If the subject property has been structurally modified through for example, partitions, fit out, extensions, which make it significantly different from the standard property originally, then the client agrees that a new Terms of Engagement will be drafted. Additional documents will be required such as, NOC/permission from developer, property management company, local building authority, and the final completion certificate.

By accepting these terms, you confirm that the property information, including the accommodation and tenure details, is accurate and correct to the best of your knowledge. Your valuation will be based on the information provided. This information may be verified against online data from sources such as the Dubai Land Department, DDA, My Land Abu Dhabi, Dari, and online portals like Reidin and DXB Interact. We will contact you should we require any clarification.

For an inspection-based valuation, the inspector may inspect each and every area of the subject property, photograph them, and measure them. Client agrees to arrange for providing full cooperation in all possible ways in this regard. Where valuations have to be made on restricted inspection, the nature of the restrictions will be addressed in the valuation report. In the event that the inspector is not able to complete his inspection tasks, the Firm and the Valuer assumes no responsibility or liability arising out of this non-cooperation and its impact on our valuation.

Inspections and investigations will be carried out to the extent reasonable, accessible, permitted by the owner, tenant and/or the client’s representative, and necessary to produce a valuation, which adequately meets the purpose of the valuation. The Firm and the Valuer will neither inspect those parts of the property which are covered, unexposed or inaccessible, nor will the Valuer raise floorboards, remove building fabric or parts, move any fixed apparatus or arrange for a test of the electrical, heating or other services.

• Desktop valuation may be acceptable by Local and International Valuation Standards conditionally during revaluation. In case the Client instructs us to carry out a desktop or drive by valuation, the Client agrees to the following:
• It is indeed not possible to inspect the property due to an unavoidable reason.
• The property is in a good and normal state and condition legally, structurally, and technically.
• There is no material change/difference in the property legally, structurally, technically compared to standard and similar properties in the neighborhood and the same subject property since it was last inspected by us.
• The valuation report is for the client’s internal management purposes and will not be shared with third parties or published.

Since it is desktop or a drive by valuation, the Valuer will have a very limited insight and capacity in the subject property to make a valuation estimate related to desktop or drive by valuations. The Firm and the Valuer assumes no responsibility or liability with regard to the results of the limited insight into the property due to desktop and/or drive-by instructions, as the desktop valuation is carried out based purely on the instructions of the Client.

Since we are not the experts/professionals on structural and technical developments of the subject property, the Firm and the Valuer will not carry out a building structural and technical survey of any sort (i.e., including but not limited to the air- conditioning, civil, mechanical, electrical or plumbing). We advise the Client to take experts/professional opinions in these regards.

Our valuation will assume that except for any material defects notified to us by the Client or generally observed during our inspection (or not if it is agreed to be a desktop valuation) and noted in our report, the property and all the fitted installations, machinery and equipment therein are in a good condition and state of repair and maintenance overall.

Since we are not environmental experts/professionals, the Firm and the Valuer will not carry out an environment survey of any sort in or around the property or in the neighborhood. We recommend that the Client secures independent and professional advice about the environmental risk and conditions associated with the property. Our valuation will assume that the property is free from all and any risks associated with the factors including but not limited to the Deleterious or Radon Gas or Hazardous Material or Asbestos, Adverse Ground Conditions. Pollution and Contamination, Flooding, Mining, Fire, Medical Conditions/Diseases, Fire, Disabled access, Coastal Erosion, Brine Extraction, Incapacity of Development or Redevelopment and any other matters, which may affect the market value in this valuation.

Since we are not statutory and regulatory experts/professionals, the Firm and the Valuer will not carry out any compliance related survey of any sort in or around the property. We recommend that the Client secures independent and professional advice about the Statutory and regulatory requirements. Our valuation will assume that all relevant statutory and regulatory requirements relating to the property have been complied with.

The Client agrees to provide or arrange for providing all necessary and valid documents, data and information timely, correctly and completely.

