Legal Definitions - appraise

Definition: To appraise is to determine the value of an object or piece of property. This is done by an expert called an appraiser, and the result of this action is called an appraisal. Appraisals are necessary in various contexts, such as:

• The purchase, sale, or refinancing of real estate
• Insuring a piece of property
• Making an insurance claim after that property is lost or damaged

For example, if you want to sell your house, you might hire an appraiser to determine its value. The appraiser will look at factors such as the house's location, size, and condition to determine its worth. This appraisal will help you set a fair price for the house.

Another example is if you have a valuable piece of jewelry that you want to insure. You might need to get an appraisal to determine its value so that you can insure it for the correct amount.

These examples illustrate how appraisals are used to determine the value of different types of property. Appraisals help people make informed decisions about buying, selling, or insuring property.