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Preparing a Red Book valuation
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Abstract: The ‘RICS Valuation – Global Standards, effective from 31st January 2020’, or ‘Red Book’ as it is colloquially known, sets out the procedures that must be followed by RICS registered valuers when carrying out valuations. Although there is no formal definition of a ‘Red Book valuation’, it is generally accepted to refer to a valuation in compliance with the current Red Book mandatory requirements. This paper sets out the basic requirements for producing a ‘Red Book valuation’. The reader should also refer to the Red Book, both global and national standards, for further details of requirements.
Keywords: RICS Valuation – Global Standards, Red Book, RICS registered valuers, Red Book valuation, global and national standards
Anthony Banfield is a chartered surveyor with considerable experience as a practising valuer and asset manager and also as an academic. He runs his own training and property management consultancy, Banfield Real Estate Solutions Ltd. Anthony is author of the last three editions of ‘A Valuer’s Guide to the Red Book for the RICS’ as well as Stapleton’s Real Estate Management Practice. He is an APC assessor, edits valuation sections of isurv and has run workshops and presented papers on valuation, development, property management and investment throughout the world.