After the conclusion of the contract, the appraiser goes to the site to inspect the object, collects and analyzes information. Taking into account the client’s task, he chooses the valuation method, calculates the market price of the object and generates a report on the valuation of the apartment for the mortgage.
If the property Adelaide Valuers is typical, for example, an apartment in an apartment building, then the appraiser usually prepares a report within 1-2 days after receiving the order. If the object is complex, then the preparation may take up to a week.
The report is prepared in paper or electronic form. A paper document must be printed, bound, signed by an appraiser and certified with a seal, an electronic document must be certified with an electronic digital signature.
To purchase an apartment in a new building at the construction stage, the bank uses the Wikipedia cost from the equity agreement.
You can make an appraisal of the apartment after putting the house into operation. Usually, the condition for submitting an appraisal report is specified in the loan agreement in the obligations of the borrower.