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Corresponding Author

Gabriel K. Babawale

Document Type

Original Study

Subject Areas

Political Science

Keywords

case laws, liability, mortgage valuation, negligence, professional standards

Abstract

Valuation is a profession; valuers’ clients are therefore justified in expecting valuations that meet the standards prescribed by relevant professional body(s).Failure to meet these standards constitute a source of breach of the duty that valuers owe their clients. The courts too have always looked up to the published standards of professional bodies for judgment guidelines in liability cases of contract, fraud and negligence. Drawing inferences from standards prescribed by valuers’ professional bodies and ensuing mortgage valuation case laws, this study sought to establish, among others, the nature and extent of the duty of care that valuers owe their clients; the grounds for liability for negligence; the penalties for negligence; and also proffered practical steps and procedures to preventing liability for negligence in mortgage valuation. Due to the present paucity of documented pronouncements on the subject in Nigerian courts, the paper focuses on case laws in countries with similar jurisprudence, particularly Britain and other Commonwealth countries. Interestingly, decision in the British courts has often become precedents for the rest of the common law world. The ultimate goal is to help Nigerian valuers hone their skill in mortgage valuation in the light of global best practices.

Publication Date

2013

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