What’s involved in an appraisal?

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The ancient handle

The appraisal procedure & report 

The appraisal process includes the following tasks undertaken at your location and later at our office:

 

a site inspection of your objects to note their features, dimensions and condition  ***

— photography for both research purposes and inclusion in your report

review of relevant documentation in your possession (original sales receipts, provenance, etc.)

research on the objects, their markets, relevant comparable sales and asking prices 

report is drafted in a clear and structured format conforming with RICS Valuation – Global Standards

 

***  Remote appraisals can be carried out with accurate documentation and good quality photographs. Please see the link at the bottom of this section to learn how to collect useable data and photos.

 

Your appraisal report:

High quality, professional appraisal reports are clear and well-organized multi-page documents. They describe and value your property within a defined context and purpose. Every appraisal has a specified effective date.

 

Appraisal reports contain: 

a summary cover page indicating a total value and other key elements of the assignment 

an extended preface outlining the essential information required to understand the valuation process and value conclusions 

basic assumptions and limiting conditions 

a signed certification
the appraiser’s professional profile 

a detailed or short descriptive inventory of the appraised items
value estimates assigned to individual items or specified group of items

 

Some reports, such as donation appraisals, contain narrative “rationales of value” with relevant comparable sales. Most appraisal reports contain photo images of the objects appraised.  Appraisal fees are discussed in the next section below.

Remote appraisal data collection tips

Appraisal fees

The cost of appraisal services 

depends on the following:

time spent on the project

the number of objects

the complexity of the work

your timeline for completion

the intended use of the appraisal

Travel and expenses are extra.  

 

We provide fee quotes in advance in most cases. The appraisal fee is never based on a percentage of the end value.  

In most cases a deposit is required upon engagement. When the appraisal  is completed the final invoice is due and payable upon receipt. Regular and some institutional clients may have different payment terms.

We have a minimum fee of $750.00 for any appraisal or consulting assignment.

 

S. P. Sweeting Appraisals accepts payment by Interac, electronic bank transfer and cheque.  

 

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