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Are
You Planning to Purchase or
Sell Real Property in the Future?
If
so, the Information in this
webpage may be of assistance to You! . . .
British
Columbia Association
Appraisal Institute of Canada
If you are purchasing a home or recreational property,
or buying real estate as an investment, you may be making the largest
purchase of your life.
| Be
sure you are making an informed decision. Knowledge is your
greatest bargaining tool when making decisions regarding real
estate. A professional appraiser who is a member of the Appraisal
Institute has the education, experience and training to give
you a professional opinion you can trust. |
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 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
MCI, P,App or CRA, which are awarded by the Appraisal Institute
of Canada after completion of a rigorous education and training
program.
AACI,
P .App
Accredited
Appraiser Canadian Institute Professional Appraiser:
The person holding this designation is qualified to perform appraisals
on a wide range of real property.
CRA
Canadian
Residential Appraiser:
The person holding this designation is
qualified in the appraisal of and valuation of individual undeveloped
residential dwelling sites and dwellings containing not more than
four self-contained family housing units.
For
further information, please contact:
THE
BC ASSOCIATION OF THE APPRAISAL INSTITUTE OF CANADA
#845
- 1200 West 73rd Avenue
Vancouver, BC V6P 6G5
Phone: 604 266-8287
Fax: 604 266-3034
E-Mail: info@appraisaLbc.ca
Website: appraisal.bc.ca
Why you should use an Appraiser with the AACI, P.App or CRA
Designations from the Appraisal Institute of Canada:
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!
SELF
REGULATION
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.
UNIVERSAL
ACCEPTABILITY
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.
Real
Estate Appraisers designated by the Appraisal Institute of Canada
provide a wide range of services, including:
-
Appraisals-Residential, Commercial or Industrial
- Arbitration
- Absorption
Studies
- Expropriation
Appraisals
- Counseling
and Consulting
- Highest
and Best Use Analysis
- Estimated
Market Value
- Expert
Witness Testimony
- Litigation
Support
- Cost
- Benefit Studies
- Feasibility
Studies
- Management
Advice
- Market
Analyses
- Market
Rent & Trend Studies
- Operating
Expense Analyses
- Tax
Assessment Review and Advice . Zoning and land Use Testimony
This information is provided compliments of:
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Our appraisal team
