The Final Product is as Important as a Will
Appraisal reports are printed and bound references that clients retain for years.
The final product of the Appraisal Process is a defensively written formal document substantiated with credible market results that is compiled in a manner any reasonable mind can comprehend. It is designed to withstand the rigors of a legal contest. Finished reports are similar in appearance to a graduate school thesis or dissertation. Some are as thick as a telephone directory. Reports are bound within plastic jackets, have a cover page, executive summery and a detailed scope of work statement, index, certification page, policy statement page, an introduction, item-by-item literal and/or interpretive narrative descriptions, photographs embedded in the text, market commentary, conclusion, footnotes, bibliography, expert pool, fine print (legal stuff), and a glossary of technical terms used in the report. All reports are protected by copyright because they are considered intellectual property. Each page carries in the header or footer the copyright, the purpose of and intended use of the appraisal report, the effective date of the report, the client’s name, and the appraiser’s name. Pagination is designated in a manner that reflects the length of the report so that the finished product cannot be disassembled for other intentions (i.e. 1-OF-50). TIP: Never discard old appraisal reports no matter how obsolete or how poorly written they might be because they serve as a historical record, if nothing else. Written reports provided today by accredited appraisers are vastly superior to examples available even ten years ago. Properly written appraisal reports are as important as a Will and should be kept in a safe place.