Cornerstone Appraisal, Inc.

Attn: Robert "Bruce" Shearer

Date: 

Client/Loan Officer (Authorized Individual):

Address of property to be appraised:

Borrower name and contact number: 

Scope of work: 1004/Or equivalent                2055             Condo         Multi-Family

1007/216    1004D/442    Other

FHA Case Number      Refinance       Purchase ***

*** (If this is a purchase, contract must be sent with order, or delays will result)

Client/Loan officer:  (Authorized Individual): 

Address: 

City:           State:                            Zip Code: 

Phone:               Fax: 

E-mail where appraisal will be delivered:

Your request for our appraisal service, and our subsequent acceptance, constitute an agreement by

both parties to the following:

1.      A written appraisal using the standard requested form format for the purpose of estimating Market Value.

2.      One original report with original photographs & signatures complete with data, assumptions, definitions, calculations and opinions in support of the final value conclusion.  (Delivered by  e-mail  in PDF format)

3.      Each accepted appraisal assignment assumes that the lender/client has read, understands, and agrees to the Statement of Limiting Conditions and Appraiser’s Certification; and to the standard definition of market value.

Cornerstone Appraisal, Inc. shall make every effort to complete the assignment within a reasonable time frame.  However, if a specific time frame is needed please advise us of that the time appraisal assignment is placed.  If the time frame you request is not practical or feasible for us, we will advise you of that prior to accepting the assignment.  We take pride in providing a high quality of service however unforeseen delays may occur that are beyond the control of the appraiser.  They may include:  incomplete information provided at the time of assignment, slow responses by contacts for verification of market data, severe weather conditions, or missed appointments by the person with whom the inspection appointment was set.  Cornerstone Appraisal, Inc. will communicate any such delays to the client promptly.

CREDIT TERMS:

Our Credit terms are as follows:  Due upon receipt of report with maximum grace period of 45 days.  Payment received after the 45 day grace period will be assessed a $25 Late fee plus an 18% per annum applied monthly at 1.5% on any unpaid balance.  If collection becomes necessary on delinquent accounts, the cost of collection (including attorney’s fees and/or collection agency fees) the responsibility of the client and will be added to the outstanding balance due.  The Authorized Individual of this Engagement Agreement is personally responsible for all fees, late fees and collection agency fees.  Any check issued which is returned to Cornerstone Appraisal, Inc. unpaid or marked NSF shall be charged an additional $25 “NSF” fee.

NO CONTINGENT PAYMENTS:

Payment is not contingent upon closing of a mortgage loan or the closing of any real estate transaction.  Payment is due upon the completion of the assignment.  THIS IS A LEGAL DOCUMENT AND THE INDIVIDUAL SIGNING THIS AGREEMENT IS PERSONALLY RESPONSIBLE FOR THE AGREED UPON FEES, AND IF NECESSARY, ANY ADDITIONAL LATE FEES AND COLLECTION AGENCY FEES ASSESSED PER TERMS OF THE VALLEY APPRAISAL SERVICES, INC., CREDIT TERMS.  The individual has read and agrees to the Cornerstone Appraisal, Inc. Terms of Service (Engagement Agreement) and the Credit Terms.

By signing this Credit Payment Guarantee, the Authorized Individual executing this Agreement below, individually and personally, represents and warrants to Cornerstone Appraisal, Inc. that:  1)  he/she is authorized to execute this Agreement; 2)  the information set forth in this Agreement is accurate and complete.  This is a legally binding Agreement and the Authorized Individual agrees to the above Credit Terms.  Faxed documents will be deemed as originals.

For delinquent balances, Cornerstone Appraisal, Inc. will use any legal means necessary in the collection of this debt and may hire the services of a 3^rd party collection agency of attorney to assist us.  Any seriously past due balances may be reported to the credit reporting agencies, which include, and are not limited to:  TransUnion, Experian, and Equifax.  The terms of this Agreement overrides all others including any oral agreements.  If not fully understood, you are advised to consult any attorney.

PERSONAL GUARANTEE – In consideration of credit being extended by Cornerstone Appraisal, Inc. to the above named Authorized Individual for the services rendered whether Authorized Individual be an individual or individuals, a proprietorship, a partnership, a corporation, or other entity, the undersigned guarantor or guarantors each hereby contract and guarantee to Cornerstone Appraisal, Inc. the faithful payment, when due, of all fees of said Authorized Individual for services rendered per terms of this Payment Guarantee.  The undersigned guarantor or guarantors each hereby expressly waive all notice of acceptance of this guarantee, notice of extension of credit to Authorized Individual, presentment, and demand for payment on Authorized Individual, protest and notice to undersigned guarantor or guarantors of dishonor or default by Authorized Individual, extension of time of payment to Authorized Individual, acceptance of partial payment or partial compromise, all other notices to which the undersigned guarantor or guarantors might otherwise be entitled and demand for payment under this guarantee.  Absent written permission by creditors, this personal guarantee may not be revoked.