Frequently Asked Question
Why should I get an appraisal?
Buying or selling real property can be one of the largest financial decisions you will make in your life. An appraisal offers an unbiased, informed opinion of the market value of the property you are interested in purchasing or selling. An appraisal may be needed:
To ensure that the purchaser does not pay more for a property than it is worth. An informed purchaser should place the following clause in a Purchase Agreement:
“Subject to an appraisal equal to or exceeding the agreed offer”.
To obtain a qualified opinion of value for mortgage or lending purposes.
To provide investors with adequate information upon which to base investment decisions.
To provide an expert opinion of value of real property as a basis for compensation where property is to be taken for public use in an expropriation.
To provide evidence for a property assessment appeal.
You can recognize a qualified real estate appraiser by the designations AACI, DAR, DAC, Certified Appraisal Reviews, or CRA, which are awarded by the Appraisal Institute of Canada and CNAREA after completion of a rigorous education and training program.
What is a real estate appraisal?
An appraisal is an impartial estimate or opinion of value of real estate. The appraisal is usually a written statement setting forth an opinion of the value for an adequately described property as of a specific date and supported by the presentation and analysis of relevant data..
Why should I use an appraiser with AACI, P.App or CRA?
INDEPENDENT, OBJECTIVE VALUATION
The AACI, P.App or CRA. is required to provide a completely objective opinion of value, independent of any other business interests. This protects buyers and sellers, as well as lenders.
TRAINING YOU CAN TRUST
Designations are earned after many years of formal study, plus one or more years of closely-supervised articling under a practicing professional appraiser.
ONGOING PROFESSIONAL DEVELOPMENT
Once awarded, designations must be continually updated through regular study, seminars and workshops. Designated members are current and prepared!
There is no legislation in BC governing the practice of real estate appraisal, so you need to be sure that your appraiser is properly trained and follows the highest standards of professional practice.
Appraisals prepared by designated Institute members are accepted not only by Canadian lenders but also by judicial and regulatory bodies, for purposes such as estate settlement, divorce and arbitration.
A HISTORY OF COMMITMENT
The Appraisal Institute has been dedicated to the service of the Canadian public through professional real estate appraisal for more than 60 years.