Sworn Valuation

What is a Sworn Valuation?

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We often hear the phrase 'sworn valuation', but what does it actually mean? and how are sworn valuations different from other valuations?

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A sworn valuation is one where the valuer is willing to take an oath or make an affirmation to a court that the valuation is authentic and other property valuations are not prepared to this standard. Courts often require a valuation of this kind, for instance, Federal Circuit and Family Court of Australia requires a valuer to swear or affirm that:

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All necessary research and enquiries have been made

No relevant information has been missed or omitted

The opinions it contains are independent and impartial

The facts it contains are true; and

That the valuer has complied with professional codes of conduct.

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What is a 'Sworn Valuer'?

 

'Sworn valuation' and 'sworn valuer' are not legal terms used by the courts. These terms originated in the early 1900s, when valuation work was undertaken by real estate agents who also called themselves as ‘sworn valuers’. This showed their willingness to swear that their valuations were independent and impartial. However, real estate agents more commonly provide market appraisals for the purpose of gaining property listings and so there remains a public perception that agents have conflicting interests, which could affect their impartiality.

 

Efforts to increase consumer confidence in the impartiality and expertise of valuers, led to the introduction of valuer registration programs by state governments in the 1960s and further valuer regulation has been established since. Today academic qualifications for valuers now ensure adequate training, and industry bodies, such as the Australian Property Institute, provide governance for valuation professionals.

 

Our valuers are not real estate agents but are highly trained, experienced experts who are accredited by both the Australian Property Institute and the Royal Institute of Chartered Surveyors.