ONTARIO

Barrie

Bolton

Brampton

Brantford

Burlington

Cambridge

Durham Region

Guelph/Kitchener/Waterloo

Hamilton

London

Milton

Mississauga

Newmarket

Oakville

Toronto

Woodstock

MANITOBA

Winnipeg

Appraiser(s):

• Canadian National Association of Real Estate Appraisers (CNAREA): DAR
• Appraisal Institute of Canada (AIC): AACI or CRA

General:

• Appraisal reports are to be sent by the appraiser directly to the RESCO Mortgage Investment Corporation. (deals@rescomic.ca)
• Client is to be RESCO Mortgage Investment Corporation and for First or Secondary mortgage financing purposes.
• All rooms in the home must be viewed and confirmation is to be noted in the appraisal report.
• Confirm there are no adverse external factors which may affect the marketability of the property.
• The cost approach is required on all reports, except for condominium/strata properties.
• Secondary units in the subject property (if any): Confirm they are self-contained and comply with municipal standards. Include economic rents.

Comparables:

• Use a minimum of 3 comparable sales from the immediate area.
• Should reflect arms-length transactions and must have closed within 90 days of the effective date of the appraisal.
• Must have closed and be available from MLS: Provide MLS photos & listing, along with a location map of the comps.
• Clearly explain subjective adjustment(s) in the report (e.g. views, appeal, condition, location ratings).
• Provide the listing price and the length of time to sell for each of the comparable sales.
• Include supporting details if the net adjustments exceed 10% of the original sale price of the comparable.

Photographs:

• Front and rear of subject property, along with a street scene. Include photos of outbuildings, if any.
• Interior photos of all rooms (including those in the basement) to be provided.
• Examples of physical deterioration (if present) and recent updates (if any).

Condominiums:

• If the building is subject to any special assessment, details should be included in the comments.

Special Instructions:

• If the appraiser was denied access to any part of the property, they must make note of it in the report.
• New construction – The property should be 100% complete when indicating the completed value.
• Structural Integrity (Foundation cracks, water seepage/staining, etc.): If evident, additional comments and pictures are required.
• Deferred Maintenance if known, please provide estimated scope of work. Pictures are required.
• Appraiser to make note if any bedroom doors had/have dead bolts (ie. any signs of property being used as a rooming house).

Disclosure:

• Incomplete appraisals will not be accepted.
• Any form of confirmable misrepresentation will lead to termination of approved status, the filing of a REDX incident report and reporting to the appropriate association (AIC and/or CNAREA).