Terms & Conditions

Non-Mortgage & Mortgage Terms & Conditions

Non-Mortgage Terms & Conditions

Explanation

1. The following terms and conditions are the standard terms and conditions that apply to all Valuations or the Valuation Services or consultancy services and Services provided by Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited.

2. These terms and conditions form part of the appointment of Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited by the Client to provide the Services.

3. The Valuation and all Valuation Services are provided by Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited subject to these Terms and Conditions.

Definitions

4. The following definitions apply to these Terms and Conditions and the provision of our Valuations, Valuation Services and Services:

  • ‘Client’ shall mean the party for which We are undertaking the Valuation, Valuation Services or Services
  • ‘Confidential information’ means information that:
    (a)     Is by its nature confidential;
    (b)     Is designated by Us as confidential;
    (c)     You know or ought to know is confidential; and Includes, without limitation;
    (d)     Information comprised in or relating to any of Our intellectual property in the Services or any reports or certificates provided as part of the Services; and the Quotation / scope of works which We have provided to You.
  • ‘Date Of Valuation’  means, in relation to any Valuation, Valuation Services, Services or consultancy services or advice, the date of inspection or the specific date as at which our opinions are stated to apply (the Relevant Date).
  • ‘Director’  means a Director noted on the New Zealand Companies Office records for Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited.
  • ‘Disbursements’  mean out-of-pocket expenses such as travel and accommodation costs, Title searching costs, Costs associated with procuring expert reports or certificates of compliance from relevant professionals or authorities, which may be required to assist in ascertaining the value of the property. These expenses will be passed on to you at cost.
  • ‘Fee’  means the amount agreed to be paid for the Services by You as set out in the Quotation.
  • ‘Parties’  means You and/or Us as the context dictates.
  • ‘Quotation’  means the written quote provided by Us in relation to the Services.
  • ‘Relevant Date’  means the specific date that our opinion is stated to apply where we are instructed to value at a specific date other than the date of inspection.
  • ‘Services’  means the Valuation, Valuation Services, asset management, property management, facilities management or consultancy services or advice provided by Us pursuant to these Terms and Conditions and the Quotation.
  • ‘Valuation’  shall include a Valuation, Valuation services, or feasibility study, made or given in relation to any real or personal property, freehold or leasehold property, asset, liability or item or items of plant and machinery, proposed development, infrastructure, carbon, water or native title property right, business, fixtures, fittings or other property.
  • ‘Valuation Services’   shall include any oral or written advice, opinion, recommendation or statement communicated to the Client by Us consequent upon or incidental to the request for a Valuation;
  • ‘Valuer’  means the individual valuer that has undertaken the valuation or valuation services.
  • ‘We’, ‘Us’, ‘Our (s)’  means Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited, our employees, contractors, servants and agents.
  • ‘You’, ‘Your’  means the Client engaging Us to perform the Valuation, Services or Valuation Services.
Scope of Work/Quotation

5. Prior to commencing work, We will provide you with a Quotation that sets out who the report is for; the purpose for which the report is being prepared and the fee to be charged. You agree that:

(a) you will not use any advice we provide for any purpose other than as stated in the Quotation;
(b) you will not pursue any claim against Us for any loss you suffer because you have used Our advice for any other purpose;
(c) you will keep this report confidential, unless otherwise agreed by Us in writing.

Your Obligations

6. You warrant that the instructions and subsequent information supplied by You contain a full and frank disclosure of all information that is relevant to Our provision of the Valuation, Valuation Services or Services. You also accept all risk and any loss that might occur should you withhold any relevant information from Us.

7. You warrant that all third-party expert or specialist reports provided to Us by You for the purpose of Us providing the Valuation, Valuation Services or Services are provided with the authority of the authors of those reports.

8. You authorise and licence Us to incorporate Your intellectual property within Our report(s).

9. The Valuation and all Valuation Services are provided by Us solely for the use of the Client and any “Other Intended User” noted in the Scope of Works. You will not release any part of Our valuation or consultancy report or its substance to any third party without the written consent of one of Our Directors. Such consent will be provided at Our absolute discretion and on such conditions as We may require including that a copy of these Terms and Conditions must be provided to such third party. This clause shall not apply to persons noted as recipients in Your prior instruction to Us or in the Quotation provided.  You are obligated to provide any such recipient with a copy of these Terms and Conditions.

