Between HVI and the broker.
The address entered by the person placing the order in our system referred to as the Subject Property.
To estimate the current market value of the subject property unless specified otherwise.
When for mortgage financing, Total of all financing Loan to Value is understood to not exceed 80% unless stated otherwise on the order and ultimately if more than 80% LTV, the assignment may, or not, be accepted by the assigned appraiser and/or HVI Leadership. Further, a surcharge will be applied to regular appraisal fee when for 2nd or 3rd mortgage intended use, as added risk is inherent in such an intended use.
Draft Copy to be provided to Name of Broker until Lender Client identified. Draft Copy not to be relied upon to be provided to Interim Client until Lender Client identified.
Appraiser will observe the property, research the market and offer an Opinion of Current Market Value.
Appraise the Fee Simple or Condominium interests of the property as appropriate.
Effective the date of physical observation of the property unless specified otherwise.
All levels, rooms and areas of the property improvements and site must be available for observation. If applicant/owner occupied consent for interior photos is assumed to have been obtained. If tenant occupied Interim Client must provide Agreement of Consent for interior photos from vendor tenant.
If any, to be determined after Observation of the property.
Provide appraiser access and requested documentation regarding the property, plus disclose known property details. Provide support for HVI to collect payment, take interior photos and in the event of a cancellation after inspection has been completed, assist HVI in the collection of a cancellation fee for the professional time lost. If not possible for HVI to collect from the applicant, then the brokers HVI loyalty points may be redeemed or moved to a negative position to compensate for the HVI associates lost time. Accept the terms of engagement as indicated or note any requested amendments in writing to the assigned appraiser before proceeding.
Generally the appraiser will observe all areas of the property then will conduct market research from industry considered reliable sources.
Form Report - Copy Write, Authorized and compliant with the most current CUSPAP rules of the Appraisal Institute of Canada.
See invoice details which will be provided to the person responsible for payment and will be included along with the completed appraisal report.
Providing cooperation for access, payment and appraiser requests for documentation, you can expect HVI to deliver by email a pdf Draft Copy of the report within 5 days of the order date. HVI will communicate by email an ETD - Estimated Time of Delivery once the property observation and payment have been completed and should there be any, will communicate by email any delays to the typical time to completion.
First, a multiple page PDF DRAFT COPY report will be uploaded to www.hviorder.ca for Broker access and will also be attached to an email sent to the Broker... if/once Lender details are provided and said instruction received at admin@hviappraisal.ca a PDF FINAL/SIGNED COPY report will be sent to the Lender Client and Broker. Any additional Reliance copies can be requested by the Broker and/or lender but may be subject to a fee and necessitate a Release from the first lender.
Unless specified otherwise in writing to the appraiser, all parties are understanding and in agreement with these engagement details.