Legal implications for property valuers and property professionals

This research paper will show the challenges property valuers and property professionals are facing in their working environment and an understanding of the current job requirements in regard to what they are required to do according to the law. A property valuer is hired to place a dollar value on a property. Hyam (2004) mentions that the valuation of land and building involves a matter of judgement and those opinions vary on this subject matter.Property Valuers concerns are about whether they are acting within the law for the last few decades have impacted on individuals at an increasing rate. In addition to property valuers doing their job there are always concerns about their limitations within the industry. This topic pertains to other professionals in the property real estate industry as well.This article will look at case law and relevant guidelines for property valuers and professionals who are at times scrutinised. We professionals are attending risk seminars and working for organisations that follow protocol, however there are still some concerns about what is and is not permitted that are not addressed every day which need to be examined closely. This paper will be both informative and instructional for universities teaching new property laws and also property valuers starting up in the industry and more experienced property professionals who have obtain bad habbits over the years.This paper will show entry level valuers as well as more experienced valuers that there are restrictions and constraints in their role as a valuer. Additionally will focus on field notes, sales evidence provided, valuation methods and several reasons why valuers are sued and at what point in the sales/valuing process the lawsuits usually occur and what the typical outcomes are. Few studies to date have directly addressed recent court cases and duties of property valuers and or property professionals in regards to negligence. In this study and research paper it will be shown principles that can be followed by property professionals that will make property professionals aware of their duties and in turn reduce potential court cases in the future, both on an international and national level. Liability insurance and premiums on current insurance will also be addressed. Insurance premiums are escalating every year; reasons for this will be explored in relation to the working professionals through there every day working life.