The reason being is that valuers are registered/licensed by the Office of Fair Trading in the state in which they work. Land titles are state-based not nationally governed (Australia is a federation of states).

The API is essentially the professional body which represents valuers at both the national and state levels. The alternative body is the Australian Institute of Valuers . The API has two branches – general property professionals (AAPI) and valuers (CPV). They are not all in the one category.

The API and AIV are private, independent associations just like the REI, Master Builders Association, Australian Institute of Building, Housing Industry Association, CFMEU, Nurses Association, Teachers Association etc. They are governed by their own constitution not by specific legislation(other than ASIC).

They are at the elite end of the spectrum, the industry body which makes representation to government (lobby group for the property industry) at the other end they set the standards for educational requirements/outcomes for Professional Property Degrees, Postgraduate degrees, TAFE courses etc ensuring that their standards are comparable to the Royal Institue of Chartered Surveyors (RICS) etc. Their membership is selective generally requiring a degree in Land Economics as a minimum standard, unlike the REI or EAC who will accept the uneducated masses of real estate agents.

Valuation is not a science – it requires an understanding of market conditions, up to date information for market analysis, a highly analytical mind, understanding of town planning and the ability to make skilled/relevant assumptions. They are not swayed by emotion (like heated bidding at an auction), have the benefit of hindsight (rely on facts, market data, historical sales information not trends or crystal balls) and carry professional indemnity insurance (very hard to prove that the valuer got it wrong unless they excluded specific comparable properties without good cause).

Valuations are provided for the benefit of the party who has engaged them (valid for up to 3 months depending upon market condition), it is then up to the valuer to agree to extend that liability to other parties not for a purchaser to assume that the englobo valuation provided to the bank for mortgage purposes (prior to the commencement of construction several years ago) has been done to the same exacting standards as a valuation which has been instructed by a purchaser of a specific unit.

Consumer protection is provided through licensing – all valuers must be licensed through the relevant Office of Fair Trading, they must meet educational requirements which are legislated in each state. There are penalties which can be enforced by the OFT.

PS: I am not a member of either the API or AIV.

Hi Sonny,

it will come down to what is in your lease (obviously, there are many variables there again). Is it a retail lease – if so, then there are remedies available for retail lessors/tenants including mediation. If it is a commercial/industrial lease, there is no such mandated process like mediation, your only remedy will be to take legal action and to rely on the proactivity of your property manager.

It is always important to read the entire lease. The lease schedule will indicate how much the tenant will pay in year one ($1,000) and lease clauses will indicate how these amounts may be adjusted (or if they can).

SNM

I too would go masonite – it has been used forever & a day. Cheap as chips. If you are still concerned after laying masonite, then use a little self levelling compound but it shouldn't really be necessary. You will need to prime the masonite to get the floor leveller to bond.

You can get thin insulation to go with the floating floor, this would be laid over the masonite and takes out much of the movement if the subfloor (masonite) is slightly uneven.

you can do whatever you like with the mortgages. Unfortunately, it will remain non-deductible as the purpose of the loan has not changed.

try bmt QS

I had heard of some good bargains in Az today. Client heading back to live & has picked up a steal @ way less than replacement cost & in a good area.

PS where do you board in Az?

this is old news, see previous posts.

Do you have a realistic budget for construction, subdivision & council s94? Does it still stack up after gst is borne in the deal?

a pest/building report is a totally different beast from a tenancy condition report, the latter noting wear & tear, marks & items of a non-structural nature.

At least you have now been made aware of these non-disclosed items.

if the company is going to provide services worth >$75k then you’ll need to register. You cannot collect gst (issue a valid tax invoice) without being gst registered.