Fact: How can you protect what you own….If you don’t know what it’s worth?
A CERTIFIED appraisal is a legal document as important as a will and is the only way to accurately value and describe the property. A properly prepared appraisal by a qualified appraiser will clarify questions of property value in any circumstance. Courtroom, for example.
Appraisal Who and Why
The descriptions and values made by a qualified appraiser assures technical accuracy and approximate market level valuation. There are many purposes and uses for an appraisal.
INSURANCE: To prove irrefutable possession at the date of valuation, to provide needed protection in the event of a loss, and to assist in establishing proper insurance coverage.
ESTATE PLANNING: To clarify questions of property value, to facilitate the disposition of estate tax reporting requirements, to assist heirs with distribution of property; to assist financial planners and related professionals in establishing client net worth, and as a basis for judicious estate planning.
PROPERTY DIVISION: To assist attorneys and their clients in matters of equitable distribution. Corporate uses in this category include mergers/acquistions, and loan collateral.
RELATED INSURANCE MATTERS: To assist adjusters by properly identifying and valuing property in damage/loss matters to facilitate claim settlements and avoid disputes. Insurance companies are assisted by proper identification and valuation of property in investigative matters that may save the company substantial monies in claims settlements.
DONATIONS: To assist the donor in obtaining accurate, documented valuations which meet Federal requirements and will be accepted by the Internal Revenue Service.
GENERAL USE: To assist anyone wanting to know what property is, and what it is worth.
AN APPRAISAL BY ANYONE SHOULD INCLUDE:
Type of value being determined.
Detailed description of the property being valued.
Analysis of the appropriate market place.
Date of valuation, inspection and report.
Adherence to a professional code of ethics and Uniform Standards of Professional Appraisal Practice (USPAP).
Statement of financial disinterest and fee policy.
Any relevant limiting conditions and assumptions.
Appraisers certification and signature.
A search of the internet and yellow pages can reveal certified appraisers in your area. Often, certified appraisers are associated with auction houses.