What is an appraisal?
An appraisal is a formal opinion of value expressed either in written form or orally. An appraisal is prepared as the results of a retainer or agreement, and it is intended to be relied upon by identified parties, and for which the appraiser assumes responsibility.
Why are Appraisals Done?
Clients request appraisals for a wide range of purposes ranging from obtaining an objective opinion of value in order to list or potentially sell a property, to arrange financing, consideration of adding or removing improvements, for arrangement of financing for purchase or upgrading, for settlement of property ownership issues or other planning requirements for family, future or estate purposes, as well as legal purposes.
Requirements to Complete an Appraisal
Under normal circumstances, a property must be inspected at the site inclusive of interior and exterior of buildings but can be restricted due to public health situations (virus) or environmental conditions, as well as being subject to municipal, provincial, and federal privacy laws and regulations.
On completion of an inspection and documentation through photographs, research as to location, market conditions, sales, listings, demand, supply, zoning, building and other characteristics of the subject and comparisons are carried out, with three approaches to value considered in each assignment to be analyzed to form a final estimate of value based on the support of value found in the market.
Types of Appraisals
- Residential vacant land
- Residential single to multi-family unit valuations
- Recreational properties
- Residential construction and renovation
- Progress inspection reports
- Mobile homes
- Semi-detached dwellings / half duplexes
- Condominium – reserve analysis
- Commercial vacant land
- Strip malls
- Multi-unit or multi-level buildings
- Hotels and motels
- Commercial office and shop facilities
- Lease analysis
- Industrial site analysis
- Vacant land – grain, special crops, irrigated potatoes
- Improved quarters
- Single to multi-quarter farm units
- Beef, equine, poultry and swine units
- Family, corporate and Hutterian farm valuations
Native Land Settlements
We provide property appraisal and valuation services to Indigenous communities / First Nations.
At Roland/Weir Appraisal Associates, we work with client across a broad spectrum of industries: financial institutions, private lenders, appraisal management companies, corporate relocation services, mortgage brokers, real estate agents, home owners, home buyers, lawyers, bankruptcy trustees, accountants, public trustees, estate executors, and insurance companies.