Appraisal Report:
A formal document prepared by a qualified appraiser that provides an objective and unbiased evaluation of the value, condition, and characteristics of a property, asset, or item. An appraisal report typically includes detailed information about the subject property, such as its physical features, location, comparable sales data, market trends, and any relevant factors that may affect its value. The report is commonly used by lenders, buyers, sellers, and other parties involved in real estate transactions or asset management to make informed decisions regarding pricing, financing, insurance, taxation, or legal matters. The appraisal report serves as a reliable and professional assessment of the fair market value of the subject property, based on the appraiser’s expertise, research, and analysis.
An appraisal report is a document prepared by a qualified appraiser that provides an estimate of the value of a property, such as real estate, personal property, or business assets. The report typically includes a description of the property, an analysis of comparable sales or market data, and the appraiser’s opinion of the property’s value. Appraisal reports are often used in legal proceedings, such as in property disputes, tax assessments, or in the process of obtaining a mortgage or loan. The report must comply with specific legal and professional standards to be considered valid and reliable.
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This glossary post was last updated: 29th March 2024.
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