Your Trusted Real Estate Appraisers in the Greater Toronto Area

The Appraisal Process

FEE
The Fee is based on the type of property and the client’s requirements. Once the details of the subject property have been obtained and the degree of difficulty determined, a fee for the appraisal is quoted. Applicable tax (HST) is not included in the fee quote.

EFFECTIVE DATE
The most common question the Appraiser will ask is about the Effective Date. The property is appraised at either the current market value or a retrospective market value and in some cases, multiple dates are required.

For example: in a Matrimonial Case, the majority of appraisals requested are for current market value. However, depending on the Client’s situation and taking into account the Family Law Act, the Solicitor may also request an appraisal for the date of separation, date of marriage or a combination of effective dates.

In an Estate Settlement Case, the final estimate of value is most often based on the date of death for Tax or Capital Gains purposes. However, if there is a transfer of Title or one party wishes to purchase the home from another party / family member, the current market value is most often requested (depending on the terms of the Will).

Additional or multiple scenarios can arise that may affect the Client’s requirements. It is recommended that the Client discuss his / her particular case with the appropriate legal or accounting professional to determine exactly what is required.

SINGLE OR JOINT RETAINER
Our Firm may be retained in one of two ways:

Single Retainer – The Client or Legal Practitioner retains Carrington Appraisal to complete an appraisal of a property. The Client maintains sole ownership of the appraisal document and the information is not shared or discussed with anyone but the Client and his / her Solicitor.

Joint Retainer – When two or more Clients decide to share the cost of an appraisal and agree to retain our Firm jointly. Due to expanded liability and co-client status, an administrative fee is applied and the Clients share the total cost. A joint retainer is common in Matrimonial cases.

INFORMATION SECURITY
We adhere to the Guidelines of the Appraisal Institute of Canada and Privacy Laws as outlined in Provincial and Federal legislation. The Client is the sole owner of the appraisal and the information contained in the report is confidential and not shared with anyone but the Client.

THE INSPECTION
After a brief discussion with our appraisal professional, an inspection is scheduled. The interior and exterior of the home is inspected and photographed. The length of time varies between 40 minutes for a basic dwelling / condominium and up to 2 hours for a large executive class home. Our appraiser will estimate the amount of time he or she requires and that information will be conveyed to the Client when the inspection is scheduled.

In cases where the home is not available for inspection, an exterior drive-by is conducted. The Client is then interviewed by telephone in order to obtain details about the home.

THE APPRAISAL
A thorough search of comparable sales in the area is conducted. Once the sales are obtained, an analysis begins and specific attention is focused on the features and amenities of the sales. This includes such factors as location, house size, lot size, upgrades, renovations and deficiencies. Value related adjustments are made to reflect and acknowledge these differences. Once the adjustment process is completed, the final estimate of value is established and the certified document is prepared. The report can vary in length depending on the complexity of the assignment. Typical appraisal reports are 15 to 22 pages.

DELIVERY OF APPRAISAL REPORT
A legal size hardcopy appraisal report and an e-mail copy of the Appraisal in PDF format are included.

About Us

Jim Parthenis, CRA – Member of the Appraisal Institute of Canada since 1987
Jim is the owner of Carrington Appraisal and is considered the leading expert in the Residential Appraisal Industry. His professional career spans over 30 years and includes the completion of more than 10,000 certified residential appraisal assignments in the Greater Toronto Area.

Jim has completed appraisals on homes that range from basic single family dwellings and condominiums to executive class properties in exclusive neighbourhoods such as The Bridle Path, Forest Hill, Rosedale and Lawrence Park. His appraisal reports are accepted by Judicial and Regulatory Bodies for the purpose of Divorce, Estate, Corporate Relocation, Arbitration, Rental Analysis, Power of Sale / Foreclosures and Tax Purposes.

Jim has earned the reputation of being the top authority in litigation and matrimonial dispute resolution and his services are in high demand by the legal community. He is often retained as an Expert Witness and has provided testimony in numerous appraisal court cases.

We have a staff of dedicated and highly skilled professionals who provide appraisal and administrative support.

Sample gallery of previously appraised properties

Click on the thumbnails below to view larger images.