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LEGAL DICTIONARY

Appraiser

An appraiser is a professional independent party that values and assesses assets and real estate in order to calculate an accurate price.

They are usually brought in as a neutral expert when a buyer and seller are trying to agree on a price for an expensive or valuable item of property.

It’s important to understand what an appraiser’s role is and when they might be called upon. This is especially true prior to creating essential sales legal documents such as a bill of sale or quitclaim deed.

We look over the tasks these professionals perform below and explain how they value property in order to come to a fair price.

What Does An Appraiser Do?

Appraisers are often necessary to ensure that an accurate price can be agreed upon between a buyer and seller.

The appraiser profession looks at all the features and characteristics of the item being assessed in depth to understand what a reasonable market value could be.

An appraiser might be called upon to value the following property:

  • Homes and real estate
  • Jewelry
  • Family heirlooms
  • Art

Appraisers are normally requested to calculate a price for expensive items such as these as they don’t have a personal or financial stake in the property and therefore can be trusted to provide an objective figure.

This allows investors, buyers, and sellers to remain confident that the appraisal reflects the correct real-world value of the item being assessed.

How do Appraisers Assess Property?

To gauge the value of an item of property, appraisers have to consider many aspects to come to its correct price.

They will look at all the features of the property that make it high value as well as any liabilities that could decrease the final price in a real-world transaction.

Some of the things that the appraiser will have to take into consideration during an appraisal include:

  • How old the property is
  • What condition it is in
  • Unique distinguishing features or branding
  • Whether there is a mortgage or lien on the property

Is an Appraiser Obligatory Before a Real Estate Purchase?

In some jurisdictions, it is obligatory to call in an appraiser before certain items of property may be legally sold. This is most usually the case for real estate transactions.

This is done so that property taxes can be correctly calculated by the local municipality where the item is being sold.

However, even when it is not mandatory to use an appraiser, one may be called upon to ensure a fair price can be found between a buyer and a seller.

An appraiser is a professional independent party that values and assesses assets and real estate in order to calculate an accurate price.

They are usually brought in as a neutral expert when a buyer and seller are trying to agree on a price for an expensive or valuable item of property.

It’s important to understand what an appraiser’s role is and when they might be called upon. This is especially true prior to creating essential sales legal documents such as a bill of sale or quitclaim deed.

We look over the tasks these professionals perform below and explain how they value property in order to come to a fair price.

What Does An Appraiser Do?

Appraisers are often necessary to ensure that an accurate price can be agreed upon between a buyer and seller.

The appraiser profession looks at all the features and characteristics of the item being assessed in depth to understand what a reasonable market value could be.

An appraiser might be called upon to value the following property:

  • Homes and real estate
  • Jewelry
  • Family heirlooms
  • Art

Appraisers are normally requested to calculate a price for expensive items such as these as they don’t have a personal or financial stake in the property and therefore can be trusted to provide an objective figure.

This allows investors, buyers, and sellers to remain confident that the appraisal reflects the correct real-world value of the item being assessed.

How do Appraisers Assess Property?

To gauge the value of an item of property, appraisers have to consider many aspects to come to its correct price.

They will look at all the features of the property that make it high value as well as any liabilities that could decrease the final price in a real-world transaction.

Some of the things that the appraiser will have to take into consideration during an appraisal include:

  • How old the property is
  • What condition it is in
  • Unique distinguishing features or branding
  • Whether there is a mortgage or lien on the property

Is an Appraiser Obligatory Before a Real Estate Purchase?

In some jurisdictions, it is obligatory to call in an appraiser before certain items of property may be legally sold. This is most usually the case for real estate transactions.

This is done so that property taxes can be correctly calculated by the local municipality where the item is being sold.

However, even when it is not mandatory to use an appraiser, one may be called upon to ensure a fair price can be found between a buyer and a seller.