Who pays for the service of the Appraisal?
It depends on who has been designated to pay the fee at the time the appraisal is ordered. The appraisal fee is generally paid by the home buyer (if the appraisal is for a sale) as a part of their closing costs. If the assignment is ordered by an individual property owner/client the fee is generally paid in advance or at the time of the appraiser’s physical inspection of the property being appraised. If the assignment is ordered by the lender/client, then the client may direct the appraiser to collect the fee from the borrower or may elect to pay the fee directly upon delivery of the completed report. It is the appraiser that ultimately determines the terms and conditions for payment, and how or when to extend credit. The client, property owner or lender, should realize that the extension of credit is not mandatory. If you are working with a lender they will make arrangements for the appraisal. Depending on the lender the appraisal may be paid in advance or incorporated into an applica
