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COB 11.6.3

(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]