Property appraisal - Financial definition
Concise definition of the term property appraisal
Property appraisal is the process of determining the value of real estate or other assets for various purposes.
Comprehensive definition of the term property appraisal
Property appraisal involves the comprehensive evaluation of real estate or other assets to ascertain their market value, typically conducted by qualified professionals such as appraisers or valuation experts. It encompasses an analysis of factors such as location, condition, comparable sales, and market trends to provide an accurate estimation of value. Appraisals are crucial in various financial transactions, including mortgage lending, property sales, insurance, and taxation, ensuring fair and informed decision-making based on the asset's worth.