The Conventional Appraisal Transfer Letter serves as a crucial document in property transactions within England and Wales, where an existing appraisal report needs to be relied upon by a party other than the original client. This document type emerged from the need to maintain professional standards while facilitating efficient property transactions. The letter addresses key concerns including liability, confidentiality, and compliance with RICS standards. It contains specific provisions about the scope of permitted use, any limitations or conditions, and acknowledgment of professional responsibility. The transfer letter is particularly important in financing scenarios where lenders require access to existing appraisals.
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1. Letter Header: Date, recipient details, property reference numbers, and formal business letter formatting
2. Property Identification: Clear and detailed identification of the subject property including address and relevant property details
3. Original Appraisal Reference: Reference to the original appraisal including date, reference number, and original client details
4. Transfer Authorization: Express permission to transfer the appraisal and confirmation of authority to do so
5. Intended Use Statement: Clear specification of the permitted purpose and use of the transferred appraisal
1. Liability Limitations: Additional specific limitations of liability and professional responsibility relating to the transfer
2. Confidentiality Requirements: Special confidentiality obligations and data protection requirements
3. Fee Arrangements: Details of any fees charged for the transfer service and payment terms
1. Original Appraisal Report: Complete copy of the original appraisal report being transferred
2. Standard Terms and Conditions: Standard terms and conditions applying to the appraisal transfer
3. Authorization Forms: Required consent forms and authorizations from the original client
Relevant legal definitions
Appraisal Report
Original Client
New Recipient
Permitted Use
Property
Effective Date
Transfer Date
Valuation Date
Professional Standards
RICS
Confidential Information
Original Purpose
New Purpose
Liability Cap
Transfer Fee
Professional Indemnity Insurance
Intellectual Property Rights
Original Terms and Conditions
Material Change
Reliance Letter
Working Day
Valuation Methodology
Market Value
Associated Documents
Professional Qualifications
Original Client
New Recipient
Permitted Use
Property
Effective Date
Transfer Date
Valuation Date
Professional Standards
RICS
Confidential Information
Original Purpose
New Purpose
Liability Cap
Transfer Fee
Professional Indemnity Insurance
Intellectual Property Rights
Original Terms and Conditions
Material Change
Reliance Letter
Working Day
Valuation Methodology
Market Value
Associated Documents
Professional Qualifications
Clauses
Authorization
Reliance
Liability Limitation
Confidentiality
Professional Standards
Transfer Rights
Data Protection
Intellectual Property
Purpose Limitation
No Material Change
Fee Payment
Disclaimer
Professional Indemnity
Third Party Rights
Governing Law
Assignment
Entire Agreement
Amendments
Notices
Severability
Reliance
Liability Limitation
Confidentiality
Professional Standards
Transfer Rights
Data Protection
Intellectual Property
Purpose Limitation
No Material Change
Fee Payment
Disclaimer
Professional Indemnity
Third Party Rights
Governing Law
Assignment
Entire Agreement
Amendments
Notices
Severability
Relevant Industries
Relevant Teams
Relevant Roles
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