1. Defvas Project In Partnership with TEGoVA and the IRRV EUROPEAN VALUATION STANDARD – 4 THE VALUATION PROCESS

2. Defvas Project In Partnership with TEGoVA and the IRRV INTRODUCTION A valuation must be professionally prepared The property appraised and all available evidence The result can be sustained under challenge

3. Defvas Project In Partnership with TEGoVA and the IRRV SCOPE The procedural steps Terms of engagement Appraisal and inspection Review an existing valuation

4. Defvas Project In Partnership with TEGoVA and the IRRV TERMS OF ENGAGEMENT Detailed terms Covering valuation assumptions Fee basis Instructing client of valuation Advice to lenders Recorded in writing

5. Defvas Project In Partnership with TEGoVA and the IRRV LIAISON WITH CLIENTS ADVISERS, AUDITORS AND OTHERS Liaise with the client’s other advisers Secure necessary information Liaise closely with the auditors Ensuring consistency Appropriate bases of value

6. Defvas Project In Partnership with TEGoVA and the IRRV COMMENTARY Valuers have an absolute responsibility Sub-contracted valuations Valuation passed to a third party Valuations which are inconsistent with the standards Valuations carried out with limited information or where special assumptions are necessary

7. Defvas Project In Partnership with TEGoVA and the IRRV SUPPORTING THE VALUATION Appraising the subject property in context Property inspection The nature and scale of the property Relevant financial, legal and regulatory issues Market uncertainty and volatitily

8. Defvas Project In Partnership with TEGoVA and the IRRV VALUATION REVIEWS Circumstances resulting in the review Instructions to the reviewing Valuer The appropriateness of the approach adopted The need for the reviewing Valuer to be aware of all the facts and information