10. If You release any part of the valuation or consultancy advice or its substance with Our written consent, You agree: a) to inform the other person of the terms of our consent; and b) to compensate Us if You do not do so. We have no responsibility to any other person even if that person suffers damage as a result of any other person receiving this Valuation, Valuation Services, Services or consultancy advice.

11. You agree that We do not and will not assume any responsibility to any person other than the Client for any reason whatsoever including, without limiting the generality of the foregoing, for breach of contract, negligence (including negligent mis-statement) or wilful act or default of itself or others by reason of or arising out of the provision of the Valuation, Valuation Services or Services and notwithstanding that any damages have been suffered or incurred by that person as a result of the provision of this Valuation or those Valuation Services to the Client or the use of either of them (or any part of either of them) by the Client for any purpose whatsoever.

12. You must pay our Fees within 14 days of the date of a correctly rendered invoice (A full GST invoice with payment options will be emailed separately to the applicable party at the same time the report is submitted) unless otherwise dealt with in the Quotation. Fees that remain unpaid for a period of 30 days or more will attract an administration charge of 2% of the total of the invoice calculated per month or part thereof. Unpaid accounts of over 90 days can/will be passed to our collection agency and all debt collection costs and all legal and related costs incurred in the recovery of any unpaid account will be charged to the invoiced party in addition to the outstanding amount.

13. You agree that We reserve the right to reconsider or amend the Valuation, Valuation Services, Services or consultancy advice, or the Fee set out in Our Quotation to You, if we identify information or facts that were not provided to Us in the at the time of quoting that reveal that the task is much greater than we initially anticipated from the information you provided. In such circumstances, once We have identified additional issues that necessitate additional work, we will advise you of the additional fees for additional time required to complete the task.

14. You agree that neither the whole nor any part of Our Valuation or the substance of any of Our Valuation Services or Services may be communicated to any third party (whether by way of inclusion in a document, circular, statement, prospectus, Product Disclosure Statement (PDS), public offer document or otherwise) without first obtaining the written consent of one of Our Directors. Neither the whole nor any part of Our valuation report or Valuation Services report or any reference to it may be included in any published document, circular or statement, prospectus, Product Disclosure Statement (PDS), public offer document, nor published in any way, without written approval by one of Our Directors as to the form and context in which our Valuation or Valuation Services may appear. Notwithstanding the foregoing, the Client agrees that in the event that it does communicate to a third party the whole or any part of this Valuation or the Valuation Services it shall also communicate to that third party these Terms and Conditions. Furthermore, You agree to indemnify Us in the event of any failure to do so.

15. You agree that every right, immunity, exemption and limitation or liability in these terms and conditions shall continue to have its full force and effect in all circumstances notwithstanding any breach of contract or the Terms and Conditions hereof by Us or any person entitled to the benefit of these Terms and Conditions.

16. You agree that if any provision or any part of a provision hereof is unenforceable for any reason whatsoever, such unenforceability shall not affect any other part of such provision or any other provision of these Terms and Conditions.

17. You agree that our Valuation and or Valuation Services are current at the Date of Valuation only. The value assessed in our Valuation or Valuation Services Report may change significantly and unexpectedly over a relatively short period of time (including as a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent changes in value. Without limiting the generality of the above comment, We do not assume responsibility or accept any liability where the valuation is relied upon after the expiration of ninety (90) days from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation. Notwithstanding the above You accept that our Valuation and or Valuation Services are current as at the Date of Valuation only and no representation or warranty is made as to the future value of the property.

Intellectual Property

18. All Our intellectual property contained within any advice We provide, remains Our property. We only grant you licence to use Our intellectual property to carry out the purpose for which the advice was provided.

Property or Valuation Circumstance Specific Qualifications, Assumptions and Conditions Precedent within our reports

19. We are providing You with our professional opinion as valuers. Our opinion is usually provided by way of a valuation report.  That report will set out a number of important qualifications, assumptions and conditions precedent which We may need to make, in addition to these Terms and Conditions, relative to the circumstances of the particular property or properties (real or personal property) under consideration.

20. You agree to read these qualifications, assumptions and conditions precedent carefully, and understand that if the assumptions that we have made or relied on are circumstances that do not prevail or eventuate, or are found later to be inaccurate, Our opinion as to value may be materially different. You agree to solely bear the risk in relation to any loss you might suffer, should this occur.

