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Surveys of Residential Property, 3rd edition (reissue)

Surveys of Residential Property, 3rd edition (reissue)

Provides a clear, flexible framework for practitioners to develop their own services the public can trust, consistent with the quality standards expected from RICS professionals.

In May 2016, this guidance was updated and reissued by RICS. Changes made with immediate effect relate to:

  • Liability caps: it is generally wise to include some form of limitation of liability in the contract letter, providing a cap on the amount of compensation the surveyor (or their employer) may be found liable for. This is now provided for in section 5 and
    Appendix A.
  • Cancellation rights: members should take legal advice to ensure the Contract letter is compliant with legislation relating to a 'cooling off' period in accordance with the Consumer Contracts Regulations 2013. This is also now provided for in section 5 and Appendix A.
  • Unexpired leasehold term:  the assumption at 5.1.8 has been brought into line with RICS Valuation – Professional Standards UK appendix 10 with the unexpired lease term assumption adjusted from 70 years to 85 years
  • The sample scope of engagement at Appendix A is not mandatory, but may help practitioners develop documentation that supports clearer client understanding. It is intended to be supported by and read in conjunction with appropriate terms and conditions. Members are advised to take independent legal advice in this regard.