Business owners seek property appraisals in the Dallas metro area for various reasons. Some want to buy a piece of commercial real estate, some wish to sell one, and others may need a valuation for tax reasons. No matter the rationale, one of the main issues any property owner or entrepreneur in Texas should discuss with an appraiser is the intended audience for the appraisal report.
According to Inc.com, an appraiser should know which parties are intended to use the appraisal report. The appraiser can then identify the authorized parties in the report as the ones cleared to use it. For instance, an entrepreneur who wants to purchase real estate usually shares the appraisal with the person selling the property, the bank that is lending money for the purchase, and sometimes a local property tax appeal board. These entities would be listed on the report as being authorized to view it.
Some entrepreneurs may not know exactly what kind of appraisal they want. Discussing the matter with an appraiser can provide some guidance. You may only want a report that you can read, also known as a restricted-use report. Conversely, a summary report can be used by any party you wish. Some business owners request a self-contained report, which contains many data descriptions and analyses, but entrepreneurs seldom ask for this kind of report.
Appraisals contain sensitive information, which is why appraisers strictly control who may see the final report. If you are concerned about an appraised tax value on your property ending up higher than the assessed value, the appraiser will not release the results to the local property tax board unless you grant your approval to do so. If an appraiser is conducting a report on behalf of a financial lender, the report will not be provided to a borrower.
Appraisers are bound by ethical standards and could face revocation of their certification for violating them. For this same reason, an appraiser may not comply with a request of yours on ethical grounds. These standards help protect your interests if you seek to buy commercial real estate. Since Dallas entrepreneurs will have different questions about appraising a property, read this article only as information and not as a substitute for the advice of a professional attorney.