Re: Litigation can be a revolving door (REM, November 2001): Your readers should be aware that had a professional real estate appraiser been acting for the purchaser, it is possible none of the litigation would have happened. An appraiser routinely checks zoning and likely would have included the site-specific restrictions in his/her report. The nature and extent of the zoning restrictions would be reflected in the estimated market value. After reviewing the report, the purchaser could have then made an informed decision whether to proceed with the original agreement or amend it.
Appraisers bring a wealth of data to real estate transactions and their contributions should not be overlooked.
Stephen Cross, AACI
Ontario Association of the Appraisal Institute of Canada