Fact: Unless a lender releases its vestment in the document, it is legally owned by the lending agency that purchased the appraisal. Under the Equal Credit Opportunity Act, any consumer requesting a copy of the document must be provided with it by their lending agency.
Fact: It is very important for consumers to peruse a copy of their appraisal so that they can double-check the accuracy of the document, in case there is a need to question its veracity. Remember, this is probably the most expensive and important investment a consumer will ever make. An appraisal can serve as a record for the future, containing an incredible amount of information – including, but certainly not limited to the legal and physical description of the property, square footage measurements, list of comparable properties in the neighborhood, neighborhood description and a narrative of current real-estate activity and/or market trends in the vicinity.