What is the purpose of a date in an appraisal report?

The purpose of including a date in an appraisal report is crucial as it defines the market conditions under which the appraisal was conducted. Real estate markets can change significantly over time due to various factors such as economic conditions, interest rates, and local market trends. By specifying a date, the appraisal report contextualizes the findings and valuations in relation to the market conditions present at that particular time.

This date helps stakeholders—such as buyers, sellers, and lenders—understand the relevancy of the appraisal in the current market landscape. Market values can fluctuate, so knowing when the appraisal was completed ensures that users of the report can assess the applicability and accuracy of the appraised value in their decision-making processes. Hence, the date is not merely a formality but a vital component of an appraisal report that informs the reader about the timing of the observed market conditions.