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What is today's blog about?
In this week's blog, we take a look at the new RICS Home Survey Standard (1st Edition), Professional Statement. Essential reading for all RICS APC and AssocRICS candidates undertaking condition-based residential property surveys.
You can also listen to our CPD podcast on Anchor for more free AssocRICS and RICS APC training and support, as well as watching our short CPD videos on YouTube.
What’s new?
RICS have published the new Home Survey Standard (1st Edition), Professional Statement.
This replaces the following guidance:
Surveys of residential property (3rd edition), RICS Guidance Note
RICS Condition Report (1st edition), RICS Practice Note
RICS HomeBuyer Report – Survey (1st edition), RICS Professional Statement
RICS HomeBuyer Report – Survey & Valuation (5th edition), RICS Professional Statement
RICS Building Survey (1st edition), RICS Practice Note
You can download and read the full Professional Statement from the RICS website.
When does the new Professional Statement apply from?
1 June 2020.
Why was the new Professional Statement introduced?
RICS introduced the new Professional Statement to promote and enforce the highest best practice standards in the residential sector.
The new guidance sets minimum expectations and mandatory requirements for RICS members and regulated firms in the UK who deliver any level of condition-based residential property survey.
Where a valuation is to be provided as part of a service, the requirements of the Red Book Global and UK National Supplement must also be adhered to.
What does the new guidance cover?
Process of confirming the scope and nature of the services to be provided
Typical levels of service to which this document applies
Nature of pre-inspection preparation and research required
Inspection process associated with each level of service
Report writing methodology
Post-report client liaison
Service closure activities
The guidance also confirms which elements apply to the Scottish Home Report, as the conveyancing process is very different in Scotland.
What should members do when setting up services?
Understand client needs
Have sufficient knowledge, skills and experience
Ensure potential clients understand the nature of and differences between the levels of service offered so they can make an informed choice
Agree terms of engagement with the client before the service is delivered
Check for conflicts of interest in line with the RICS Professional Statement before accepting any new work
When carrying out services, what must members do?
Undertake appropriate pre-inspection research, e.g. requesting information from the property owner or agent such as any warranties, EPC or details of any alterations
Be familiar with property type and location
Inspect in accordance with the service level agreed
Provide accurate and comprehensive inspection notes to allow for reflection before the service is delivered
Satisfy all professional obligations, e.g. health and safety
Only recommend justifiable further investigation
Clearly state any limitations, caveats and actions available
Deliver a clear, property-specific report
Offer to discuss the findings following delivery
Ensure a complete audit trail is held on file in accordance with GDPR
How can members provide compliant reports?
Clear presentation
Following a logical structure
Separating fact from the member’s opinion
Use non-technical terms or provide a simple explanation if jargon is unavoidable
Provide a balanced opinion of the property’s condition
Include a summary or overall opinion
Explain the service level
Mention any safety risks to occupants
Highlight relevant legal matters
The Professional Statement provides full guidance on the content of each survey level, in addition to providing inspection benchmarks in Appendix B.
How can we help?
Book your e-mock interview online, which includes our pre- and post-interview feedback on your presentation handout.
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Stay tuned for our next blog post to help build a better you
N.b. Nothing in this article constitutes legal, professional or financial advice.