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Appraisal - Attorney Glossary Terms and Abbreviations

A determination of the value of something, such as a house, jewelry or stock by a professional appraiser who makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property.

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