What is a real estate appraisal?
A real estate appraisal is an independent opinion of the value of a property by a certified appraiser. It is the price at which a property should sell if it were to be put on the open and competitive market.
It is the process by which a professional in evaluation formulates a reasoned opinion of the value of real property or any interest in it.
The result of an evaluation is presented in an appraisal report, which according to the purpose and budget, is presented as a form or within a narrative report.
What is fair market value?
Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market. The following conditions apply:
- The parties are well informed of the state of the building and the market conditions, and are reasonably well informed of the highest and best use of the property;
- The building was offered for sale for a sufficient period of time, considering the economic situation, as well as the characteristics and value of the building.
- The payment is made in cash (Canadian dollars) or a method of payment equivalent to cash.
- The selling price must not include any considerations that are unrelated to the building itself and must represent the true value of the property, without being influenced by incentives, special conditions, and/or advantageous financing.
Source : Ordre des évaluateurs agréés du Québec OEAQ BD000518
Is it necessary for the appraiser to visit my property?
Yes, the appraiser must visit your property to make a good physical record and assess its condition and functional aspect at the time of the evaluation.
The visit is the basis of the work of an appraiser and allows him to later conduct a rigorous and thorough investigation and analysis to arrive at a reasoned opinion of the value sought.
Can you act as an expert witness in court?
Our experts and chartered appraisers are often called upon to testify in the Superior Court, the Administrative Tribunal of Quebec, the Quebec Court (small claims division) and the Régie du logement. RJCP works independently to ensure that the information it provides can be used in legal proceedings, and we are always prepared to defend our appraisals.
What types of properties are you appraising?
- Residential : single family, plex, condominium, multifamily
- Retirement Home
- Vacant Land
- Gas station
- Hotel and Motel
Special Types of Properties
- Golf Course
- Ski Resort
- Equestrian Center
- Machinery and Equipment Evaluation
- Value of Physical Assets
What are your accreditations?
Accreditation or licensing for appraisers differs around the world. Moreover, additional requirements are necessary to become commercial appraiser in Canada, in addition to requirements for becoming residential appraiser.
Chartered appraisers are required by their accrediting body to continue their learning and training throughout their career by enrolling in a mandatory continuing education program.
- Ordre des évaluateurs agréés du Québec (O.E.A.Q)
- Appraisal Institute of Canada (A.A.C.I);
- Ordre des Technologues du Québec (T.P).