Meaning / Definition of
Appraisal
Categories: Loan and Mortgage, Business and Management, Insurance, Real Estate, Credit and Debt, Tax, Legal, ,
a document from a professional that gives an estimate of a property's fair market value based on the sales of comparable homes in the area and the features of a property; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
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