Appraisal Legal Meaning and Definition

Here is a simplified definition of the legal term Appraisal.

Appraisal (noun)

An appraisal is a process of estimating the monetary value of something, often carried out by a professional known as an appraiser. In the context of real estate, an appraisal refers to the professional assessment of a property's worth, usually for purchase, taxation, or sale purposes. This process takes into account various factors such as the property's location, condition, features, and the value of similar properties in the same area.