In the case of settlement and legal disputes within the Family Court, a Property Valuation is vital in providing parties with accurate and equitable independent advice.
At Acumentis, an Independent Valuer engaged in such matters is internally accredited, always an expert in their respective fields and brings years of knowledge of the market and the asset class.
What is the Role of an Independent Valuer Compared to a Real Estate Appraiser?
An Independent Valuer differs from a Real Estate Appraiser; while both provide advice on property value, they serve different purposes and have distinct approaches to assessment of value.
A Real Estate Agent’s role is to provide an informed estimate of the likely sale price that a property could achieve through a typical marketing campaign in the near future. Since Real Estate Agents often earn commissions from successful transactions, external factors can influence their motivations.
An Independent Valuer’s purpose is to provide an assessment of the Market Value of an asset, defined under the Internation Valuation Standards as “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.”
A Valuer’s opinion is based solely on verifiable evidence without making future predictions. They remain independent of any external incentives, such as commissions from property owners. Valuers must also comply with strict industry regulations, standards, and ethical guidelines when conducting assessments.
Independent Valuers are additionally bound by Family Court Rules under the Federal Circuit and Family Court of Australia and in the case of Western Australia, the Family Court of Western Australia, ensuring that their valuations meet legal requirements.
This adherence to rigorous standards sets Independent Valuers apart from appraisers. Their valuations are impartial, expert-driven, and follow a strict code of conduct. As Expert Witnesses, their advice holds weight in legal matters, offering a level of credibility beyond standard appraisals.
How Do Lawyers Select Valuers for Family Law Cases?
Lawyers select Independent Valuers based on several criteria: experience, reputation, and proven specialisation in Family Law matters. They will engage Valuers who are known to provide independent and non-biased advice to ensure equity and fairness throughout the case process and to provide the best equitable outcomes for their clients.
What are the Costs, Expertise, and Retrospective Abilities of a Valuer?
The expertise provided by Acumentis Valuer’s covers a wide variety of asset classes and specialised knowledge. Valuers at Acumentis undergo internal accreditation for Family Law Valuations, ensuring proven expertise and experience in this area. With their extensive background, Acumentis Valuers can provide both current and retrospective market value assessments, offering reliable advice on property values even for past dates.
Engaging an Independent Valuer involves a fee for the work undertaken, which varies based on the property type and complexity of the requirements. Costs associated with Family Law matters include (but are not limited to) the following:
- Inspection/provision of a report;
- Post report consultation;
- Signing an affidavit where required;
- For time spent, at the request of Counsel, on standby prior to a hearing;
- For attendance as an Expert Witness to a hearing.
It is essential to discuss costs upfront.
How Will You Manage Valuing a Property & Business Portfolio Located in Different Cities Across the Country?
Nationwide property portfolios require cohesive processes, and Acumentis delivers a unified approach to servicing diverse assets across multiple locations. With offices throughout Australia and standardised reporting tools and technology, we ensure that the most qualified Valuers are engaged for each asset class, drawing on expertise from across the country. This applies to cases where parties involved own both real estate properties (across various property types) and operate or own their own business/es, too.
Do We Both Use the Same Valuer or Can We Get Separate Valuations Done?
In Family Law matters, parties can choose to use a Single Expert Witness as a joint appointment or obtain separate valuations. A joint appointment means a single Valuer is engaged as agreed by all parties, and the Valuer will represent all sides equitably. A single appointment means a single Valuer is engaged by one party only.
A joint appointment generally ensures the process is streamlined and is typically a more cost-effective solution in most cases.
Where the parties choose to obtain separate valuations from two different Valuers (two different Valuation firms), disputes over Valuation discrepancies may arise and cause complications in the process. This is generally the case where parties cannot agree on a Valuer or a value or require a second Valuer to ‘check’ another Valuer’s opinion is accurate or provide another opinion, which is known as a Shadow Expert Witness.
Can I Talk to the Valuer Myself Directly?
Communication protocols depend on the form of instructions and are strictly adhered to. A joint instruction from two or more parties will, in most cases, require all communication throughout the process to be disclosed to all involved parties.
While a Valuer may be required to inspect a property in which only one party is present, discussions around forming the report or anything that may alter the Valuer's opinion or judgement cannot be discussed without the other party present. Typically, a Valuer will advise the party present of this requirement and request anything of this nature be communicated in writing through the representation to all parties involved.
In the case that a Valuer is put in a situation where crucial information is disclosed without both parties present, this will be communicated in writing to all parties, and the Valuer will await advice prior to proceeding with the report.
What if This is a Long Drawn Out Process and My Property’s Valuer Changes? What Happens?
A property’s value can often change over time, so it’s important to know when updated valuations are needed, especially if the process is long and drawn out. In some states, we have seen markets change by up to 20% in a short time frame, so we recommend that lawyers stay current with market shifts affecting their clients' properties and seek expert advice as needed.
Where an updated Valuation is required, our internal platform ensures that property data over a length of time is secured and accessible for internal review when required. Where possible, Acumentis will engage the same Valuer to undertake the updated report and assessment, which ensures consistency in reporting and opinion.
For comprehensive and reliable property and business valuations in Family Law cases, Acumentis is your premier choice, offering a unified approach and expert insights nationwide. With a nationwide presence, internally accredited experts, and strict adherence to industry standards, Acumentis provides impartial, reliable valuations that meet legal requirements. Whether it's assessing a single property, a complex portfolio, or offering retrospective valuations, Acumentis ensures consistency and quality in every report. As trusted advisors and expert witnesses, Acumentis Valuers bring the expertise and credibility needed to navigate even the most intricate legal matters.