Common use of Valuation Services Clause in Contracts

Valuation Services. Opinions provided by the Company's appraisers represent fair market value and replacement value (comparable). Fair market value is defined as the price at which the property would change hands within its most common market between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all relevant facts. Replacement Value (comparable) means the worth of an item based on the amount of money necessary to obtain a comparable substitute property that would provide the same enjoyment, usefulness and other rights of ownership as did the subject property. Replacement value (comparable) is based on the substitute property's replacement cost (comparable) which is defined as the amount of money necessary to replace the item being appraised with a comparable item of property of like kind, age, quality, and utility having similar wear and tear, obsolescence, and value-relevant characteristics as the item being appraised. Replacement cost (comparable) is useful, for instance, when estimating replacement value (comparable) for acquiring insurance coverage of items not capable of being replaced with a brand new property such as antiques, collectibles, or works of art by a deceased artist. Replacement value appraisals make use of the retail market in which the client most customarily and conveniently shops, and in which he or she can obtain a replacement property within a reasonable amount of time. Values given by the appraisers do not take into account expenses that might be incurred in selling or purchasing a comparable property such as sales commissions, taxes, delivery, installation, shipping, finders fees, photography or insurance costs. Value conclusions are based on the appraiser's best judgment and opinion. Neither the Company nor the appraisers represent or warrant that items appraised will realize the appraised value if offered for sale at auction or otherwise. The values expressed are based only on information made available to the appraiser as of the date the appraisal was made. Value conclusions are based only on client-provided written descriptions and digital images of the property and not on a personal inspection of the property by the appraiser. Therefore, the value conclusions contained in the appraisal may be less reliable than had the item been personally inspected by a qualified appraiser. To help ensure credibility of the appraiser's value conclusions, Client is responsible for ensuring that information provided to the appraiser is accurate and complete. Online appraisals make use of limiting conditions and extraordinary assumptions, any one of which could affect the assignment results. On occasion the appraised value of the subject property may be less than the appraisal fee. As noted in Section 8 below, the Company is not obligated to refund the appraisal fee merely because the appraised value is less than the Client's appraisal cost.

Valuation Services. Opinions provided by the Company's appraisers represent fair market value and replacement value (comparable). Fair market value is defined as the price at which the property would change hands within its most common market between a willing wi ling buyer and a willing sellerwi ling se ler, neither being under any compulsion to buy or to sell se l and both having reasonable knowledge of all a l relevant facts. Replacement Value (comparable) means the worth of an item based on the amount of money necessary to obtain a comparable substitute property that would provide the same enjoyment, usefulness and other rights of ownership as did the subject property. Replacement value (comparable) is based on the substitute property's replacement cost (comparable) which is defined as the amount of money necessary to replace the item being appraised with a comparable item of property of like kind, age, quality, and utility having similar wear and tear, obsolescence, and value-relevant characteristics as the item being appraised. Replacement cost (comparable) is useful, for instance, when estimating replacement value (comparable) for acquiring insurance coverage of items not capable of being replaced with a brand new property such as antiques, collectiblesco lectibles, or works of art by a deceased artist. Replacement value appraisals make use of the retail market in which the client most customarily and conveniently shops, and in which he or she can obtain a replacement property within a reasonable amount of time. Values given by the appraisers do not take into account expenses that might be incurred in selling se ling or purchasing a comparable property such as sales commissions, taxes, delivery, installationinsta lation, shipping, finders fees, photography or insurance costs. Value conclusions are based on the appraiser's best judgment and opinion. Neither the Company nor the appraisers represent or warrant that items appraised will wi l realize the appraised value if offered for sale at auction or otherwise. The values expressed are based only on information made available to the appraiser as of the date the appraisal was made. Value conclusions are based only on client-provided written descriptions and digital images of the property and not on a personal inspection of the property by the appraiser. Therefore, the value conclusions contained in the appraisal may be less reliable than had the item been personally persona ly inspected by a qualified appraiser. To help ensure credibility of the appraiser's value conclusions, Client is responsible for ensuring that information provided to the appraiser is accurate and complete. Online appraisals make use of limiting conditions and extraordinary assumptions, any one of which could affect the assignment results. On occasion the appraised value of the subject property may be less than the appraisal fee. As noted in Section 8 below, the Company is not obligated to refund the appraisal fee merely because the appraised value is less than the Client's appraisal cost.