ABSTRACT
As the reader may be starting to appreciate, valuation is subject to legal interpretation and this needs to be put in context. The Royal Institution of Chartered Surveyors (RICS) is the key professional body representing surveyors and valuers and they provide a set of standards for undertaking valuations. These form a benchmark to current practice and here this chapter highlights the need for using the Market Value definitions, assumptions and the need for professional indemnity insurance.
