Appraisal Requirements
Dundee Bank of Canada will only accept appraisers on its Approved Appraiser List.
All appraisal reports must indicate that Dundee Bank of Canada is the lender and the client and the appraisal report must be delivered to Dundee Bank of Canada at the following address: 1 Adelaide St. East, 20th floor, Toronto, ON M5C 2V9.
The appraisal must clearly indicate that Dundee Bank of Canada is permitted to use the subject appraisal for mortgage financing purposes.
Property appraisals must be acceptable to Dundee Bank of Canada.
Property appraisals must be received by Dundee Bank of Canada prior to the solicitor being instructed.
Payment of appraisal fees will be the responsibility of the borrower in all cases, unless otherwise provided for in writing by Dundee Bank of Canada.
All completed reports must be submitted electronically using a standard A.I.C. form and must contain and address the following:
- 3 color photographs of the subject property (front, rear and street scene)
- interior pictures
- location map, showing the property location and comparables used
- marketing times for the comparable sales listed
- projected marketing time for the subject, based on appraised value
- building sketch and floor map, if applicable
- 12 months' listing history of the property showing all listings, sales, and expired listings
- vacancy rates on multi-dwelling up to 4 units
- any known environmental issues
The appraiser must, in all cases, inspect the inside of the property and provide answers to the following questions in each report:
- Who let you into the property?
- If it was the owner, were they aware that a transaction (refinance or sale) is pending on their property?
- Did anyone other than Dundee Bank of Canada employees give you any special instructions during or before the appraisal?
Please note that Dundee Bank of Canada will not review the appraisal report until all of the above-noted required information has been provided.