Thursday, December 01, 2005
Setting Up of SISV Appeals Channel for reviewing market valuations of resale HDB flats
Since 1 Apr 05, all resale HDB flat transactions involving a bank loan and the use of CPF savings must be accompanied by a valuation report from a private valuer assigned by HDB.
Flat buyers/sellers who are dissatisfied with the valuation can either appeal direct to the private valuer for a review, or submit request for a new valuation which would be provided by a different valuer assigned by HDB.2With immediate effect, flat buyers/sellers who wish to appeal against these valuations can also submit their request for a final review to the Singapore Institute of Surveyors and Valuers (SISV). The SISV is a professional body representing valuers, land surveyors, quantity surveyors, building surveyors, property managers, property consultants and real estate agents in Singapore.
SISV will appoint a panel of 3 licensed valuers to review each valuation. Once the SISV panel has decided on the market valuation of the flat, its decision will be final and will supersede previous valuations. A certificate of valuation will also be issued for flat buyers to use when applying for mortgage financing and withdrawal of CPF monies in the purchase of the flat. During the three-month period following SISV’s review, no other flat valuations can be used and HDB will not accept new requests for valuation of the same flat.
Each application to SISV will be charged a fee of $177.50 (inclusive of GST). Duplicate copies of the certificate of valuation can be purchased from SISV at $100 each.
Flat buyers/sellers who are dissatisfied with the valuation can either appeal direct to the private valuer for a review, or submit request for a new valuation which would be provided by a different valuer assigned by HDB.2With immediate effect, flat buyers/sellers who wish to appeal against these valuations can also submit their request for a final review to the Singapore Institute of Surveyors and Valuers (SISV). The SISV is a professional body representing valuers, land surveyors, quantity surveyors, building surveyors, property managers, property consultants and real estate agents in Singapore.
SISV will appoint a panel of 3 licensed valuers to review each valuation. Once the SISV panel has decided on the market valuation of the flat, its decision will be final and will supersede previous valuations. A certificate of valuation will also be issued for flat buyers to use when applying for mortgage financing and withdrawal of CPF monies in the purchase of the flat. During the three-month period following SISV’s review, no other flat valuations can be used and HDB will not accept new requests for valuation of the same flat.
Each application to SISV will be charged a fee of $177.50 (inclusive of GST). Duplicate copies of the certificate of valuation can be purchased from SISV at $100 each.
// posted by Shajahan @ 11:37 AM 