Who "owns" The "appraisal Report"?

[Terrel L. Shields]

You understand that this bank is the sole owner of any appraisal report submitted to us. In this respect, we request that you refer to this bank as the "client" in the appraisal report.​

From a Master engagement letter of a community bank.

Is the report "owned" by the bank? But does the "appraisal" still belong to the appraiser as intellectual property? And if so, can the appraisal report be copyrighted by the appraiser?

 

[Randolph Kinney]

You understand that this bank is the sole owner of any appraisal report submitted to us. In this respect, we request that you refer to this bank as the "client" in the appraisal report.​

From a Master engagement letter of a community bank.

Is the report "owned" by the bank? But does the "appraisal" still belong to the appraiser as intellectual property? And if so, can the appraisal report be copyrighted by the appraiser?

My understanding, if you don't explicitly transfer all your right to the work product, the client is just an intended user.

 

[timd354]

You understand that this bank is the sole owner of any appraisal report submitted to us. In this respect, we request that you refer to this bank as the "client" in the appraisal report.​

From a Master engagement letter of a community bank.

Is the report "owned" by the bank? But does the "appraisal" still belong to the appraiser as intellectual property? And if so, can the appraisal report be copyrighted by the appraiser?

My reading of the statement from the bank's engagement letter is that they own the rights to the appraisal report, which would include the rights to any and all information included in the report. The probably have included this language in their engagement letter precisely to head off any silly claims down the road that the appraiser retains a copyright on that report or owns the data and conclusions contained in the report as some sort of intellectual property.

 

[CANative]

IMHO we communicate the appraisal to the client via a written report. That is theirs to do whatever they want with it. We own the intellectual process which is the appraisal. They have no right to or ownership of our work file.

 

[Dale Smalley]

CU is stealing our comps

 

[CANative]

It's not stealing when you give them permission... in writing.

 

[Dale Smalley]

Fooled again

 

[CANative]

 

[CindyR]

Many years ago I refused to sign on with some well known bank's AMC because their agreement included language that said they owned not only my appraisal but they also owned my work file. And it further stated they could tell me when to destroy my work file. Some honcho even called to see why I wouldn't join their panel. I explained the language and he said 'oh well they would probably never really do that'. And I said well then why is it in your agreement?
Obviously all the other appraisers on said panel had no problem signing it...

 

[Eli]

A judge or court would likely have to decide that intellectual property part of the question. The government may wind up doing it in a round a bout way before it's over.