Although neither the Uniform Standards of Professional Appraisal Practice nor the Appraisal Institute Code of Professional Ethics requires the use of written engagement agreements, using a written agreement to set out the details of an assignment is a sound business practice.
A written agreement:
serves to clarify terms of the assignment;
provides written evidence of both the client and appraiser’s agreement to the terms;
provides the basis for the resolution of disputes arising from the providing of services; and
encourages the parties to address issues that might not otherwise be addressed.
The Appraisal Institute is pleased to provide the following sample engagement materials, updated as of 2018, as resources for appraisers drafting their own engagement contracts in the non-litigation context. As drafted, the sample engagement materials address non-litigation appraisal assignments, but they can easily be edited to accommodate review or other types of assignments. The 2018 sample engagement materials are designed to be edited or modified as needed.
Appraisal Services Agreement (PDF version)*
Appraisal Services Agreement (Word DOC version)*
Engagement Letter (PDF version)*
Engagement (Word DOC version)*
Terms and Conditions (PDF version)*
Terms and Conditions (Word DOC version)*
Cover Letter (PDF version)*
Cover Letter (Word DOC version)*
Explanatory Materials and Instructions
*Before viewing this form, the user must read and agree to the following: The sample engagement materials provided here are designed to provide helpful information only in regard to the preparation of engagement agreements and are provided with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting or other professional advice. If legal advice or other professional assistance is required, the services of a competent professional should be sought. These sample engagement materials may be used as a resource by appraisers and their clients in the preparation of letters of agreement or letters of engagement that may create legally binding obligations on the parties. If a party has any questions about the meaning or enforceability of any provision of these sample engagement materials within a particular jurisdiction or whether these sample engagement materials are appropriate for any particular appraisal assignment, the party should consult competent legal counsel. The Appraisal Institute does not assume any responsibility or liability for any services performed pursuant to the use of these sample engagement materials, nor does the Appraisal Institute make any representation or warranty that these sample engagement materials contain terms and conditions appropriate to any particular appraisal assignment. Nothing herein should be construed as legal advice.