S.L. 364.6 Art. 3AProfessional valuation.

(1) The transferee in a transfer of any inter vivos immovable or any real right over an immovable, where the transfer is effected by public deed or in the case of a declaration made in terms of article 33 of the Act, and where such transfer takes place on or after the 15th November 2014, may produce to the notary publishing the relative deed, a professional valuation consisting of a report as provided in sub-rule (2) drawn up by a Perit in possession of a warrant issued under article 5 of the Periti Act. The

Perit’s report shall be annexed to the deed relating to the transfer by the notary publishing such deed.

(2) The Perit’s report shall contain a clear explanation of the conclusions of the valuation, setting out the basis of the valuation including the type of valuation undertaken and the definition of value and shall include the following information:

(a) the date of the report, addressed to the transferee;

(b) a description of the physical attributes of the immovable property, including a site plan, type of property and access, footprint, locality including description of the surrounding area, approximate age of premises, status of property, standards of finishing, description of surrounding view, other structural characteristics and amenities;

(c) a description of the legal attributes of the immovable property, including reference to the compatibility of the property with the development permit;

(d) a description of the rights/interest in the property which are the subject of the valuation;

(e) the date as of which the valuation applies and the date of inspection of the immovable property;

(f) a description of the extent and scope of the work undertaken to determine the valuation including the description of all assumptions and any limiting factors on which the valuation is based as well as any special, unusual or extraordinary assumptions including the probability that such will occur;

(g) an explanation of the rationale that supports the valuation conclusion in the report including a description of the relevant information and data examined;

(h) a market analysis and the valuation approaches and procedures followed, where applicable;

(i) the name, professional qualifications, and signature of the expert responsible for drawing up the report and carrying out the valuation: Provided that a professional valuation of the immovable or any real right over an immovable shall not be valid if the date on which the Perit’s report is drawn up is earlier than forty days preceding the date on which the relative deed is published or is later than twelve months from the date of death of the person from whom the transfer originates, as the case may be: causa mortis Provided further that, if from the date on which the Perit’s report was drawn up until the date of the deed, any changes and, or alterations are carried out on the property, the transferee shall be required to inform the Perit who has drawn up the report of such changes and, or alterations and the Perit shall update the report accordingly.

(3) Where the notary publishing the relative deed submits, together with the notice referred to in article 51 of the Act, the Perit’s report referred to in this rule, the Commissioner may at his absolute discretion accept such valuation and in such case the real value of the immovable property shall be such amount as determined by the Perit. The Commissioner shall, for the purpose of determining whether the immovable property has been undervalued for the purposes of the application of this Act in accordance with article 19(2) of the Act, take into account the said report.

(4) Subject to the Commissioner’s right not to accept a valuation made by a Perit, at the time of publication of the deed or declaration, it shall be deemed that the valuation of the Perit is a determination of value made by the Commissioner for the purpose of article 52 of the Act and accordingly where the price or consideration, or the value as declared in the deed of transfer or declaration causa mortis made in accordance with article 33 of the Act is not less than eighty-five of the value provided by per centum the Perit, the duty payable, as applicable, shall be computed and paid on the price or consideration, or the value as declared in the deed of transfer, whichever is the higher, or the value as declared in the declaration causa mortis.