Recently, LandSafe released its latest “Appraisal Service Agreement,” which requires signatures from LandSafe appraisers. This 21 page document goes further than ever before in its attempt to get LandSafe appraisers to willingly agree to certain terms and conditions.
The agreement includes, but is not limited to, terms regarding representations and warrantees of the appraiser, indemnifications of LandSafe, fees, audits, mandatory training, dispute resolution, and rights to the appraiser’s work product, among others.
It is highly recommended that no licensed appraiser agree to these terms before consulting with an attorney. The impact of signing this agreement is substantial to the appraiser, to say the least, and it is advisable to fully read and understand the implications of signing the agreement.
Please note appraisers have the right to refuse to sign this document, thereby rejecting what could be harmful terms. Appraisers need to stand together on this issue!
We believe this agreement may be a “trial balloon” for other Appraisal Management Companies. Others may follow LandSafe’s lead and produce their own versions of “appraisal service agreements” in the near future.
It is incumbent upon every licensed appraiser to take the time to educate themselves, consult with other appraisal professionals and seek legal counsel, to fully understand the personal and professional impact of signing any such agreements.
Thanks, Ian Coates
NAIHP Vice President
(National Association of Independent Housing Professionals)