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CHARTER OF DUTIES OF VALUERS !
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mjoshi10



Joined: 30 Aug 2008
Posts: 32

PostPosted: Sat Dec 06, 2014 7:17 pm    Post subject: CHARTER OF DUTIES OF VALUERS ! Reply with quote

  Charter of Duties of Valuers which were prepared by PVAL (Practising Valuers Association Of Ludhiana) and posted to head offices of Over 100 Bank's, Financial Institutions, NBFC's. on 6th July 2014 and 4th August 2014.

Requirement of Charter
   In absence of clear guidelines by banks regarding the role and duties of approved valuers of banks, there is an atmosphere of misunderstanding and misinterpretations which often lead to harm the image and standing of Valuers of bank’s, both in term of being held accountable by banks for the duties which are neither the part of valuers profession nor is a Valuer qualified to perform these and further they have to face unnecessary investigations and litigation for the matters out of their scope of duty and area of expertise.
   Each and every banker tries to interpret and fix Valuers duties as per their own knowledge and exposure, the same is done without any specialized knowledge at banker’s end about the area of expertise and the basic duties of Valuers of the bank.
  This half cooked knowledge of banker’s prove very humiliating and professionally detrimental to Valuers as the bank’s generally without giving any chance of being heard to the valuer decide that the Valuer is at fault and depanel them and further submit a police complaints blaming the valuers for being part of the conspiracy/ Fraud.
   Based on these complaints and the picture which banker’s and accepting authorities paint in front of the investigating agencies/ police/CBI , Valuers often face humiliating investigations and in some cases even FIR’s and subsequent arrests. 
     We hereby by the medium of this Charter Of Duties inform all the addresses that in case they do not agree with the duties as specified below and in case they want to discuss any point or in case they have any RBI circular, Internal Bank circular, Internal  Circular, Internal Instructions which contradict the above details and if they feel that any point is mentioned incorrectly or any duty which they think is part of Valuers job has been omitted , Please feel free to contact us for a further discussion in the matter in your local Punjab Office, We would be more than happy to answer and clarify all your queries.
In case no questions or queries are raised by you in 30 days , we shall assume that the above details/ duties / statements are acceptable to you and u have no documents to prove otherwise .
 
The complete charter is attached alongwith, Which can be downloaded and used if required, We have recd just one meeting from HUDCO, rest all bank's and financial Institutions have decided to be MUM about it.
We have sent follow up mails as well as action taken RTI to all of them recently. We will share the outcome will all professional brothers and sisters.
Any suggestions are more then welcome from our learned fellow professionals .

Er.Manish Joshi

Vice President- Practising Valuers Association Of Ludhiana

Secretary- Institution Of Valuers, Ludhiana Branch

093169-12191, 0161-2564352

email- thevaluers@gmail.com




Charter Of Duties0001.pdf
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Complete Charter of Duties, PLease download to read full contents.

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 Filename:  Charter Of Duties0001.pdf
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djagan1949



Joined: 07 Jan 2009
Posts: 315

PostPosted: Sat Dec 06, 2014 10:41 pm    Post subject: Duties of valuers Reply with quote

Dear mjoshi10 ji,

Commendable job and service to valuers feternity by PVA of Ludhiana. Banks must follow this without slippage . Congrtulations to the Ludhiana team.

Warm Regards

Vr. D. Jagannathan 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Wed Dec 10, 2014 7:44 am    Post subject: Reply with quote

Dear Mr. Joshi,

I have  the following points to be clearly mentioned in the charter:

(1) A Valuer ONLY VALUES THE PROPERTY/ ASSET which is already identified and predetermined by the banker for  accepting   as a security before lending the public money held by them  for  making their profit. For this  it is the duty of the Banker to send  a representative with a authority letter on which  such a representative's photograph and his signature are  attested by an authorised official of the Bank concerned and this letter will form a part of the valuation report.

(2) A valuer has been provided with only  xerox copies of the  documents like patta. sale deed, legal opinion, approved plan, village map etc.,These xerox copies are to be verified and attested by a duly competent bank official and then only the valuer will proceed  his valuation exercise. These also will form a part of the valuation report.

(3) The valuer IS NOT COMPETENT to give a STABILITY CERTIFICATE.IF NEED BE IT IS THE DUTY OF THE BANK  CONCERNED TO  approach a competent STRUCTURAL ENGINEER for the same as  desired by the Bank. THE VALUER HAS THE OPTION  TO SOLICIT THE STRUCTURAL ENGINEER"S certificate prior  to his valuation exercise.

(4)  IN THE CASE OF INCOMPLETE BUILDINGS EVEN IN THE CASE OF A  PROPOSED CONSTRUCTED  FLAT THE VALUER  GIVES ONLY AN APPROXIMATE ESTIMATE WHICH SHOULD BE COMPARED WITH THE BUILDER's estimate and the BANK may decide suitably for financing such a venture and THE VALUER  IS NOT CERTIFYING the trustworthiness or  capability of the BUILDER or the STABILITY OF THE CONSTRUCTION PROPOSED even before its existence. IT IS THE OPTION OF THE BANKER TO SOLICIT THE STRUCTURAL ENGINEER"S CERTIFICATE prior and after completion for use of such a flat or construction.

