Appraisals

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APPRAISALS

 

Storey's provides a variety of services by qualified personal property appraisers. We have been professionally trained in appraisal theory, principles, procedures, ethics and law. We have over 50 years of combined experience in the field and prepare our reports to comply with USPAP (Uniform Standards of Professional Appraisal Practice) of the Appraisal Foundation (www.appraisalfoundation.org). Our appraisals are clear, concise and customized to your intended use.

 

The following is a little more about the common types of appraisals we conduct. If you are unsure whether or not you need an appraisal please feel free to give us a call, or quick email to find out more.

 

INSURANCE

 

Pre-Loss: Most often done for classic cars, fine art and antiques, valuable collections and other unique and valuable items in your home or business. This service is primarily done for an individual or business as per the request of the insurance company. This appraisal aids both parties in coming to appropriate value agreement before loss occurs. We recommend that you update this appraisal as the market and value changes to reflect appropriate premiums and to keep your valuation agreement withstanding (3-5 years is typically sufficient).

 

Post-Loss: We provide post-loss insurance coverage appraisals for a multitude of chattels for individuals, businesses, insurance companies as well as any third parties involved (moving companies, restoration companies, etc.). These appraisals are typically done with a retrospective effective date as of the date of loss. They are conducted with an objective non-biased opinion of value to assist all parties in settling on an a fair amount. These appraisals are most often hypothetical desktop appraisals.

 

ESTATES


We commonly appraise whole or partial estates for equitable division of assets amongst family members. We also appraise the same for executors looking to calculate estate administration taxes (formerly probate). These appraisals can be valued with a current effective date or retrospectively as of the date of death if requested. Items appraised for estate purposes typically include everything from general household goods, to vehicles, jewellery, business related equipment, recreational equipment, fine art and antiques, collectibles, etc. Our estate appraisals are prepared for your use but do conform with USPAP standards should they be required for review by the Canada Revenue Agency.

 

In many cases as with many families, members are spread out across vast distances, and today’s family life is extremely busy and taxing. Should you face the challenge of balancing both we can help alleviate the task of taking care of the ‘stuff’ so you can take care of the people. We can arrange for as little or as much assistance as you like and can handle everything from arranging an inventory, an appraisal, removal and sale of the assets, cleaning of home, arranging your real estate appraisal, etc. If you’re in this boat and not sure where to start give us a call, we’re here for a quick chat or word of advice if you need it.

 

VEHICLE

 

We frequently conduct vehicle (including recreational and heavy equipment) appraisals for divorce, estate, MTO, insurance, OSAP, bankruptcy, etc.
 

MTO Appraisals: If purchasing or selling a vehicle whose value is lower than its average counterpart a Ministry of Transportation (MTO) Vehicle Appraisal  can save you from overpaying the sales taxes on that vehicle (even after the fee of the appraisal is taken into account). The average MTO appraisal can be completed quickly, on the spot, and on short notice.

 

OSAP Appraisals: We work with many schools to help students seeking financial aid receive appropriate funding. Bring us your OSAP vehicle appraisal form and we can complete the appraisal for you within minutes. We will also guarantee that OSAP will accept the appraisal submitted.

 

BUSINESS

 

We have and can conduct a multitude of business appraisals for financial institutions, bailiffs, trustees, landlords and business owners. The intended use of these appraisals is typically for financing, refinancing, selling or purchasing of a business, to comply with the commercial tenancies act  for lockout or distress or bankruptcy. We can assist in determining the value(s) needed for your intended use and can provide affidavits and/or court testimonies on your behalf.

 

MATRIMONIAL


Our belief is that matrimonial appraisals should be conducted when assistance is required for equitable division of assets and/or expedited mediation. We are sensitive to the divorce process and our goal is to help simply that process and expedite resolution by providing objective and non-biased valuations of assets. Each matrimonial case is unique and we will work closely with you and or your lawyer to make sure we are meeting your specific needs. Our final reports are clear, concise and written using your household terminology making them as user-friendly as possible. Once the report is ready we will also send it to your lawyer immediately via fax or email on your behalf. We have and can be retained by both parties and are able to visit multiple locations. The effective date is typically retrospective using the date of separation for value. Our appraisals to conform to USPAP standards and we are able to testify in court on your behalf if necessary.

 

OTHER SERVICES

 

Inventory
We conduct full documentation and inventory services for businesses and homes for a multitude of reasons including as much detail and as many photos as required.

Market Value Estimates & Sale of Goods
Many of our clients simply want help with placing an asking price on their assets. We can help you determine a fair asking price and an appropriate market for your items. Identifying the right market for an object is crucial to maximizing your monetary proceeds. We also partner with local companies and buyers and sellers who frequent the market and can help get your items sold quicker.

 

Trucking – Storage - Salvage & Disposal 
Moving – Downsizing & Large Clean-outs can be taxing. We partner with local companies and can provide you with preferred trucking and storage rates. For items that cannot be sold, donated or gifted, we will assess whether or not they are of any scrap value or simply need disposing of.

 

Expert Witness & Litigation Support
Equitable Assets provides reports for litigation purposes. We have been deemed an expert witness by the courts and exercise the duty as experts, to provide objective non-biased opinion evidence conforming to USPAP standards.

