Terms of Engagement and Appraisal Fee Schedule
Four Payment Methods -
1. Full payment, in advance of any services being provided;
2. ˝ of the anticipated invoice amount paid in advance, with any outstanding paid upon delivery of the written report(s);
3. Full payment upon delivery of the written report(s);
As an alternative, and only upon prior approval by AHA’s management, the following option may be extended:
4. Payment for services can be made within thirty (30) days of delivery of the written report(s).
Prohibited -
According to Federal and State Laws and our own Terms of Service,
payment for our appraisal services can not be based upon the occurrence of an event
(such as closing of a loan or sale) or upon reaching a predetermined value.
Accounts will incur an 18% per annum, finance charge for all unpaid accounts that are over 30 days past due.
Payments can be made by cash, cashiers check, money order, travelers check or personal check.
If a personal or corporate check is delivered then a holding period will be instituted.
OTHER -
All appraisals ordered through a lender, or it's agent, are property of that lending institution.
Appraisal copies will not be given to other lenders unless the original lending institution gives it's permission.
The original institution owns all rights to the appraisal.
Appraisal's are ordered, completed and delivered at the request of the lending institution, mortgage broker or Appraisal Management Company (AMC).
The institution, AMC or, broker is/are responsible for paying the appraiser -
regardless of the loan outcome, status or IF the bank or AMC has or has not been paid by the borrower.
If American Home Appraisals accepts money directly from the borrower, the following will apply:
1. A statement will be placed in the body of the appraisal indicating that the appraisal company has been paid directly by the borrower.
2. A warning will be included that the appraisal should not be used by a lender in a Federally Related Transaction.
3. AHA requests all direct payments be made in the form of Cash, Cashiers Check, Travelers Check or Money Orders.
4. If a personal check is provided by the borrower, then appraisal services will be partially performed while a twelve (12) day waiting period is instituted. This 12 days allows the personal check to clear both banks and the funds to be deposited into our account. Upon the receipt of the funds, into our account, the appraisal services will be completed and the final written report(s) delivered to the lending institution that ordered the appraisal.
It is strongly advised that copies of appraisals should NOT be given to the borrower, buyer, agent, or seller. The appraisal is for the internal use of the lending institution. Copies of the appraisal have been used against the lending institution in frivolous and/or needless lawsuits. If, for any reason, a lawsuit is instigated due to your granting of credit or a loan to a borrower, and American Home Appraisals becomes involved, any additional charges incurred by us will be billed to your company or institution and will become immediately due and payable.
Legal Cases
(Appraisal, Standard of Care, Review, Special Studies) -
Appraisals, reports, market studies, depositions, trial, mediation, consultation or preparation for
legal purposes are usually billed at an hourly rate.
The appraiser's time involved with depositions, mediations and trail are billed at a rate
in excess of $125.00 per hour.
Since we do not know how long an attorney will take in asking us questions, any deposition, mediation or trial work will require our appraisers setting aside a four to eight hour block of time.
Therefore, in addition to our hourly rate we also require a four hour minimum for any deposition, mediation or trial.
In addition to our public statement regarding our Terms of Service, noted here, our requirements will also be part of any engagement letter between us and our client.
Regarding Deposition -
By issuing us, or any appraiser working for American Home Appraisals,
a subpoena you hereby agree to pay a minimum of $1,000 prior to the start
of any deposition and upon the arrival of our appraisers.
You also hereby agree that we will be reimbursed for any and all expenses
related to your subpoena including travel, copy charges and administrative time
that are necessary to meet with your subpoena requests.
By sending our office, or any appraiser, or combination of appraisers associated with American Home Appraisals,
a subpoena or request to appear, all council, opposing council and parties hereby agree to our terms, minimum time and payment requirements.
We are professionals, providing a service. Due to your issues we are willing to set aside blocks of time and provide you or your attorney with our professional opinions and knowledge.
In return we expect you to pay your bills promptly and according to our Terms of Service.
Payment for written appraisals and special reports can be made within thirty (30) days of delivery of any verbal or written report(s), services, and/or testimony.
According to Federal and State Laws and our own Terms of Service, payment for our services can not be based upon the occurrence of an event (such as completion of trial) or upon reaching a predetermined value.
Accounts will incur an 18% per annum, finance charge for all unpaid accounts that are over 30 days past due.
Payments can be made by cash, cashiers check, money order, travelers check or personal check. If a personal or corporate check is delivered then a holding period will be instituted.
In Addition, additional Terms of Service and requirements may be listed in our engagement letter or covered by Federal and State Laws.
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