CBRE first valuer to place qualified electronic signature on valuation report
Electronic signature streamlines valuation process and enables remote signing
As part of a pilot project undertaken in collaboration with ING Real Estate Finance, CBRE recently became the first valuer in Europe to sign a real estate valuation report with a qualified electronic signature. This was made possible in cooperation with a group of fintechs made up of Cleverbase, Flux, Accept and SBR Nexus. A qualified electronic signature has the same legal effect as the required handwritten signature of a valuer. Use of the electronic signature is provided in the eIDAS Regulation introduced by the EU to enable secure and seamless electronic interactions between businesses, citizens and public authorities. It saves a lot of time and significantly increases certainty for valuers and other parties in the process, such as lenders.
PDF reports to be phased out
For the last year, valuers have provided assessed values in XBRL format in addition to the customary PDF valuation reports. This international standard for digital business reporting enables the client to automatically save the valuer's findings in its internal systems and permits automatic checking and processing of the information they contain. The ability to provide an XBRL report with an electronic signature is hence an essential step in accelerating the phasing out of PDF reports.
The valuer uses Flux's real estate valuation software during the pilot. The software guides the valuer through the process, ending in the final stage when the report is signed using an app supplied by Cleverbase. To become a qualified signatory, the valuers are required to register once by a video link. A second valuer signs the plausibility statement required for valuations in the same way.
"The success of this pilot was made possible by leveraging the full range of competencies of the various parties involved," says Johan Nota of ING, who chairs the pilot team. "The electronic signature is now being rolled out amongst the remaining valuers who value commercial real estate for ING Real Estate Finance.”
Sebastian Hulshoff, Associate Director Valuations & Advisory Services at CBRE comments: "Electronic signatures on valuation reports save a tremendous amount of time, not to mention paper – not just for us as valuers, but also for our clients, such as ING. At the same time, innovation projects of this type are extremely important to CBRE. We endeavour to lead in all our services and through them, with the right partners, also to make the market future-proof."