We specialize in real estate appraisals and consulting. Our team of skilled professionals provide impartial, independent and affordable information backed by full errors and omissions insurance.
Frequently Asked Questions
01
What are Rivington Commercial Appraisers office hours?
Our office hours are Monday to Thursday 8:30am until 5:00pm. Friday we open at 8:30am but the office closes earlier at 3:00pm.
02
What cover area of Ontario does your office service?
Rivington Commercial Appraisers services all of Central and Eastern Ontario, excluding the cores of the City of Ottawa and the City of Kingston.
03
What methods of payment does your office accept?
Our office administrative team accepts Visa, MasterCard, certified cheques, cash and Interac E-Transfer.
04
If I order an appraisal can I do what I want with it?
The appraisal report is a legal document with a clearly identified purpose (for example, mortgage financing or divorce/separation). It can only be utilized for the purpose for which it was intended.
05
Will the appraised value match my purchase or sale price?
Not always. An appraisal reflects market value as of a specific date, based on analysis and market evidence, which may differ from negotiated prices or expectations.
06
Are your appraisals independent?
Yes. Our appraisals are completed independently and objectively, in accordance with professional standards set by the Appraisal Institute of Canada.
07
How much does a commercial appraisal cost?
Fees vary based on property type, size, complexity, and intended use. We provide clear fee quotes before starting any assignment.
08
Can you provide appraisal services for financing?
Yes. We regularly prepare appraisals for bank financing and refinancing, and our reports are designed to meet lender requirements.
09
Can the appraiser discuss the value with me?
Appraisers are bound by professional rules of ethics which include a strict requirement for confidentiality not to disclose any information except with the client or the individuals/institutions approved by the client who ordered the appraisal. To discuss any information, we need written approval from the ordering client.
10
How does an appraiser determine the value of a commercial property?
Values are based on the condition of the property as well as recent market data on similar properties in similar locations. Whereas a real estate agent wants to place the highest value possible to achieve the highest selling price, our goal is to arrive at an objective valuation an provide a well-researched appraisal report supported by sales data.
11
What will the appraiser be doing at my property?
The appraiser will walk through your property and take note of its features and upgrades; its interior and exterior finishes and condition; and its heating, cooling, ventilation, electrical and plumbing systems. The appraiser will also measure the exterior dimensions to determine the gross leasable area. The appraiser will need access throughout the property and will take photos of all major components as per the lender's requirements.
12
I had an appraisal done on my commercial property last year and I am now refinancing. Why does my bank require a new appraisal?
Even if you’ve recently completed an appraisal, refinancing is treated as a new loan decision. Lenders require an up-to-date appraisal, completed through their approved appraiser, to reflect current market conditions, property performance, and risk. This ensures the property value supports the financing being requested today.
13
Are there situations where I could have my property appraised, pay for the report, and not be entitled to receive a copy?
Yes. Should your lender request a report for your property through a 3rd party appraisal management company, they receive our report. They provide the lender with the pertinent information such as the final estimate of value. The borrower typically pays for the report, but neither the lender nor the borrower typically receives a copy.
14
What do I need to do to prepare for the appraisal inspection?
Write a list of improvements, additions or renovations you have completed in the last few years. We will need access to all rooms in the building(s) including your mechanical systems. If you have your tax bill available, it can verify the correct spelling of your name, street address and legal description of your property.
If you have a large agricultural property, have a list of the parcels, their sizes, and which are improved with buildings or other structures.
If we are appraising a leased property or a hospitality property, we will require copies of all leases and financial information including all revenues and expenses.
15
What is the "Date of Valuation?"
When producing their reports, appraisers must determine an appropriate date of valuation. While this may sound straightforward, in reality, the date of valuation can be a nuanced detail that shapes the entire appraisal. A property's value can be appraised as of the date of inspection or the appraiser can establish either a retrospective or prospective date depending on their client's needs.
With a retrospective date of valuation, an appraiser seeks to estimate the value of a property for a past date. This is most commonly used in estate settlements, tax appeals, division of matrimonial assets or partner disputes. In these situations, the clients may require to know the value of a property at a prior date for legal
A prospective date of valuation assesses the value of a property at a future date. This is predominantly used in cases where there are proposed construction or improvement projects involved. In these instances, borrowers may seek additional funding for property improvements, prompting lenders to request a prospective appraisal that will estimate the future value of the property. With prospective valuations, appraisers must assume that the work will be done in a professional manner; ensuring the value will indeed be added to the property.
REQUEST AN
APPRAISAL
Once an Appraisal Request is submitted, our administrative team will be in contact within 48 hours to gather additional about your property, or properties.
Next, you will be paired with an appraiser from our team who's experience and specializations align best with your commercial property.
Once they evaluate the extent of the appraisal in need a quote will be issued and once approved, they will begin with the appraisal process.
Please note that if you require your appraisal to be urgently expedited this may result in a Fast-Tracked Fee.
If you are not at the stage of needing an appraisal but still have questions we are here to help.
Click here to get in touch.