What to do if you require an appraisal on your home?
At times, financial institutions will require an appraisal on your home depending on the nature of the mortgage. An appraisal is referred to as an unbiased professional opinion of your home's value and is typically used whenever a mortgage is involved in either buying, refinancing, or selling your home.
For freehold homes - Your financial institution may require an appraisal before closing, please contact your Customer Experience Concierge to arrange this appointment.
For Condominium – If you occupy and receive your keys before registration, your financial institution can schedule the appraisal directly with you, as it is expected you will have key access and can schedule it on your own time. If an appraisal is required, and you have not received your keys yet (meaning occupancy date has not occurred), please contact your Customer Experience Concierge to arrange this appointment.
It’s important to keep in mind that some financial institutions require the house to be 95-97% complete at the time of the appraisal and in many cases, homes may only meet such requirement upon closing or just before closing. In other words, it is not uncommon for an appraisal to take place very near your closing. It is not advised to send an appraiser too early on in the building process for risk they will have to return again nearer to your closing date which could incur additional costs.