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ARTICLE · 09 MAY 2012

A recent reminder of a property valuer's obligations

Cooper Grace Ward
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The case reiterates the legal principles in matters involving negligent, misleading or deceptive property valuations.

AustraliaFinance and Banking
Tony Park
Tony Park
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On 20 March 2012, the Federal Court reiterated the legal principles to be applied in matters involving negligent, misleading or deceptive property valuations in the decision of Propell National Valuers (WA) Pty Ltd v Australian Executor Trustees Limited [2012] FCAFC 31.

Background

In 2007, Mr Michael Pell submitted an application for refinancing to the second respondent, Seiza Mortgage Company Pty Ltd (Seiza), and offered a property based in Western Australia as security for the loan.

Propell National Valuers (WA) Pty Ltd (the firm) was retained on behalf of Mr Pell to value the property for mortgage security purposes. The firm prepared a valuation report which assessed the market value of the property at $1.6 million. The evidence tendered at trial established that the property had a market value of only $1,030,500.00 at that time.

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