Since we are not the legal experts/professionals, the Firm and the Valuer will not carry out any survey or verification of the documents related to the property including but not limited to title documents and tenancy documents. We will also not check or seek to verify details about any liabilities, finance charges or mortgages associated with the property. We recommend that the Client secures independent and professional advice about the Title, Tenancies and Property Documents.

We assume that all the documents, data and information provided about the subject property being valued by the Client are correct, complete, legally enforceable/valid and reliable. We will not verify the authenticity and validity of the property documents provided by the Client and/or 3rd party engaged by the Client. The Firm recommends that the Client seeks an independent opinion about the authenticity/validity of the property documents from the local real estate authorities and/or suitably qualified lawyers/experts.

In case the required documents and information (mentioned above in Section 3) are not arranged or provided by the client and/or 3rd party engaged by the Client timely, and/or they are not complete, correct, and/or valid, the Firm and the Valuer carry no responsibility or liability associated with the documents and information provided and the ensuring results in the valuation report completed under these terms of engagement. In such cases, the Firm and the Valuer however may assume the information based on his best judgment possible and will assume no liability or responsibility for doing so.

We will assume in this valuation that the subject property meets the local planning requirements. We may make informal enquiries of the local planning and highway authorities and also rely on information that is publicly published or available free of charge. Any published information obtained will be assumed to be correct. No local searches will be instigated. Except where stated to the contrary, we shall further assume that there are no local authority planning or highway proposals that might involve the use of compulsory purchase powers or otherwise directly affect the property. As the Firm andFirm and the Valuer, we are not legal and/or land planning experts/professionals, it is recommended that the Client secures separate professional advice as to the subject property’s compliance in all such matters.

We will include in our valuations those items of the equipment that are normally considered to be a fitted, integral and/or immovable part of the service installations to a building and which would normally pass with the property on a sale or letting. We will exclude all items of process equipment, together with their special foundations and supports, furniture and furnishings, vehicles, stock and loose tools, and tenants’ fixtures and fittings. We will not check and verify the condition and quality of such plants and equipment considered to be a part of service installation. We recommended that the Client secures independent and professional advice about the plant, machinery and equipment. As we are not technical experts/professionals on the plant, machinery and equipment, we will assume that they are in good and working condition. Unless otherwise specified, no allowance is made for the cost of repairing any damage caused by the removal from the premises of items of plant, machinery, fixtures and fittings.

For properties in the course of development, we may reflect and report the stage reached in construction and the costs remaining to be spent on the date of valuation, as per our own opinion. Since we are not development, contracting and/or quantity surveying experts/professionals, our such opinion must be considered for guidance only. The client Is recommended to take an independent professional/expert’s opinion on the development of the property and the exact and specific stage thereat. We have regard to the contractual liabilities of the parties involved in the development and any cost estimates that have been prepared by the professional advisers to the project. For recently completed developments, we will take no account of any retention, nor will we make allowance for any outstanding development costs, fees, or other expenditure for which there may be a liability.

• Documents provided by the Client (as stated in the section 3 above). Inspection observations and measurements.
• Dubai Land Department Data about the subject property from the DLD website (applicable for Subject Property in Dubai only).
• Sold Transactions from REIDIN database, that uses Dubai Land Department Data (applicable for Subject Property in Dubai only). Listings from Sales and Rent from online portals like Property Finder, Bayut, Dubizzle etc.
• Similar Valuations completed by us in the past
• Discussion with various Real Estate Broker Agencies.
• Any other public and private source that is deemed appropriate and relevant.

When valuing a property, we will comply with the following minimum contents requirement of RICS Valuation – Global Standards VPS 3.2:

• Identification and status of the valuer
• Identification of the client and any other intended users
• Purpose of the valuation
• Identification of the asset(s) or liability(ies) valued
• Basis(es) of value adopted
• Valuation date
• Extent of investigation
• Nature and source(s) of the information relied upon
• Assumptions and special assumptions
• Restrictions on use, distribution and publication of the report
• Confirmation that the valuation has been undertaken in accordance with the IVS
• Valuation approach and reasoning
• Amount of the valuation or valuations
• Date of the valuation report
• Commentary on any material uncertainty in relation to the valuation where it is essential to ensure clarity on the part of the valuation user
• A statement setting out any limitations on liability that have been agreed.

