Presidential Appointment

Presidential Appointment

Many leases contain a clause under which, if the parties cannot reach agreement on rent reviews, then the President of the API's Victorian Division is requested to nominate a valuer who will conduct a formal determination which is binding on all parties to the dispute.

The Victorian President may also be requested to make nominations for capital valuation matter such as Family Law Court matters, deceased estates or compensation.

 

Information Required for Nominations

 

To enable your request to be processed, could you please provide us with:

·        a completed Presidential Appointment Application Form, signed for or on behalf of the parties. Different forms exist for:

1)      rental determinations

2)      capital valuations such as for Family Law Court matters, deceased estates or compensation

·        payment of the administration fee

  • Lease and other related documents referred to in the application form (2 copies of each)
  • Names of any valuers who are considered by either of the parties to the lease to have a conflict of interest in respect of the rental determination.

·        agreement by both parties to the Terms of Conditions of the service on page 2 of the Presidential Appointment Application form

 

Please note the Valuer's fee is additional to the API Administration Fee for the appointment.

 

Other Information

 

Please note that, under normal circumstances, the initial process conducted by the API to select and nominate a valuer will take approximately two weeks once ALL the above have been submittedandreceived.

It is the President of the various API State and Territory Divisions who makes the nomination of valuers.  If your lease agreement nominates an organization other than the API Victorian Division (e.g. the Real Estate Institute) then you will need to provide written confirmation from both parties or their representatives that they are agreeable to the President of the API Victorian Division making the nomination.

 

Institute Name Changes

Former names of the Australian Property Institute which could appear in a lease include:

·    Australian Institute of Valuers and Land Economists

·    Australian Institute of Valuers and Land Administrators

·    Australian Institute of Valuers

·    Commonwealth Institute of Valuers