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When complete, print and FAX this form to (714) 441-3924
Phone (714) 441-3922
Terms of Service - Engagement Agreement
Lender/Client: _________________________
Property Appraised: _________________________
Borrower: _________________________
Scope of Work (Full appraisal, re-inspection, etc): _________________________
Agreed upon fee: $_________________________
Your request for our appraisal service, and our subsequent acceptance, constitute an agreement by both parties to the following:
- A written appraisal using the standard requested form format for the purpose of estimating Market Value.
- One original report with original photographs and signatures complete with data, assumptions, definitions, calculations, and opinions in support of the final value conclusion. (Delivered by e-mail in PDF format.)
- Each accepted appraisal assignment assumes that the lender/client has read, understands, and agrees to the Statement of Limiting Conditions and Appraiser's Certification (attached to each report on FNMA form 1004B); and to the standard definition of market value (also on form 1004B).
California Appraisal Team shall make every effort to complete the assignment within a reasonable and competitive time frame. However, if a specific time frame is needed please advise us of that at the time the appraisal assignment is placed. If the time frame you request is not practical or feasible for us, we will advise you of that prior to accepting the assignment.
We take pride in providing a high quality of service, however, unforeseen delays may occur that are beyond the control of the appraiser. They may include: incomplete information provided at the time of assignment, slow responses by contacts for verification of market data, severe weather conditions, or missed appointments by the person with whom the inspection appointment was set. California Appraisal Team will communicate any such delays to the client promptly.
Credit Terms:
Our credit terms are as follows: Due Upon Receipt of Report with maximum grace period of 30 days. Payment received after the 30 day grace period will be assessed a $25 late fee plus an 18% per annum applied monthly at 1.5% on any unpaid balance. If Collection becomes necessary on delinquent accounts, the cost of collection (including attorney's fees and/or collection agency fees) is the responsibility of the client and will be added to the outstanding balance due. The Authorized Individual of this Engagement Agreement is personally responsible for all fees, late fees, and collection agency fees.