Regards

T D Suresh Babu

 

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mjoshi10



Joined: 30 Aug 2008
Posts: 32

PostPosted: Wed Dec 10, 2014 11:01 am    Post subject: Reply with quote

Excellent suggetsions Sir,
We have circulated the same throughout Punjab and will

be finalizing these in next CORE committee meeting.

Er.MAnish Joshi

09316912191

 

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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Wed Dec 10, 2014 12:20 pm    Post subject: Reply with quote

Dear Er.Manish Joshi,

I have not read what has been attached. Hence comment on that stuff once i go through. having said that first time i have seen someone has done really good job in the interest of valuation profession and banks and borrower. This is must and such things can not be taken like what happening today when there is money matter involved.

Entire economy is suffering and Nation is making huge loss due to such grey area. No one is interested in doing work in this area, our institutions meet and discuss topics like what is market approach area x rate, what is cost approach land plus building value and than clap and have eatings and go to home.

where is the professionalism developed in last many years among-st client,bankers and borrower as well as government. why on earth simple things require such a long time and such efforts to get recognized.

All the professionals who join as a valuer are of greater academic background and than after leaving their high paying profession than join valuation. That means they are talented. Where all this talent goes after becoming valuer. why they can not change things in their favor and nations favor. why some one detect them ?

We need to come up nationally together and set rules for entire process. like  0) Proposal of fees and terms and conditions followed by acceptance by client 1) Appointment of Valuer 2) Documents to be given 3) Visit by done who and how 4) Advance fees payment process 5) stage wise fees disbursal 6) how to communicate with client 7) how client will communicate with valuers Cool how report will be prepared 9) Submission of report 10) how to prepare Invoice and extra claims if any 11) payment process 12) recourse in case of dispute 13) process in case of delay payment non payment 14) Penalty in case non adherence of terms and conditions by client or non payment of fees or delay in paying fees etc.15) cancelesation procedure removal of valuer procedure 16) Appericiation letter

I have done excellent research in this area. I may need to present such things in one of the seminar but only after popular demand.

Regards,

Mohit Mehta

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kulwantrai



Joined: 06 Jan 2009
Posts: 3

PostPosted: Wed Dec 10, 2014 6:44 pm    Post subject: Reply with quote

Good work !

Appriciate the efforts

Er. Kulwant Singh Rai

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Sat Dec 13, 2014 9:08 am    Post subject: Reply with quote

Dear Mr. Joshi,

There are FEW more points to be clearly mentioned:

(1) The valuer will deem to take up the work only on receipt of the letter assigning the work duly signed by a competent authority of the Bank.If the valuer wishes to take up the work due to personal rapport with such a competent authority he may  proceed after CLEARLY MENTIONING THE NAME OF THE OFFICIAL, HIS OFFICIAL DESIGNATION AND HIS EMPLOYEE NUMBER in his report.( This will also help very much while claiming the missed payments from the Bank)

{ IF ANY BANKING OFFICIAL INSISTS THAT HIS NAME  should not be mentioned in the report The valuer  should know that he is a unbelievable and unreliable person and should not take up assignments from such an official}

(2) The time on receipt of the assignment letter and the time of receipt of  all the documents should be clearly mentioned in the report.

(3) If any official insists on speeding up the work UNREASONABLY as against the time NORMALLY REQUIRED there are two choices left to the valuer. IF HE wants to stop all his other works and he is confident that he can complete the assignment with the time frame dictated or specified HE SHOULD BE PAID MORE OR ELSE HE SHOULD NOT TAKE UP SUCH ASSIGNMENTS.. IT IS NORMALLY TO BE UNDERSTOOD with CRYSTAL CLARITY THAT A VALUER SHOULD NOT TAKE UP ANY ASSIGNMENT UNDER DURESS OR  ANY UNDUE PRESSURE.

CLARITY IS YOUR LIFELINE  MY DEAR VALUERS


REGARDS,

T D SURESH BABU
 

 

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ndelango



Joined: 10 Dec 2008
Posts: 9

PostPosted: Mon Dec 15, 2014 1:07 pm    Post subject: Inspection Reply with quote

 first of all it is the primary duty for valuers are please inspect the property personnaly. it is our duty to confirm & identify the correct property under our purview. if we inspect the property why we bother about CBI, police & bankers and all. dont engage sub ordinate staffs. in chennai many of the valuers have non tech staff  for inspection. 

pl dont do this

success is based on how many case you won, when questions arise, not how many reports we did

 

if any hurt. pl excuse me sir

 

gos is great. may the blessings be

 

ELANGO, Chennai

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Tue Dec 16, 2014 3:33 pm    Post subject: Reply with quote

Dear Mr. Elango,

WE AGREE THAT THAT IT IS THE DUTY  OF THE VALUER TO CONFIRM (PL UNDERSTAND CONFIRM) THAT THE PROPERTY IDENTIFIED BY THE BANKER IS THE SAME AS PER THE DOCUMENTS.

