.

This indemnity does not apply to the extent that the claim, loss, liability, cost or expense is caused by the Valuer's fraud, wilful misconduct, or liability that cannot lawfully be excluded.

4.5 Costs and expenses

All reasonable costs and expenses payable by the Client under these terms, including costs arising under an indemnity, are payable on demand or, where invoiced periodically, monthly in arrears.