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How is valuation done by President of IAVI ?

  • 03-07-2010 10:28am
    #1
    Japer
    Banned (with Prison Access) Posts: 792 ✭✭✭


    A friend has a property ( farm ) which there is a dispute about, and its written down by solicitors that the value of the property may be determined by the President of the Institute of valuers and auctioneers. She was wondering, out of curiosity, how this would be done....does each of the three parties with an interest in the property get their valuers to value it, and the professional institute IAVI take the average of a number of valuations ? Or does the IAVI have one nominated valuer ? Someone may have come across that situation before?
    Thanks in advance for any replies.


Comments

  • #2
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    Depends on the wording of the clause.

    The President's role is probably to nominate an independent valuer. Unless there is a provision for a formal arbitration under the Arbitration Acts, the valuer nominated will consider the other valuations, invite any other submissions, inspect property and issue a valuation.


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