21. The qualifications, assumptions, and conditions precedent that We make will usually depend on the circumstances of the property being valued and are made in relation to matters that We do not have expertise to verify or We cannot verify information provided to Us within the time required to complete the valuation. These will be set out in detail in the Valuation, Valuation Service report or Services report that We provide to You.

22. These qualifications, assumptions and conditions precedent typically will relate to:-

(a) Land contamination and environmental risk;
(b) Town Planning Information;
(c) Town Planning and Development Controls and Consents;
(d) Title including Notifications on Title such as Easements, Caveats, Restrictions and other dealings;
(e) Building Areas;
(f) Building Structural Integrity;
(g) Building compliance with the New Zealand Building Code;
(h) Pest Infestation;
(i) Leases, Licences and Tenancies;
(j) Plant and Equipment within Buildings;
(k) The veracity of  and sources of Sales and Letting Information and Transaction Data;
(l) The nature of forecasting, future value assessment and discounted cash flow analysis;
(m) The basis of Value where access to the property is restricted; and
(n) Whether or not the property has been completed as part of a development

23. You agree that we will include property specific qualifications, assumptions and conditions precedent within Our reports as circumstances require. Furthermore, You agree that it is Your responsibility to carefully read and consider these qualifications, assumptions and conditions precedent and discuss them with Us if they cause You any concern.

Publication Report Disclaimer

24. The information provided within this publication should be regarded solely as a general guide. We believe that the information herein is accurate however no warranty of accuracy or reliability is given in relation to any information contained in this publication. Nor is any responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether expressed or implied (including responsibility to any person or entity by reason of negligence) accepted by Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited or any of its associated offices or any officer, agent or employee of Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited.

COVID-19

25. Our valuation has been prepared at a time when the COVID-19 (Coronavirus disease) is having a profound and unprecedented impact on global economies, stock markets and capital markets.Early signs are that certain industries are being affected more so than others at this time. Governments around the world, whom have all but exhausted the prospect on monetary policy stimulus given the already low interest rate environment, are rapidly developing fiscal stimulus strategies to avert a prolonged recessionary environment and underpin economic activity.In preparing our valuation we have considered sales and leasing transaction evidence that have occurred both before and after the COVID-19 lockdown period.We have also considered the supply and demand characteristics for the subject property asset class at the date of valuation. To do this we have had extensive discussions with real estate agents and market participants to consider the rental and capital markets for the subject property in the current environment. Where necessary, we have attempted to reflect the circumstances as they may affect the subject property in our valuation herein. Should our basis of assessment of the impact of the current circumstances for the subject property prove to be incorrect, we reserve the right to reconsider our findings herein.

We believe that despite current strong enquiry levels and strong sales activity post lockdown, the prospect of value softening in the medium to longer term cannot be discounted as the economic effects of the lockdown continue to play out.

Mortgage Terms & Conditions

Explanation

1. The following terms and conditions are the standard terms and conditions that apply to all Valuations or the Valuation Services or consultancy services and Services provided by Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited.

2. These terms and conditions form part of the appointment of Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited by the Client to provide the Services.

3. The Valuation and all Valuation Services are provided by Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited subject to these Terms and Conditions.

Definitions

4. The following definitions apply to these Terms and Conditions and the provision of our Valuations, Valuation Services and Services:

  • ‘Client’ shall mean the party for which We are undertaking the Valuation, Valuation Services or Services
  • ‘Confidential information’ means information that:
    (a)     Is by its nature confidential;
    (b)     Is designated by Us as confidential;
    (c)     You know or ought to know is confidential; and Includes, without limitation;
    (d)     Information comprised in or relating to any of Our intellectual property in the Services or any reports or certificates provided as part of the Services; and the Quotation / scope of works which We have provided to You.
  • ‘Date Of Valuation’  means, in relation to any Valuation, Valuation Services, Services or consultancy services or advice, the date of inspection or the specific date as at which our opinions are stated to apply (the Relevant Date).
  • ‘Director’  means a Director noted on the New Zealand Companies Office records for Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited.
  • ‘Disbursements’  mean out-of-pocket expenses such as travel and accommodation costs, Title searching costs, Costs associated with procuring expert reports or certificates of compliance from relevant professionals or authorities, which may be required to assist in ascertaining the value of the property. These expenses will be passed on to you at cost.
  • ‘Fee’  means the amount agreed to be paid for the Services by You as set out in the Quotation.
  • ‘Parties’  means You and/or Us as the context dictates.
  • ‘Quotation’  means the written quote provided by Us in relation to the Services.
  • ‘Relevant Date’  means the specific date that our opinion is stated to apply where we are instructed to value at a specific date other than the date of inspection.
  • ‘Services’  means the Valuation, Valuation Services, asset management, property management, facilities management or consultancy services or advice provided by Us pursuant to these Terms and Conditions and the Quotation.
  • ‘Valuation’  shall include a Valuation, Valuation services, or feasibility study, made or given in relation to any real or personal property, freehold or leasehold property, asset, liability or item or items of plant and machinery, proposed development, infrastructure, carbon, water or native title property right, business, fixtures, fittings or other property.
  • ‘Valuation Services’   shall include any oral or written advice, opinion, recommendation or statement communicated to the Client by Us consequent upon or incidental to the request for a Valuation;
  • ‘Valuer’  means the individual valuer that has undertaken the valuation or valuation services.
  • ‘We’, ‘Us’, ‘Our (s)’  means Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited, our employees, contractors, servants and agents.
  • ‘You’, ‘Your’  means the Client engaging Us to perform the Valuation, Services or Valuation Services.
Scope of Work/Quotation

