In response to recommendations by the Appraisal Institute of Canada, commencing on April 1, 2020 and continuing until such time that the COVID-19 Pandemic measures by Federal and Provincial authorities are rescinded, Verragroup Valuation affiliates have implemented the following protocols.
A) To continue to provide the highest quality reports, while prioritizing health and safety. Interior Site Visits will be undertaken at the joint discretion of the client and appraiser for valuation assignments where buildings are:
i) vacant (no owners or occupants present);
ii) under construction (including for progress inspections); or
iii) able to be inspected while following all recommendations from governing health authorities including social distancing.
B) Exterior Site Visits
Site visits will be undertaken with no personal interactions with owners/occupants. Exterior inspections will include:
i) Full inspection of building exteriors and site improvements.
ii) Measurements of all improvements, where required.
iii) Exterior photographs of buildings, site and environment.
C) Valuations and Assignments Undertaken without Interior Inspection:
In compliance with Public Health Authority directives for social distancing and self-isolation, full in-person on-site inspection will not be completed when such inspection is against the advice of health authorities.
While property inspection is mandatory under the CUSPAP 2020 valuation standard, is may be excluded subject to an Extraordinary Limiting Condition (CUSPAP 2020 7.5.1.ii, 7.9.4).
In such an instance where the property interior cannot be inspected, reliance will be placed upon prior inspections and familiarity, as well as verified information to be provided by the client or property owner, which may include up to date or as-built building plans, a virtual video tour, current photographs, etc. The appraiser will provide you with a full list of materials to be provided.
Additional information is provided by the Appraisal Institute of Canada (AIC).