Property buyers now have the option to select whether valuation of property will be done by either Government valuers or private valuers. A list of accredited private valuers has been released by the Ministry of Lands. The list is available here. This is in line with the implementation of the Stamp Duty (Valuation of Immovable Property) Regulations 2020 (the Regulations).
Where a buyer wishes to have valuation done by a private valuer, the valuer shall be selected by the Chief Government Valuer from the list of accredited private valuers.
The addition of private valuers may increase the efficiency of the valuation process and reduce time taken in producing valuation reports. In any case, both Government and private valuers are required to produce valuation reports in 21 days.
No fees will be charged for the valuation by Government valuers. However, buyers that choose to use private valuers will be required to pay the costs of valuation in accordance with the Valuers Act.
It is unclear whether the full valuation report will be shared with third parties in transactions such as purchasers and financiers and whether it can be relied upon by such parties in the transaction.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.