Welcome to the CHIP Appraisal Submission Site

Please read the following requirements and click "I Agree/Accept" at the bottom of this page.

The following requirements apply to EVERY appraisal that is submitted to CHIP Home Income Plan.

• All appraisals must be done on the Appraisal Institute of Canada, Residential Appraisal Report format and submitted electronically as a single PDF file.  (refer to www.aciweb.com for more information regarding this format)

Please do not proceed if any of the following applies:

• The client cannot provide payment at the time of inspection and another payment arrangement has not been pre-disclosed
• There is an underground oil tank
• The subject property is located in a Flood Fringe, Zone or Plain
• The property is zoned Commercial. (CHIP will consider homes zoned as commercial/residential)
• Any of the rooms cannot be inspected. All rooms must be viewed.

HomEquity Bank requirements for appraisals. Please include all of the following:

• A copy of the paid invoice must be included with the report
• Pictures are required of both front and rear of the property along with a street scene
• Interior pictures must be provided on homes appraised in below average condition
• The final value must only be attributed to the house, basic garage (if applicable) and up to a maximum of 10 acres of land (see 'Acreage' section below)
• Do not include the value of any outbuildings such as sheds or guest homes
• The interior of all outbuildings must be inspected (please provide pictures if applicable)
• Legal description
• Lot and Site sizes: All measurements must be reported in imperial units, including lot size (frontage and depth)
• Electrical amperage (breakers/fuses)
• Age of roof/material. If almost at life expectancy, further comments are required
• The Cost Approach must be completed for a single family dwelling
• Percentage complete – Construction must be at least 97% complete
• Sales history – Comment on known agreements for sale, prior sales or listings in the last year
• If the home has 'UFFI', you may proceed
• If water seepage is evident in basement, further comments and pictures are required
• If the property has a High Land Value, further comments are required regarding the contributive factors (i.e. zoning, re-zoning, acreage, future redevelopment potential, etc.)

• Water Source
• If type is Well: Type of well is required (i.e. drilled, artesian, cistern*, etc.)
• If type is Lake Intake*: please indicate if there is an adequate filtration system in place

* Further comments regarding the affect of marketability are required

• Comparables
• DOM: All comparables must include the total number of days listed on the market
• Sale Dates: Anything older than six months should be time adjusted or an explanation regarding market conditions is required
• No more than one private sale can be used
• A map must be included with the appraisal, showing the location of the comparables in relation to the subject property

• If Oil Tank
• Location and age of Oil Tank must be indicated
• Oil tanks must be located inside the home or outside, above-ground
• Proof of fabrication or proof of inspection is required - Please include the date from the Date Stamp and the date of the last inspection

• Acreage
• If the subject property has acreage, the number of acres must be indicated
• Maximum acceptable acreage is 160 acres
• If more than 10 acres, two values must be provided on the report: Value of home + 10 acres and value of home + entire acreage (both values must exclude any outbuildings)

• Condominiums
• The name of the Condominium Management Company is required
• If the building is subject to any special assessment, details should be included in the Comments
• If property is a Strata Condo, the number of units in the building is required

• Mobile Homes
• Serial Number, Year, Make and Model of the mobile home are required
• Comments are required confirming if the home is on a permanent foundation or not
• Mobile Home Registry number is required in the province of British Columbia