Vernon Equipment provides prompt and accurate appraisals throughout Western Canada. With accredited Canadian Personal Property Appraisers on staff, as well as a network of associates in a wide range of industries, Vernon Equipment Ltd. has experience in all categories of personal property appraisal, specializing primarily in heavy equipment.
There are three commonly used approaches of types of values:
- Forced Sale Value (FSV) is an opinion of the estimated realizations at a properly advertised and conducted public auction sale held under forced sale conditions and under present day economic trends.
- Orderly Liquidation Value (OLV) is an opinion of the estimated realizations at a privately negotiated sale, properly advertised and professionally managed, by a seller obligated to sell over a period of time, usually 6 to 12 months.
- Fair Market Value (FMV) is an opinion of the estimated realizations in an exchange between a willing buyer and a willing seller with equity to both, neither being under any compulsion to buy or sell, and both parties fully aware of all relevant facts.
Appraisal uses can be used for:
- Financial – banks – loan purposes (SBDL), banks – to evaluate their equity position, accountants – to assist in business valuations, financial advisors – to assist in estate planning
- Insurance – pre-loss – endorsements or riders, after loss, loss of value due to damage
- Acquisition – buying or selling of companies
- Estate Planning – probate, equitable distribution, fair market value for sale to third party
- Trust Planning
- Risk Management
- Bankruptcy – receiverships (for secured creditors), trustees (personal or business)
- Divorce – dispute over value of marital assets, expert witness in court.
Along with many other uses for an accurate appraisal.