Property valuers

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There are new legal requirements for valuers set out in new and updated legislation, effective as of 31 March 2005

The Valuers Act 2003 was passed by the NSW Parliament in May 2003.

The new Valuers Act and the Valuers Regulation 2005 commenced on 31 March 2005, replacing the Valuers Registration Act 1975 and the regulations under it.

Overview of changes

The new Act retains a registration system for valuers, while simplifying registration and disciplinary procedures and introducing a number of changes designed to increase consumer protection.

The following is a brief overview of the changes:

• The definition of valuation extends the legislation to cover property other than real property; for example, water access rights.
• The previous five categories of valuer registration are replaced with one category of 'registered valuer'.
• The one year registration period is changed to three years.
• The Commissioner will maintain a register of valuers from which the public will be able to obtain information, and may publish a notice warning of the risks in dealing with a specified registered valuer or a person associated with their activities
• The list of grounds for disqualification from registration is expanded to include matters such as bankruptcy, failure to pay monetary penalties and certain convictions.
• 'Show Cause' notice provisions, enabling the Commissioner for Fair Trading to issue a person with a notice to show cause why disciplinary action should not be taken against them
• A valuer whose registration is suspended, cancelled or made subject to a condition must now notify his or her clients within three days.
• Appeals against a registration or disciplinary decision by the Commissioner will no longer be heard by the Land and Environment Court. Aggrieved persons must write to the Commissioner to request a review of the decision. An application for review of the decision may then be made to the Administrative Decisions Tribunal.