The report will be made available in the soft copy in PDF version by email and one original hard copy print out version to the Client.

If the client request to change the counter parties in the report (i.e. intended user of the report), there will be an administrative charge applicable of 25% of the total valuation fee.

The client agrees to review our draft valuation report within 5 working days of receipt of our valuation report. The client is welcome to ask any question and/or share any feedback about the subject valuation formally (by email or letter) within the said period. In case there are no questions or comments, or feedback raised to the Valuer and/or the Firm in the said manner within the said time period, the client agrees that our draft report will be deemed accepted by the Client. Thereafter, the final signed valuation report will then be submitted to you by the Valuer, and the subject valuation will be considered closed.

The valuation report will be strictly confidential between the addressed party(ies) and the Valuer. We strongly recommend not to share this valuation report with any other party and to maintain confidentiality. No part of the report or the whole report may be copied, extracted from, re-produced, published and/or distributed and/or without our prior consent from the Valuer in writing. Where the purpose of the report requires a published reference to it, the valuer must agree to provide a draft statement for inclusion in the publication before its publication.

If there is any other intended user for this valuation assigment, the client confirms that they have obtained the necessary approval from the intended user and agrees to provide related approval to the firm, along with any supporting documents related to its approvals.

The Firm or Valuer or any of its employees assume no responsibility or liability to the Client or any third party, who may breach confidentiality of the report and use or rely upon the whole or any part of the contents of this report without a formal consent from the undersigned Valuer. Where the Client is a lender - In the event of placement of loans secured on the subject asset with a syndicate, The Firm and the Valuer shall have no liability whatsoever to such 3rd parties in the syndicate, unless a written permission is obtained from the Valuer.

Valuation is a professional opinion, and not a fact. The opinion should be read in conjunction with the contents of the whole valuation report in entirety including the assumptions made.

Our market value estimate of the Property in this report represents our best professional opinion/judgment, based on the relevant data provided by the client, owner and various other sources used, and considering the overall market conditions/trends at the date of valuation.

We would like to highlight that there are certain direct and indirect existing and potential risks related to the property, which may not be reflected/controlled in the valuation report, like possible political, economic and social changes/developments and/or force majeure events. The risks may also be related to the changes in the sector with regards to the processes, technological advancement, level of availability and transparency of the market (and the real estate sector data), changes in the government regulations, volatility of real estate market (including changes in demand, supply), misleading information received from various sources deployed, and fee tariff of the sector, amongst others.

It is beyond the scope of our valuation services to ensure the consistency and all possible events/scenarios/volatility/risks inclusions in values due to changing circumstances. Accordingly, we advise you that the uncertainty must be considered by the Client when any financial decision is made based on this valuation report. We also suggest that adequate protective arrangements (including insurance cover) are made. We also recommend the Client to arrange for frequent valuations of the Property to monitor its value marked to market.

In the event that a complaint should arise, we confirm that we have a Complaints Handling Procedure, a copy of which will be provided to the Client on request. In the event that a complaint is not successfully dealt with internally, redress is offered via our preferred Alternative Dispute Resolution (ADR) body. The number of arbitrators shall be one. The seat, or legal place, of arbitration shall be UAE. The language and governing law to be used in the arbitration shall be English, and the RERA laws in force.

The Valuer is registered with RICS. The valuation report may be subject to monitoring under the conduct and disciplinary regulations of the Royal Institution of Chartered Surveyors and as part of routine monitoring Valuer Registration programs.

The Valuer is registered with RERA. The Valuation report may be subject to monitoring under the conduct and disciplinary regulations of the Real Estate Regulatory Agency of Dubai and as part of routine monitoring under RERA Regulated Firm and Valuer Registration programs.

