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Independent Property Valuations for Executors, Lawyers and Families

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Settling an estate often requires a clear, well-supported opinion of a property’s fair market value. Abacus Residential Appraisal Inc. provides independent estate and probate appraisals throughout Nova Scotia, Ottawa and Eastern Ontario. Our CUSPAP-compliant appraisal reports help executors, estate trustees, lawyers, accountants and beneficiaries document residential property value for probate, tax reporting, estate distribution and dispute resolution. Every valuation is based on relevant market evidence, recognized appraisal methodology and independent professional judgment.

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What is an Estate Appraisal?

An estate appraisal is a professional opinion of the fair market value of real estate connected to a deceased person’s estate.

Depending on the purpose of the assignment, the property may need to be valued:

• As of the date of death

• As of the current date

• As of another historical date requested by a lawyer, accountant or estate representative

• Before a sale, transfer or distribution to beneficiaries

When the required effective date is in the past, the appraiser completes a retrospective appraisal using market information and comparable sales relevant to that historical period.

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Why Is a Date-of-Death Appraisal Important?

A date-of-death appraisal establishes what a property was worth at or around the time the owner died. This value may be needed to support estate administration, probate filings, tax reporting or the calculation of a subsequent capital gain or loss. The Canada Revenue Agency generally treats capital property as having been disposed of immediately before death at fair market value, subject to applicable exceptions and rollover provisions. Ontario also instructs estate representatives to use the appraised value of real estate as of the date of death when calculating Estate Administration Tax. Nova Scotia’s probate regulations provide that an estate is valued as of the date of death. The estate’s lawyer or accountant should confirm the required valuation date and intended use of the report.

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When May an Estate Property Appraisal Be Required?

An independent estate appraisal can assist with:

• Probate and estate administration

• Date-of-death property valuation

• Capital gains and tax documentation

• Distribution of property among beneficiaries

• A beneficiary buying out another beneficiary’s interest

• Private sales between family members

• Decisions about whether to sell, retain or transfer a property

• Disputes concerning the value of estate real estate

• Litigation and expert-witness support

A professional appraisal provides more than an estimated selling price. It creates a documented and defensible opinion of value prepared by an independent appraiser.

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Retrospective Appraisals for Past Valuation Dates

An appraisal does not necessarily have to be completed immediately after a death. Where the required valuation date has already passed, we may be able to prepare a retrospective appraisal.

The appraiser considers information such as:

• The property’s condition as of the effective date

• Historical comparable sales

• Market conditions at that time

• Available photographs, records and renovation information

• Relevant property and neighbourhood characteristics

Providing accurate historical information helps the appraiser develop a credible opinion of value.

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Independent and Defensible Valuation

An appraiser does not represent a beneficiary, purchaser or seller and has no financial interest in the outcome. Our responsibility is to provide an impartial opinion supported by market evidence.

Abacus Residential Appraisal Inc. prepares appraisal reports in accordance with the Canadian Uniform Standards of Professional Appraisal Practice. Our work is designed to be clear, transparent and capable of review by lawyers, accountants, courts and other intended users identified in the report.

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Why Choose Abacus?

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• Established residential appraisal practice since 2013

• AIC-designated residential appraisal expertise

• Court-recognized expert-witness experience

• CUSPAP-compliant appraisal reports

• Experience with estates, probate and retrospective valuations

• Independent analysis supported by local market evidence

 

Frequently Asked Questions

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Do I need an appraisal if the property will be sold?

An appraisal may still be useful or required. The eventual selling price may not establish what the property was worth on the date of death, particularly if the sale occurs later or market conditions change. Ask the estate’s lawyer or accountant which value must be documented.

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Can you value a property as of a date several years ago?

In many cases, yes. A retrospective appraisal uses historical market evidence to estimate the property’s value as of a specified past date. The availability and quality of property information and comparable sales will affect the assignment.

 

Who can request an estate appraisal?

Appraisals are commonly requested by executors, estate trustees, administrators, lawyers, accountants and beneficiaries. The person requesting the report should have the appropriate authority and access to the property and relevant records.

 

What information should I provide?

Please provide the property address, date of death or required valuation date, intended use of the appraisal, relevant deadline and any information about the property’s condition or renovations as of that date.