(1) The operator must obtain an independent valuation report for each property listed on the platform.
(2) The valuation must be provided by a
Person:(a) who is a professional and reputable valuer;(b) who is not Related to the platform operator or to the seller; and(c) whom the operator reasonably believes will provide an objective valuation.
(3) The report must:(a) be prepared on the basis of an 'open market' valuation;(b) include the valuation and all material details about the basis of the valuation and assumptions used;(c) outline the overall structure of the market including market trends;(d) include a brief description of the property, its location, its existing use, any encumbrances concerning or affecting the property, the capital value and net monthly income expected from the property;(e) confirm the professional status of the valuer and that the valuation report is prepared on a fair and unbiased basis; and(f) be disclosed to investors as soon as it is available.
(4) The valuation must be carried out before a property is listed on the platform and not more than three months before a property is due to be sold.
(5) The operator must disclose the valuation report to investors and potential investors immediately after it becomes available.Derived from DFSA RMI254/2019 (Made 26th June 2019). [VER33/07-19]