Vancouver Island Appraisals Offers Many Services
The primary service offered by Vancouver Island Appraisals Ltd is appraisals of real estate. An appraisal is an unbiased opinion of the value of real estate. While most appraisals provide a single point in time valuation such as a current value opinion, the effective date of valuation may be historic (Retrospective) or in the future (Prospective).
An appraisal usually comprises a written report providing a market value estimate of an adequately described property as of an effective date and supported by the provision and analysis of relevant market data.
Appraisal services are often required for various purposes, including:
- Purchase and/or sale of all types of real estate
- To obtain mortgage financing
- Estates & Matrimonial Settlements
- Expropriation & Acquisitions
- Fire Insurance Claims & Placement
- Assessment Appeals
- Counseling & Consulting
- Highest and Best Use Studies
- Litigation Support
- Feasibility Studies
- Market Studies
A qualified real estate appraiser can be recognized by their professional designations.
The appraisal staff at Vancouver Island Appraisals Ltd carry the AACI, P.App. or CRA designations from the Appraisal Institute of Canada.
AACI, P. App.
Accredited Appraiser Canadian Institute
The person holding this designation is qualified to perform appraisals on a wide range of real property.
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.
The type of appraisal reports used to value real estate is usually determined by the complexity of the assignment and scope of work necessary to carry out the assignment, but typically comprise one of the following:
Form Reports are typical in the valuation of residential and small rental (1-4 units) properties.
Short Narrative Reports set out the key salient facts and conclusions in a summary fashion.
Full Narrative Reports set out in greater detail the research, conclusions and rationale supporting the opinion.
Regardless of the type of report a member of the Appraisal Institute of Canada is bound to ensure the report is compliant with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). A typical compliment report would include the following:
Basis of the Appraisal
Intended Use of the Report
Purpose of the Assignment
Property Rights Appraised
Definition of Value
Effective Date of Value
Scope of Work
Assumptions and Limiting Conditions
Identification of the Property Including
Area, City and Neighbourhood Data
Property assessment and Taxes
Land Use Controls
Analyses and Conclusions
Characteristics of the Market
Highest and Best Use of the Land as if Vacant
Highest and Best Use of the Property as Improved
Direct Comparison Analysis
Final Value Estimate and Exposure Time Analysis
Certification of Value
Appropriate Plans and Maps