In accordance with the provisions of some commercial leases, the President of the REIV will nominate a valuer who, on accepting the nomination, will determine the rent to be payable in respect of a property, subject to both the landlord and the tenant:
- completing and signing separate application forms, agreeing to be bound by the conditions contained therein and supplying all the information specified, including a copy of the lease;
- immediately forwarding payment of: (a) the administration fee (non-refundable); and (b) a security deposit based on the asking rental of the lessor and shared equally between the parties. (On completion of the determination, the parties must pay any balance owing direct to the valuer, or the Institute will refund any balance held to the parties.)
- accepting that the person nominated will act as a valuer to determine the rental and not as an arbitrator to hear a dispute; and
- accepting the determination of the valuer as a binding and final determination.
Following receipt of the signed form, the administration fee and the security deposit from both parties, you will be notified of the name and address of the nominated valuer.
In addition to the information that must be supplied, it is in your interest for other relevant data to be provided to the nominated valuer, such as a copy of the title, insurance details, rate notices (where applicable) and any other details that the parties consider should be taken into account. Further specific information may also be sought by the nominated valuer.
Should you have any queries or require further assistance, you can contact the REIV Rental Determinations Coordinator on 9205 6613.
Click here to download the Application for Rental Determination form.