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COMMERCIAL APPRAISER, MAI, APPRAISAL INSTITUTE, AI, SUCCEED IN EFFORTS TO REMOVE TRANSPARENCY FROM APPRAISAL CONTRACTS
 
 
http://masslegalresources.com/buffalo-water-1-llc-v-fidelity-real-estate-company-llc-lawyers-weekly-no-12-103-17 
COMMERCIAL APPRAISER, MAI, APPRAISAL INSTITUTE, AI, SUCCEED IN EFFORTS TO REMOVE TRANSPARENCY FROM APPRAISAL CONTRACTS.  BETTER BE CAREFUL WHEN DEALING WITH AN AI, MAI, APPRAISAL INSTITUTE MEMBER.  IT IS NOW NECESSARY TO NOT ONLY ASK THE APPRAISER FOR A WRITTEN NON-CONFLICT OF INTEREST STATEMENT,  YOU MUST ALSO ASK HIS/HER EMPLOYER. 
 
IN OUR HUMBLE OPINION, WE FEEL THAT THE CONTRACT WAS BETWEEN CUSHMAN (THE VALUER) AND  BUFFALO, NOT SKINNER AND BUFFALO.  SO A DUTY TO REPORT WAS REQUIRED.
 
 The defendant Fidelity Real Estate Company LLC (Fidelity) occupied the Property under a long term lease with an option to purchase the Property in the final year of the lease as set forth in an Option Agreement.    The Option Agreement sets the purchase price at 95 percent of the “fair market value” (FMV) or $ 16,275,000, whichever is greater.  If the parties could not agree upon the FMV, the Option Agreement set forth the specific appraisal process that the parties were to follow.   Fidelity timely exercised its option to purchase and, with the parties unable to agree to the FMV, complied with the appraisal process, which included an independent appraisal. The Verified Complaint attacks the validity of the independent appraisal, contending among other things that the entity that employed ... more

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