Which appraisal do I need?
The purpose is the first thing we ask, because it sets three things: the scope of work, the date the value is measured at, and who is allowed to rely on the report. Find your situation below. If it is not here, email us and we will point you the right way. That includes telling you when you do not need an appraisal at all.
Find your situation
Buying, refinancing, or removing mortgage insurance
You need a financing appraisal: current market value, as of now, written so a lender can rely on it. Usually your lender or broker orders it; sometimes you can. Ask your lender first so the report lands with the right intended user.
Date of value: current · relied on by: your lenderMortgage financing & refinancing → If you are…Settling an estate
You need a retrospective appraisal: the value as at the date of passing, not today. We reconstruct that market from sales around that date. Written to withstand review by CRA and by beneficiaries, which is exactly where estate values get tested.
Date of value: date of passing · relied on by: executor, CRA, beneficiariesEstate & date-of-death valuation → If you are…Separating or divorcing
You need an impartial matrimonial appraisal both sides can rely on. One neutral value beats two advocating ones: it usually costs less than arguing, and courts prefer it. The date of value is often set by agreement or by counsel, so loop your lawyer in early.
Date of value: as agreed or directed · relied on by: both parties and counselMatrimonial & separation → If you are…Disputing your property assessment
If you are disputing your assessment and your case needs more than the municipality’s own records, you need an appraisal with a specific effective date: July 1 of the year before your tax year, in the property’s condition at December 31. That is the date the review board tests, so an appraisal dated today answers the wrong question. Tell us it is for an assessment dispute and we set the dates accordingly.
Date of value: July 1 of the valuation year · relied on by: you, the review boardAssessment appeal → If you are…About to list, or about to make an offer
You need a pre-listing or pre-purchase appraisal: an independent number with no commission riding on the answer. It will not always match a realtor’s opinion, and that difference is often the most useful thing you learn.
Date of value: current · relied on by: youPre-listing & pre-purchase → If you are…Converting a rental, gifting property, or selling a second home
You likely need a value at a specific past date: the change-of-use date or the date of the gift, for capital gains. The earlier you get the date right with your accountant, the cleaner the appraisal. We appraise; your accountant does the tax.
Date of value: the tax-relevant date · relied on by: you, your accountant, CRACapital gains & change of use → Not sure?Tell us the situation
Tell us the situation and we’ll tell you which report fits.
Ask us →One boundary before anything else: we appraise residential property only: dwellings with up to four self-contained units, and residential land. Commercial, industrial and agricultural assignments are outside our practice, and we will say so and point you elsewhere rather than stretch. A report written for one purpose cannot simply be reused for another: the intended use and user are stated inside it, and lenders, courts and CRA check. Ordering the right report the first time is cheaper than ordering the wrong one twice. Every RAM report is prepared to CUSPAP by a Candidate Member of the Appraisal Institute of Canada and co-signed by a designated CRA member who takes professional responsibility for it.