How to Stay out of Ethical Appraisal “Hot Water”
As the former Chairman of the Ethics Committee for the International Society of Appraisers, I saw too many good appraisers end up in ethical and legal trouble.
In almost every case, these nasty situations could have been totally and easily avoided. The negative results cost the appraiser many hours of anguish, and too many dollars in legal fees, and travel expenses.
The solution was simple and easy, but overlooked by these qualified appraisers.
Interestingly enough, the problem started BEFORE the appraisal began. In almost every case, the problem could have been completely avoided if the appraiser had prepared and required an agreement, contract, or retainer letter — prior to accepting the engagement.
This type of agreement is called by many names. At our firm, National Appraisal Consultants, Leon and I call it an “Authorization for Appraisal Service.” It sounds less formal than a contract and more formal than an agreement.
A contract is also an amazingly effective marketing tool.
If you are not using a contract with every potential engagement, you are asking for problems.
Want to learn how to write the perfect appraisal engagement contract? How about having a contract lawyer review your contract? We gotcha covered! Join us for The Business Of Appraising January 27-30, 2017 in Florida, where our contract lawyer will share her thoughts on appraisal contracts and review your contract too.