Property acquisition valuation report
The valuation report is a comprehensive document that is used to form the basis for an offer from the NSW Government to you.
The acquiring authority will get an independent valuer to make a valuation report. It is recommended that you get your own independent valuation of your property.
The valuation report needs to contain:
- date of valuation and date of inspection
- areas/dimensions and legal particulars of the land (e.g. any legal constraints which would restrict development should be noted)
- a description of the improvements, for example a house, pool or other structures
- a site plan showing position of improvements in relation to boundaries
- an accurate floor plan
- specific list of inclusions
- an outline of permitted land use under current relevant environmental planning instrument and/or local government codes
- a description of the class of land valued and the current or potential use of the land together with its location
- details of the sales/rental information used to form the valuation, together with analysis and calculations
- photographs of sales evidence
- valuation rationale
- the rental value of the property
- details of any people, companies or businesses in occupation of the property.
The valuation must also:
- be signed by the valuer who undertook the report
- disclose how the valuer complies with the requirement under the Land Acquisition (Just Terms Compensation) Act 1991 to be a qualified valuer
- contain the following statement: “I have been engaged and am acting in the capacity of an expert and not as an advocate for the owner or the instructing party”.