The Client agrees that as per the regulatory reporting requirements enforced by RERA today or in the future, The Firm is permitted to provide such required data, information and reports pertaining to all relevant valuations carried out by us which may include this subject valuation, without any responsibility or liability on the Firm’s part.

The amount of any claim associated with this property valuation is limited to an amount that does not exceed the fees received by the Firm from the Client for the valuation.

There shall be no personal liability whatsoever of the individual valuers or the Manager or the Director or Shareholding Partners of the Firm involved in the assignment in any situation or claim whatsoever.

The Firm owes to the Client a duty to act with reasonable skill and care in providing the service and complying with the client’s instructions where those instructions do not conflict with these terms or applicable laws, international valuation standards and/or local valuation standards.

We assume no responsibility liability for the consequences, including delay in or failure to provide the services (including delays as a result of ‘Force Majeure’ or any situation beyond the Valuer’s and the Firm’s control, or any failure by the Client or any agent of the Client to promptly to provide information or other material reasonably requested, or where that material is inaccurate or incomplete, or to follow our advice or recommendations.

The Firm would like to confirm that the valuation service fee received from the subject valuation under the terms of engagement is within a range of five percentage points of the total income of the Firm.

The Client will indemnify the Firm and keep them fully and effectively indemnified at all times against any action against them or any costs or expenses incurred, or any loss suffered by them if a claim arises from or is delayed as a result of dishonesty, fraud, willful concealment by the Client.

We confirm that the Firm holds professional indemnity insurance in respect of the service to be provided. In any event, the Firm will have no liability whatsoever unless proceedings are carried out within two months of the cause of action arising.

The Client agrees to pay the fees for the valuation service carried out in accordance with the terms and conditions set out in these terms of engagement.   The client agrees that the Firm will make an independent opinion on the market value, and the Client will pay the valuation fee to the Firm irrespective of the amount of market value estimated by the Firm in the valuation report.

The terms of engagement are valid for 10 working days from the date of this proposal. After the said period expires without the client accepting and signing these terms of engagement, these terms of engagement are no longer valid, and does not bind the Valuer and the Valuation Firm for any liability or responsibility related to these terms of engagement and valuation in any way. The firm is not responsible or liable to engage in or even commence the valuation of the subject property under this agreement until and unless the accepted, signed and stamped terms of engagement are received by the Firm.

After the terms of engagement has been accepted and signed by the client, the client has 5 working days to pay the fees for the valuation service from the date of the approval (i.e., date of signature and/or stamp) by the client. After the said period expires without the Firm receiving the payment from the client, these terms of engagement are no longer valid and does not bind the Valuer or the Firm for any liability or responsibility related to these terms of engagement and valuation in any way. The firm is not responsible or liable to engage in or even commence the valuation of the subject property under this agreement until and unless the payment is received by the Firm.

The Firm would like to receive necessary documents and/or information required from the client in a good time in order to make the valuation process efficient and professional. After the proposal has been accepted and signed by the client and the payment has been made, the client has 5 working days from the date of the approval (i.e., date of signature and/or stamp) to provide all necessary documents and/or information related to the subject property required by the Firm. After the said period is expired without the Firm receiving the required documents and information from the client, in the interest of time and efficiency, the Firm will have to make necessary assumptions about the subject property at its own discretion professionally, and proceed with the valuation completion without further delay and without any liability or responsibility on the part of the Firm arising from the non-availability of the documents and/or information.

The terms of this Agreement shall be governed by, and construed in accordance with, the local laws and the federal laws of the United Arab Emirates and the Parties hereby irrevocably agree that the courts of Dubai, United Arab Emirates shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purpose, irrevocably submit to the jurisdiction of Dubai courts.

Please notify us at serviceteam@windmillsgroup.com should you be aware of any of incorrect details above or should you wish to make us aware of additional information.