5. Prior to commencing work, We will provide you with a Quotation that sets out who the report is for; the purpose for which the report is being prepared and the fee to be charged. You agree that:

(a) you will not use any advice we provide for any purpose other than as stated in the Quotation;
(b) you will not pursue any claim against Us for any loss you suffer because you have used Our advice for any other purpose;
(c) you will keep this report confidential, unless otherwise agreed by Us in writing.

Your Obligations

6. You warrant that the instructions and subsequent information supplied by You contain a full and frank disclosure of all information that is relevant to Our provision of the Valuation, Valuation Services or Services. You also accept all risk and any loss that might occur should you withhold any relevant information from Us.

7. You warrant that all third-party expert or specialist reports provided to Us by You for the purpose of Us providing the Valuation, Valuation Services or Services are provided with the authority of the authors of those reports.

8. You authorise and licence Us to incorporate Your intellectual property within Our report(s).

9. The Valuation and all Valuation Services are provided by Us solely for the use of the Client and any “Other Intended User” noted in the Scope of Works. You will not release any part of Our valuation or consultancy report or its substance to any third party without the written consent of one of Our Directors. Such consent will be provided at Our absolute discretion and on such conditions as We may require including that a copy of these Terms and Conditions must be provided to such third party. This clause shall not apply to persons noted as recipients in Your prior instruction to Us or in the Quotation provided.  You are obligated to provide any such recipient with a copy of these Terms and Conditions.

10. If You release any part of the valuation or consultancy advice or its substance with Our written consent, You agree: a) to inform the other person of the terms of our consent; and b) to compensate Us if You do not do so. We have no responsibility to any other person even if that person suffers damage as a result of any other person receiving this Valuation, Valuation Services, Services or consultancy advice.

11. You agree that We do not and will not assume any responsibility to any person other than the Client for any reason whatsoever including, without limiting the generality of the foregoing, for breach of contract, negligence (including negligent mis-statement) or wilful act or default of itself or others by reason of or arising out of the provision of the Valuation, Valuation Services or Services and notwithstanding that any damages have been suffered or incurred by that person as a result of the provision of this Valuation or those Valuation Services to the Client or the use of either of them (or any part of either of them) by the Client for any purpose whatsoever.

12. You must pay our Fees within 14 days of the date of a correctly rendered invoice (A full GST invoice with payment options will be emailed separately to the applicable party at the same time the report is submitted) unless otherwise dealt with in the Quotation. Fees that remain unpaid for a period of 30 days or more will attract an administration charge of 2% of the total of the invoice calculated per month or part thereof. Unpaid accounts of over 90 days can/will be passed to our collection agency and all debt collection costs and all legal and related costs incurred in the recovery of any unpaid account will be charged to the invoiced party in addition to the outstanding amount.

13. You agree that We reserve the right to reconsider or amend the Valuation, Valuation Services, Services or consultancy advice, or the Fee set out in Our Quotation to You, if we identify information or facts that were not provided to Us in the at the time of quoting that reveal that the task is much greater than we initially anticipated from the information you provided. In such circumstances, once We have identified additional issues that necessitate additional work, we will advise you of the additional fees for additional time required to complete the task.

