Appraiser Engagement Letter

Date:

Appraiser Name and Address            

This Engagement Letter is to confirm that you have been retained to conduct                                              appraisals on an ongoing basis for the Bank.  Your performance shall be reviewed annually, and approval re-issued based on the results of the annual review.

You understand that this Bank is the sole owner of any appraisal report submitted to us.  In this respect, we request that you refer to the Bank as the “client” in the appraisal report. 

All appraisal reports are to be prepared in accordance with the “Uniform Standards of Professional Appraisal Practice” issued by the Appraisal Foundation.  Any subsequent changes to the Bank’s appraisal policies will be provided to you promptly.

The Bank will make every reasonable effort to provide you with the needed information as soon as possible.

You will be contacted by phone prior to each engagement to discuss the fee that will be charged and your estimated date. of completion.  A separate engagement letter will then be sent for each appraisal assignment. This engagement letter will document the details of the assignment (property description, appraisal fee and estimated completion date).

Your appraisal reports will be reviewed based on the standards set forth in Exhibit A. Your appraisal assignment is not considered complete until it has been reviewed and deemed to be in conformity with the Bank’s standards.

You will be notified of any questions we have about an appraisal report, or any deficiencies which are noted in our review of your reports. In return, you are expected to correct the deficiencies or clarify an issue promptly, and if you are ‘not able to do so, you are expected to notify the Bank immediately.

The Bank agrees to pay you a mutually acceptable fee that will be agreed-upon prior to performing each appraisal assignment. You understand that you are to enclose an invoice with each appraisal report. Payment will be remitted to you for all appraisal reports completed and accepted by us.

This letter represents the entire agreement between you and the Bank, and supersedes any and all prior negotiations, representations or agreements, either written or verbal.

Signed,