The purpose of an appraisal is to establish an appraiser’s formal opinion of property value for a service fee, to be relied on by the intended parties for a specific purpose. An appraisal involves researching appropriate market areas and analyzing data which is relevant to the subject property. The appraiser’s familiarity, preparation and professional judgment on the investigated information contributes to a final estimate of value.
All appraisal reports are completed in compliance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and each appraiser is bound by a confidentiality agreement whether verbal or written between themselves and the client.
An appraisal is necessary for various situations including: purchasing, re-financing or selling a property, estate planning, marital arrangements and agreements, or BC Assessment appeals, etc. An appraisal may be relied on by lenders (banks), lawyers, accountants, corporations, courts, tax officials, realtor’s, property managers, insurance brokers and underwriters as well as any other professional who requires an impartial and independent opinion.