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Definition - What does Appraisement mean?

The tern appraisement means the valuation, appraisal, or inspection of a property by a surveyor officially appointed by the court. Such inspection is carried out before the judicial sale of the property. In other words, appraisement can also be defined as the just and fair valuation of the property.

Justipedia explains Appraisement

The main reason for an appraisement is to find out the real value of the property so as to be fair to the parties involved. Appraisement becomes more important when there are more than one person claiming the property or proceeds from its sale. Appraisement can be done for any type of property but it is mainly related to vessels.

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