There are three options for appraisal reports that differ only in the level of detail provided;
- Self-Contained – provides the highest level of detail and is the most costly. This level is usually required when the client has no familiarity with the subject property or its economic characteristics.
- Summary – assumes the client and intended users have some familiarity with the subject property or its economic characteristics. This level is required, at a minimum, when the intended users include parties other than the client. The Summary Report is most often requested by lenders and by the IRS for a conservation easement donation.
- Restricted Use – may be used when there are no intended users other than the client. Typically requested for divorces, or for private party purchase or sale.
