Residential Building at Dawn

Real Estate Appraisal FAQ

When to hire an appraiser?

  • For any mortgage and real estate transaction
  • When applying for a loan against a property
  • For a tax assessment to reduce property taxes or to dispute improperly assessed taxes
  • To settle an estate
  • To determine the property value when selling your home
  • To assist you with buying a home at a fair market price
  • To settle legal disputes

For answers to your questions about appraisal in Edmonton, Slave Lake and Lac La Biche please call us for more information.

What is in an appraisal report?

Depending on the type of report an appraisal contains:

  • The precise purpose of the appraisal and the client’s objectives for the appraisal.
  • The reported value of the property and how that value was interpreted.
  • The date the appraisal takes effect.
  • The characteristics of the property including, location, physical features, permanently installed items, legal attributes, and all facets that affect the valuation including, economic factors property rights and any known defects, restrictions, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.

Who hires an appraiser?

Appraisers are frequently hired by lenders to establish the market value of a property to ensure the property value is sufficient to qualify for the requested loan. Lawyers and accountants frequently hire appraisers to help determine property values in the course of divorce and estate settlements.

For answers to your questions about appraisal in Athabasca, Edmonton, Slave Lake, Lac La Biche and Northern Alberta, please call us for more information.

Real estate appraisal vs real estate inspection?

A Landucation Appraisals appraiser does not provide a home inspection but performs a third party investigation of all accessible facets of a property including structure and amenities, from roof to foundation and surrounding areas for the purposes of determining its value on the open market.

How do appraisers get information?

The data used in an appraisal report can be what is termed “Specific” or “General” and is gathered from Multiple Listing Services (MLS), tax records, and a range of other public documents and records. The appraiser compiles the data and comparative studies in combination with additional standard methods of analysis.

What standards must an appraiser follow?

All appraisers must meet extensive educational and licensing requirements. Landucation appraisers work under the internationally respected standards of the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP).

Who sees an appraisal report?

The client, or party ordering the report, receives a copy of the appraisal analysis and owns the report, regardless of who pays for the report. The client may be the homeowner, the lender, mortgage broker, lawyer, prospective purchaser or seller, or anyone else who authorized and initiated the preparation of the analysis.