PL UNDERSTAND THAT THE VALUER WILL CHECK THE IDENTIFICATION  BY THE BANKER is RIGHT OR NOT.

IDENTIFICATION OF THE SECURITY HAS TO BE PRIMARIILY DONE BY THE BANKER AS PER THEIR NORMS.

WE ARE NOT CONCERNED ABOUT THE UNETHICAL VALUERS AND THIS FORUM IS MEANT FOR ONLY ETHICAL PROFESSIONAL VALUERS.

KINDLY DO NOT CONTINUE TO REMAIN IN CONFUSION After listening to your worshipful chairman's talks.

REGARDS

T D Suresh Babu
 

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mjoshi10



Joined: 30 Aug 2008
Posts: 32

PostPosted: Thu Dec 18, 2014 10:50 am    Post subject: Reply with quote

Dear Mr. Elango

yes, our prime duty is to visit the site and Identify which site we visited, along with whom and yes we have to be very sure to measure the site, record all construction, record any discrepancy and release the report, There is no disconnect there.

BUT

standing in front of Police, CBI, Investigating agencies, THINKING and ASSUMING that they will not harm you or they will not entangle you in any case is " LIKE STANDING IN FRONT OF A LION AND ASSUMING THAT IT WILL NOT EAT YOU, BECAUSE YOU ARE A VEGITARIAN"  I would not risk that, rather I would be prepared with all legal matter, Judgments’ and would not allow anybody to entangle me our any of my fellow valuers for any duty which is not part of his professional duty, I would not let any Valuer be treated as SCAPEGOAT in any circumstance.

to me awareness is power and we should never be weak if we have to pursue this profession !

Thanks

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Fri Dec 19, 2014 7:33 am    Post subject: Reply with quote

Dear Mr. Joshi and Mr. Elango,

PL DO NOT USE REPEAT HUNDRED TIMES DO NOT USE THE words" IDENTIFYING THE PROPERTY" as you are not identifying the property for any banker or buyer but only" LOCATING" REPEAT HUNDRED TIMES "LOCATING" the property as per the documents provided by the banker.

 LET IOV STALWARDS BE PROUD OF CALLING THEMSELVES  THAT THEY CONDUCT HUNDREDS OF SEMINARS under the title " IDENTIFICATION OF THE PROPERTY" by the valuers.They are neither knowing ENGLISH properly nor INTERESTED IN THE WELFARE OF ANYONE OF THEIR members.

REGARDS

T D Suresh Babu

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mjoshi10



Joined: 30 Aug 2008
Posts: 32

PostPosted: Fri Dec 19, 2014 10:24 am    Post subject: Reply with quote

Nice suggestion

"locating"- the property as per documents provided by Bank/Banker

Yes- the word Identification does need a replacement

Suggestion noted

Thanks

 

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sugatabiswas



Joined: 23 Sep 2011
Posts: 42

PostPosted: Sat Dec 20, 2014 8:32 am    Post subject: Reply with quote

Dear All I am watching silently for last few days on the all important issue being discussed here. Its an important & guiding –conclusive matter about the safety/professional immunity of valuer fraternity for future. I raise the issue in a GBM for IOV Jaipur chapter yesterday . Regretfully I found that may of our fellow valuers does not concern about fallout of the issue. Interestingly some of them are also in opinion that (???) its in the scope of valuer for legal aspect of the property to be valuated . Anyway I put forward my opinion/ cited about the PVAL charter etc.- I will try my best to convince these valuers to rethink about their opinion. We may no get hundreds with us but a handful of like minded valuers will also be helpful to change the discourse Regards- Ar. Sugata Biswas Jaipur ( 0-9950996851)
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mjoshi10



Joined: 30 Aug 2008
Posts: 32

PostPosted: Sat Dec 20, 2014 6:31 pm    Post subject: Reply with quote

Ar. Sugata Biswas

Thanks for your inputs, Shortly I will share a complete analysis ,Citing legal cases, Judgements and

other documents which will clearly explain as to why Valuer can not go into the revenue part of property.

The article will prove in detail that doing so is outside the professional duties as well as professional and educational competency of a Valuer.

Please read that and I think that your fight for convincing the Valuers who think it is there job, Will be very easy then.

Regards

Er. Manish Joshi

93169-12191

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suchdevs



Joined: 30 Aug 2008
Posts: 348

PostPosted: Sun Dec 21, 2014 12:24 am    Post subject: Reply with quote

appreciate the commitment to the cause... will wait for the article...

rgds, nilesh suchdev

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