As defined by the Appraisal Institute of Canada – Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP)
An appraisal is a formal opinion of value, either written or oral, prepared as a result of a retainer, intended for reliance by identified parties, and for which the Member assumes responsibility. APPRAISAL is also defined as the act or process of developing an opinion of value.
As defined by the Appraisal Institute of Canada – Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP)
“The most probable price which a property should bring in a competitive and open market as of the specified date under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.”
“Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated; both parties are well informed or well advised, and acting in what they consider their own best interests; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale”.
Appraisals are required by;
Appraisals are completed for many purposes including;
Steckler Real Estate Appraisals Ltd. provides well-written and well-researched commercial, agricultural and residential real estate appraisals.