Why the Appraisal Engagement Letter Isn’t Enough

Posted by: McKissock Date: Nov 25, 2016 9:00:00 AM

Should you execute an appraisal engagement letter with your clients? Absolutely. Is the engagement letter enough to ensure that you remain compliant with the Uniform Standards of Professional Appraisal Practice (USPAP)? Not necessarily.

An appraisal engagement letter is a legally binding document that defines the terms and conditions of your arrangement with your client, addresses the scope of the assignment, and establishes your compensation, so you should execute one with each appraisal client to protect yourself.

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Topics: appraisal engagement letter