  • INDIVIDUALS

  • EXECUTORS

  • LAWYERS

  • BAILIFFS

  • TRUSTEES

  • BUSINESSES

  • BANKS & LENDING INSTITUTIONS

  • LANDLORDS

  • INSURANCE COMPANIES

  • ESTATES

  • RESTAURANTS

  • VEHICLES

  • HEAVY EQUIPMENT

  • RECREATIONAL VEHICLES

  • MANUFACTURING PLANTS

  • WOOD WORKING

  • BUSINESSES

  • CNC MACHINERY

  • FARM EQUIPMENT

  • OFFICE EQUIPMENT

  • WOOD WORKING

  • FAIR MARKET

  • REPLACEMENT

  • ORDERLY LIQUIDATION

  • FORCED LIQUIDATION

  • SALVAGE

  • SCRAP

  • MARKETABLE CASH VALUE

  • ACTUAL CASH

  • NET

  • IN PLACE

  • IN USE

  • MATRIMONIAL

  • ESTATE / PROBATE

  • EQUITABLE DISTRIBUTION OF ASSETS

  • BANKRUPTCY

  • RECEIVERSHIP

  • TAX / DONATION

  • FINANCING

  • PURCHASE OR SALE OF ONGOING OR DISSOLVED BUSINESS

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Our Clients

What We Appraise

Types of Value

Types of Appraisals

Customized Appraisal Solutions

Our appraisal team is comprised of professional accredited experts who are able to provide dependable & confidential services to you and your clients across the country. We are governed by industry accepted standards and offer quick, prompt and courteous services at affordable rates

FREQUENTLY ASKED QUESTIONS

What IS an Appraisal?
An appraisal is the act or process of developing an opinion of value, estimating cost or calculating potential earnings. An appraisal report is verbal or written documentation of the same.

 

Why do I need an Appraisal?

An appraisal is a tool that can be used to quickly resolve disputes in value, to obtain appropriate insurance coverage, to determine the worth of a business (in-place and operational or its components), to assist in equitable division of assets (either personal or business), to acquire a bank loan or assist with refinancing, to determine estate administration taxes, to comply with the commercial tenancies act, etc.
 

What's involved in having an Appraisal done?

Every appraisal has a unique combination of important variables including: the intended use, intended users, type and quantity of assets, effective date as well as location and condition of property. Once you’ve decided, or had confirmation that you require an appraisal we will walk you through the above questions to get an idea of the scope of work involved.

 

We are sensitive to the timeline you may be working with and to your personal situation and understand that you may want your appraisal conducted during specific days and hours (when your business is closed, when your kids are at school, on your time off / weekend, etc.). Because this is the norm for our clients we do not charge additional fees for appraisal services conducted outside of regular business hours. We are also available in many cases for same day service.


In the event that a physical inspection is not possible as a result of theft, fire or other circumstances we will conduct a desktop appraisal. This is an appraisal based on photographs, videos, detailed information and other documentation you provide to us.


Once engaged, the appraisal itself may be conducted on-site or at our location. During the appraisal our appraiser will identify and record the physical characteristics such as size, quality, make, model, serial number, artist, condition, markings, etc., take measurements, ask questions and take photographs of the property being appraised. If you have any relevant documentation, such as receipts, invoices, or old appraisals we may ask to review these.

 

After collecting the data we carry-out the necessary research to determine value or estimate cost. The research phase includes evaluating markets and market conditions and evaluating and employing the appropriate approach(s) to valuation (income, sales comparison or replacement cost). In an effort to stay current with market conditions, realized sales prices, etc. our appraisers regularly visit industry specific tradeshows, retailers, wholesalers, as well as frequently attend and view live and online auctions of various types of assets. When appropriate we also consult with curators, dealers, and other appropriate experts. Our appraisers are highly experienced and efficient researchers.
 

The last step of the appraisal process is to compose a report merging the data we initially collected with the conclusions of our research. The final report presented to you will be a typed and bound report that is well organized, user friendly and compliable with USPAP and other industry standards. We can also email or fax a copy of the report immediately upon completion to requested parties.
 

How long do the appraisal take and how much does it cost?

The length and cost of the appraisal depends on the amount of time we spend on your project and the complexity of the valuation requested. Once we have outlined the scope of work we will provide you with an estimated length of on-site time required. Estimates of cost are usually expressed as a range and do not include applicable sales tax.


 What's included in the appraisal report?

 

·         Letter of Transmittal

·         Pertinent Dates (Date the appraisal was conducted, effective date of the appraisal values)

·         Objective, Intended Use & Intended Users of the Appraisal

·         Definitions of Values Used

·         Appraisers Qualifications

·         Description and Value(s) of the Appraised Property

·         Market Conditions

·         Scope of Work

·         Details of the Inspection and Physical Property Characteristics

·         The Approach(s) to Valuation Taken

·         Terms and Conditions

·         Limiting Conditions and Critical Assumptions

·         Certificate of Value Signed by the Appraiser

·         Supporting Documentation, Photographs, Etc. Upon Request
 

How do I find a qualified appraiser?

A qualified appraiser has formal education in appraisal theory, principles, procedures, ethics and law. An appraiser should be up-to-date on the latest appraisal standards and continue education and testing to ensure competency. For detailed information on finding a qualified appraiser please visit the International Society of Appraisers information page