Valuation Report and Professional Ethics
The final report is the document that reflects all the work carried out by the valuer. It is the legal and professional reference for which the valuer is held accountable. Therefore, preparing it with accuracy and professionalism is not optional, but rather a professional and legal obligation.
Components of the Valuation Report
A valuation report contains several sections:
Introduction
This includes information about the client requesting the report, the purpose of the report, the property owner, and land registry details such as the village name, basin, plot number, and area, in addition to the legal description of the property and the date of valuation and report.
Land Description
This section includes the address, development status, zoning type, the type and area of the permitted construction, and details of any restrictions, rights, or fees.
Building and Improvements Description
This covers the type of construction, walls, flooring, insulation, electromechanical systems, and finishes.
Value Estimation
This includes the land value and building value according to the valuation method used, as well as the total value, ending with the valuer’s signature and stamp.
Professional Ethics in Valuation
Professional ethics in valuation are based on five principles:
Commitment, meaning adherence to scientific and professional standards.
Independence, where the valuer performs the valuation process independently and with complete impartiality, without influence from any party involved in the transaction.
Acting with integrity and honesty toward everyone.
Providing the highest standards of service.
Conducting oneself in a manner that enhances trust in the profession while treating others with respect and assuming full responsibility.
Professional Responsibility of the Certified Valuer
It should be noted that a valuer certified according to international standards such as RICS bears legal responsibility for valuation reports and is obligated to maintain the confidentiality of the information contained in those reports and retain them for no less than ten years.