14. You agree that neither the whole nor any part of Our Valuation or the substance of any of Our Valuation Services or Services may be communicated to any third party (whether by way of inclusion in a document, circular, statement, prospectus, Product Disclosure Statement (PDS), public offer document or otherwise) without first obtaining the written consent of one of Our Directors. Neither the whole nor any part of Our valuation report or Valuation Services report or any reference to it may be included in any published document, circular or statement, prospectus, Product Disclosure Statement (PDS), public offer document, nor published in any way, without written approval by one of Our Directors as to the form and context in which our Valuation or Valuation Services may appear. Notwithstanding the foregoing, the Client agrees that in the event that it does communicate to a third party the whole or any part of this Valuation or the Valuation Services it shall also communicate to that third party these Terms and Conditions. Furthermore, You agree to indemnify Us in the event of any failure to do so.

15. You agree that every right, immunity, exemption and limitation or liability in these terms and conditions shall continue to have its full force and effect in all circumstances notwithstanding any breach of contract or the Terms and Conditions hereof by Us or any person entitled to the benefit of these Terms and Conditions.

16. You agree that if any provision or any part of a provision hereof is unenforceable for any reason whatsoever, such unenforceability shall not affect any other part of such provision or any other provision of these Terms and Conditions.

Intellectual Property

17. All Our intellectual property contained within any advice We provide, remains Our property.  We only grant you licence to use Our intellectual property to carry out the purpose for which the advice was provided.

Mortgage Valuations

18. Where the Services are provided for mortgage purposes, You agree that You will not use the Valuation or Valuation Services report where the property:

(a) is used as security other than by first registered mortgage;
(b) is used as part of a group of securities (except where the property forms part of a trust); or
(c) is used as security for more than one loan.

19. Any wavier of this requirement must be approved in writing by one Our Directors.

20. We will not accept any liability or responsibility to second or subsequent mortgagees who have not instructed Us.

Reliance on the Valuation or Valuation Services report (Solicitor Loans)

21. Where this valuation is used for 1st mortgage security for a loan controlled, managed, brokered or otherwise induced by a solicitor (Solicitor Loan) it cannot be relied upon where the Loan to Value Ratio exceeds 70% of the valuation sum. We will not accept any liability or responsibility for a solicitor originated loan where the loan to valuation rate exceeds 70% of the value of the property. A Solicitor Loan means any loan of money on mortgage security arranged, controlled, managed, brokered or otherwise induced by a solicitor or firm or partnership of solicitors.

22. Reliance on Our Valuation or Valuation Services and report should only be taken upon sighting the original report document that has been signed by the Valuer and counter signed by one of Our Directors. The counter signatory verifies that this report is genuine, is issued and endorsed by Us. The opinion of value expressed in the report, however, has been arrived at by the valuer who has undertaken the valuation in accordance with the instructions given to us.

Length of Time Our Valuation or Valuation Services can be relied upon

23. Our Valuation and or Valuation Services are current at the Date of Valuation only. The value assessed in Our Valuation or Valuation Services Report may change significantly and unexpectedly over a relatively short period of time (including as a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent changes in value. Without limiting the generality of the above comment, We do not assume responsibility or accept any liability where the valuation is relied upon after the expiration of ninety (90) days from the date of the valuation, or such earlier date if you become aware of any factors that have any effect on the valuation. Notwithstanding the above You accept that our Valuation and or Valuation Services are current as at the Date of Valuation only and no representation or warranty is made as to the future value of the property.

24. You acknowledge that We reserve the right, at Our absolute discretion, to determine whether or not to assign Our valuation to any third party. Without limiting the extent of Our discretion, We may decline a request for assignment where:

(a) the proposed assignee is not a major recognised lending institution (such as a bank or other lender regulated by the Reserve Bank of New Zealand Act 1989);
(b) the assignment is sought in excess of 3 months after the date of valuation;
(c) we consider that there has been a change in conditions which may have a material impact on the value of the property;
(d) the proposed assignee seeks to use the valuation for an inappropriate purpose; or
(e) Our Fee has not been paid in full.

25. Where We decline to provide an assignment, We may be prepared to provide an updated valuation on terms to be agreed at that time.

26. In the event that You request us to assign Our valuation and We agree to do so, You authorise Us to provide to the assignee a copy of these Terms and Conditions, the original Quotation and any other document, including instructions provided by You, relevant to the scope of Our Valuation or Valuation Services.

