WHAT IS AN APPRAISAL?
A real estate appraisal is an evaluation of a property’s market value, taking into consideration factors such as the size, condition, amenities, and location of the property. A professional appraiser will generally take into consideration the market value of comparable properties in the neighborhood in arriving at the appraisal value. An appraisal may be required when a borrower applies for a mortgage to safeguard the lender from approving inflated mortgages. While an appraisal is a useful tool in a real estate transaction, it is important to note that not all appraisals are of equal quality. Certain banks may only accept appraisals from specific companies due to the history of their reputation and the experience of their appraisers, adjudicators, and underwriters. In our practice, we only work with reputable appraisal companies regularly used by major financial institutions.
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Disclaimer: The information contained in this article is not to be construed as legal advice. The content is drafted and published only for the purpose of providing the public with general information regarding various real estate and business law topics. For legal advice, please contact us
About the Author:
Shahriar Jahanshahi is the founder and principal lawyer at Jahanshahi Law Firm with a practice focus on representing business star-ups and investors in the province of Ontario. For further information about Shahriar Jahanshahi, click here.