Niemi LaPorte & Dowle AppraisalsNLD

Residential and IC&I Real Estate Appraisal firm

Residential Appraisals

Our Residential Appraisal Team

Our team of residential appraisers are ready to provide the highest quality reports and service to meet your appraisal needs. Each of our appraisers is a member in good standing with the Appraisal Institute of Canada (AIC). The AIC is a self‐regulated property valuation association and provides its members with membership categories, grants designations, regulates the educational requirements for members, and provides for Standards and a Code of Ethics that it’s members must abide by. The membership categories are Student, Candidate, CRA (Canadian Residential Appraiser), and AACI, P. App. (Accredited Appraiser of the Canadian Institute, Professional Appraiser).

Our team comprises AACI, P. App, CRA and Candidate members of the AIC. Any reports completed by a candidate must be co‐signed by a CRA or AACI, P. App. designated reviewer, with the reviewer/candidate relationship registered through the AIC website.

Residential Market Expertise

Our Team of residential appraisers include professionals with expertise in the following niche markets of valuation and consulting:

  • Foreclosure/Court Ordered Sale
  • Litigation and Expert Witness Testimony
  • Divorce Proceedings and Family Law
  • Estate and Probate Real Estate Valuation
  • Tax Assessment Appeals
  • Capital Gains/Valuation Day Appraisals
  • Insurance Valuations, including Replacement Cost New, demolition costs, and bylaw requirements
  • Expert Appraisal Review
  • Valuation for listing purposes
  • Expropriation & Partial Takings
  • Lease Arbitration
  • Reserve Fund Studies

Our appraisers will be happy to serve you with any of your Residential Real Estate Valuation and Consulting needs.

Our Residential Appraisal Standards

The standards that members of the AIC must follow are known as CUSPAP, or the Canadian Uniform Standards of Professional Appraisal Practice. These standards as part of CUSPAP 2016 include an Ethics Standard, a Real Property Appraisal Standard, a Review Standard, a Consulting Standard, a Reserve Planning Standard, and a Machinery and Equipment Appraisal Standard.

The Real Property Appraisal Standard includes rules that deal with the minimum content necessary to produce a credible report. These contents include the following items summarized below:

  • CUSPAP 2016: In the report [see 2.60, 7.1, 16.10] the Member must:
    • identify the client by name and intended user by name; [see 7.2, 16.12]
    • identify the intended use of the Member’s opinions and conclusions; [see 7.3, 16.13]
    • identify the purpose of the assignment, including a relevant definition of value; [see 7.4, 16.41]
    • define the scope of work necessary to complete the assignment; [see 7.5, 7.9.2, 7.26, 16.15]
    • provide an analysis of reasonable exposure time linked to a market value opinion; [see 7.6, 16.18]
    • identify the effective date of the opinions and conclusions; [see 7.6]
    • identify the date of the report; [see 7.7]
    • identify the interest appraised and the location, and describe the characteristics of the property; [see 7.8, 16.19, 16.25, 16.27]
    • identify all assumptions and limiting conditions (including extraordinary assumptions and extraordinary limiting conditions); [see 7.9, 16.28, 16.29, 16.30]
    • identify any hypothetical conditions; [see 7.10]
    • identify and analyze land use controls; [see 7.11]
    • state the existing use and the use reflected in the appraisal; [see 7.12]
    • define, analyze and resolve the highest and best use; [see 2.33, 7.13, 16.27.1, 16.32]
    • describe and analyze all data relevant to the assignment; [see 7.14, 16.27]
    • describe and apply the appraisal procedures relevant to the assignment and provide reasoning for the exclusion of any of the relevant valuation procedures; [see 7.15]
    • detail the reasoning supporting the analyses, opinions and conclusions of each valuation approach; [see 7.16]
    • analyze the effect on value, if any, of the terms and conditions of the lease(s) when developing an opinion of the value of a leased fee, leasehold estate; [see 7.17]
    • analyze the effect on value of an assemblage; [see 2.7, 7.18]
    • analyze the effect on value of anticipated public or private improvements; [see 7.19]
    • analyze the effect on value of any personal property; [see 2.52, 7.20]
    • analyze and comment on all Agreement for Sale, Option, or Listing of the property, subject to 7.21, and all prior sales of the property, subject to 7.21.[see 7.21, 16.37]
    • review and reconcile the data, analyses and conclusions of each valuation approach into a final value estimate; [see 7.22]
    • report the final value estimate; [see 7.23]
    • include a signed certification of value; [see 7.24]

Of particular note are the requirements to identify all assumptions and limiting conditions and identify any hypothetical conditions (including proposed improvements). A typical scenario that would require an assumption and limiting condition, as well as a hypothetical condition would be the appraisal of a home that is yet to be constructed, but with a request by the client to value the property “as if 100% complete”. The report would be completed with an assumption/hypothetical condition such as...

"As of the date of inspection, the proposed construction had not yet commenced. However, this report is based on the assumption that the property will be developed and completed according to the plans and specifications identified and described herein and that the standard of construction is in accordance with that assumed within the report. The client/reader is specifically cautioned that it should be specifically noted that any significant deviation in respect of style, layout, design or construction standards would invalidate the value conclusions reached in this report. Therefore, we have invoked an extraordinary limitation under the CUSPAP guidelines, as the appraised value is based upon the above referenced assumptions."

Furthermore, for clarity of the effective date of the appraisal, the following may be included...

"In addition, please note that the appraised value represents the "as if 100% complete" value on the effective date of appraisal only, and does not represent a prospective (future) value at a point in time when the construction is in fact complete. The client/reader is cautioned that market conditions may change between the effective date of appraisal and completion date of the construction, and a new or update appraisal is recommended upon completion of construction to confirm the current market value at that time.

Residential Appraisal Fees

Our residential appraisal fees are based upon the complexity, the time, and the research required to complete a particular appraisal assignment. In order to provide an adequate fee quote for our appraisal services, we require the following types of information:

  • Address or approximate location of the property
  • Type of property (eg. single family, condo, duplex, multi‐family, etc.)
  • Purpose of the Appraisal (eg. Mortgage financing, litigation, divorce proceedings, tax appeal, etc.)
  • Time frame required to complete the report

The above questions summarize the types of typical information we would require to provide a fee quote for our appraisal services. Our support staff may be able to ask some of these initial questions, but the appraiser may also need to follow‐up in order to provide an accurate fee quote. The time frame is important to agree upon at the outset, so that there are not expectations that we cannot meet in this regard.

For all of your residential appraisal needs, contact Niemi LaPorte & Dowle Appraisals Ltd.

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