27. We have been instructed by the lender to whom this valuation is addressed (the instructing lender) to prepare this valuation for mortgage security purposes and only the instructing lender is entitled to rely on this valuation.

We make no representations to any other party, including, specifically, the borrower and assume no responsibility to any other party in any way.

No other party must rely in any way on this valuation report, as its sole purpose is for use by the instructing lender in assessing the value of the subject property for mortgage security purposes.

Specifically, no other party should rely upon the report for the purpose of deciding whether or not to enter into a transaction or to alter their financial position, or for the purpose of seeking finance from another party, as the report has not been prepared for any other party’s benefit or for any purpose other than the instructing lender assessing the subject property for mortgage security purposes.

We do not authorise the disclosure of the valuation report by the instructing lender to any third party and our duty of care at law is owed only to the instructing lender and no other party should anticipate having any legal recourse against us.

Property or Valuation Circumstance Specific Qualifications, Assumptions and Conditions Precedent within our reports

28. We are providing You with our professional opinion as valuers.  Our opinion is usually provided by way of a valuation report.  That report will set out a number of important qualifications, assumptions and conditions precedent which We may need to make, in addition to these Terms and Conditions, relative to the circumstances of the particular property or properties (real or personal property) under consideration.

29. You agree to read these qualifications, assumptions and conditions precedent carefully, and understand that if the assumptions that we have made or relied on are circumstances that do not prevail or eventuate, or are found later to be inaccurate, Our opinion as to value may be materially different.  You agree to solely bear the risk in relation to any loss you might suffer, should this occur.

30. The qualifications, assumptions, and conditions precedent that We make will usually depend on the circumstances of the property being valued and are made in relation to matters that We do not have expertise to verify or We cannot verify information provided to Us within the time required to complete the valuation.  These will be set out in detail in the Valuation, Valuation Service report or Services report that We provide to You.

31. These qualifications, assumptions and conditions precedent typically will relate to:-

(a) Land contamination and environmental risk;
(b) Town Planning Information;
(c) Town Planning and Development Controls and Consents;
(d) Title including Notifications on Title such as Easements, Caveats, Restrictions and other dealings;
(e) Building Areas;
(f) Building Structural Integrity;
(g) Building compliance with the New Zealand Building Code;
(h) Pest Infestation;
(i) Leases, Licences and Tenancies;
(j) Plant and Equipment within Buildings;
(k) The veracity of  and sources of Sales and Letting Information and Transaction Data;
(l) The nature of forecasting, future value assessment and discounted cash flow analysis;
(m) The basis of Value where access to the property is restricted; and
(n) Whether or not the property has been completed as part of a development

32. You agree that we will include property specific qualifications, assumptions and conditions precedent within Our reports as circumstances require.  Furthermore, You agree that it is Your responsibility to carefully read and consider these qualifications, assumptions and conditions precedent and discuss them with Us if they cause You any concern.

Publication Report Disclaimer

33. The information provided within this publication should be regarded solely as a general guide. We believe that the information herein is accurate however no warranty of accuracy or reliability is given in relation to any information contained in this publication. Nor is any responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether expressed or implied (including responsibility to any person or entity by reason of negligence) accepted by Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited or any of its associated offices or any officer, agent or employee of Preston Rowe Paterson Tauranga Limited and Preston Rowe Paterson Auckland City Limited.

COVID-19

34. Our valuation has been prepared at a time when the COVID-19 (Coronavirus disease) is having a profound and unprecedented impact on global economies, stock markets and capital markets.

Early signs are that certain industries are being affected more so than others at this time. Governments around the world, whom have all but exhausted the prospect on monetary policy stimulus given the already low interest rate environment, are rapidly developing fiscal stimulus strategies to avert a prolonged recessionary environment and underpin economic activity.

In preparing our valuation we have considered sales and leasing transaction evidence that have occurred both before and after the COVID-19 lockdown period.

We have also considered the supply and demand characteristics for the subject property asset class at the date of valuation. To do this we have had extensive discussions with real estate agents and market participants to consider the rental and capital markets for the subject property in the current environment. Where necessary, we have attempted to reflect the circumstances as they may affect the subject property in our valuation herein. Should our basis of assessment of the impact of the current circumstances for the subject property prove to be incorrect, we reserve the right to reconsider our findings herein.

We believe that despite current strong enquiry levels and strong sales activity post lockdown, the prospect of value softening in the medium to longer term cannot be discounted as the economic effects of the lockdown continue to play out.

 

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