Edition 2020 Ninth edition

parties involved
(see EVS 3.5.2)
The identity and status
of the valuer
State that the valuer is acting in an external
and independent capacity. Compliance with
the valuer's professional association's and with 
TEGOVA's European Code of Conduct and Ethics 
must be confirmed.
The qualifications and designations of the 
valuer should be set out, including REV or TRV, 
if awarded.
Assumptions, special
assumptions and departures 
from EVS
All assumptions and special assumptions
required by the client in preparing the
valuation or Valuation Report must be specified. 
Reference must be made to any departures
from EVS, setting out the reasoning and
justification for departure.
(see EVS 1)
The scope and extent 
of investigations
The scope and extent of the investigations must 
be clearly set out. The extent of the inspection 
(internal and external) must be mentioned.

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Reliance placed on information 
provided by the client
If the client has supplied information relating 
to the property or if the valuer is advised by the 
client to obtain information from a specified third 
party, then the terms must state that the valuer 
will rely upon this information and will not seek to 
verify the accuracy of the information provided.
The valuer does not accept liability where
the client has witheld information or given
incorrect information.
Any restriction placed 
on publication
If any restrictions regarding publication,
reproduction, public reference or circulation 
of the Valuation Report are agreed, they must 
be stated.
The extent to which a duty
of care will be provided
The specific identity of the parties to whom a duty 
of care is owed should be set out. It may be
appropriate to specify that no responsibility or 
duty of care will be offered to any other parties.
Consistency with European
Valuation Standards
Where the valuation has been rendered
consistent with EVS, reference must be given 
with the title European Valuation Standards.
The basis of fee to be charged
All relevant costs and charges to be borne by 
the client should be specified. If expenses are 
to be charged, the basis of that charge should 
be included. Figures quoted should state where 
they are exclusive of VAT or other taxes. Where 
the client is not registered for VAT (such as a 
private individual) the total fee including VAT 
should be stated. Where fees are determined by 
third parties or prescribed by statute, the actual 
amount to be charged should be provided.
Basic disclaimer
Timetable for work

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6. Supporting the valuation
6.1. 
A professional valuation relies on the valuer appraising the subject property in its 
context, researching and verifying all matters with a bearing on the value of the 
property. The quality of the valuation will, in part, rely on the quality of the infor-
mation used to prepare it and so the valuer will need to verify any sources and 
the date of that information. Market conditions relevant to the subject property 
should also be reviewed as, where soundly appraised, these form part of the basis 
on which decisions may be made. Data retained following the submission of a val-
uation must be sufficient to enable verification that the analysis and evaluation 
undertaken in the approach, or approaches, to providing the opinion of value re-
ported were sufficient for the type and scale of valuation.
6.2. 
Property inspection — As part of obtaining personal knowledge of the property, 
the report-signing valuer or a named and qualified person mandated by the re-
port-signing valuer must make her/his own visual inspection of it. This will include 
the interior of the buildings, the locality and the environment to record all matters 
which appear relevant to the value of the property.
6.2.1. 
The Valuation Report must contain the following inspection information:
•
Date of inspection;
•
Information to be received and examined: list of documents and other informa-
tion originating from third parties e.g. cadastre information, surfaces, current 
occupancy, leases, etc., including origin of data and supporting evidence;
•
Confirmation that the inspection was made by the valuer or by a suitably qual-
ified person under the valuer's responsibility;
•
The name and qualifications of the person who physically inspected the prop-
erty and the extent of the inspections carried out must be stated. If the inspec-
tion has been less complete than usually required for this type of valuation, this 
must be stated;
•
Responsibility for the inspection: falls to the valuer signing the report;
•
The extent of the property that it was possible to inspect.
6.2.2. 
The nature of the on-site inspection will depend upon the property and national 
legislation, custom and practice, but the valuer should record the main character-
istics of the property and the location that affect the value.
6.2.3. 
The nature and scale of the property inspection(s) will depend on the purpose of 
the valuation and the basis agreed with the client. There may be circumstances, 
such as the provision of a portfolio valuation, where it is appropriate to restrict 

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the inspection(s), for example, to the exterior and locality only or a desk valuation. 
If an inspection has not been made, or it was not carried out in a proper way to 
gather all necessary information, this fact and the reason for the restriction must 
be recorded in the Valuation Report, as factors which could significantly affect the 
property's value may not have been identified.
6.3. 
Consideration should be given to establishing relevant financial, legal and regula-
tory points regarding the property.
6.4. 
Having inspected the property, valuers should seek out and consider available 
comparables (sold or for sale, or rented or for rent as appropriate) and analyse 
them comprehensively on a common basis as to evidence of prices and/or yields.
6.5. 
Valuations for secured lending purposes require an objective assessment of prop-
erty-specific risk factors linked to the structure and the duration of the proposed 
loan facility.
6.6. 
Figures reported should be supported, not just stated. The valuation is the culmi-
nation of valuers' investigations and research that demonstrates their skill in being 
able to bring together data from various sources, use that information efficiently 
and provide a considered opinion.
6.7. 
The contents of a Valuation Report will be determined by the purpose and agreed 
Terms. EVS 5 deals with Valuation Reporting.
6.8. 
Where the valuer is aware of market uncertainty, volatility or other issues putting 
the value at risk, these should be considered and reported in the assessment.
7. Valuation review
7.1. 
A valuation review is an assessment of another valuer's report, not a revaluation.

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7.2. 
The term valuation review can have different meanings:
•
An assessment of the report of another valuer taking the form of a Valuation 
Review Report;
•
A check of the overall accuracy of a portfolio of valuations