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Turner Drake & Partners Ltd.
6182 North Street
Halifax, N.S.
B3K 1P5
Canada

Tel.: (902) 429-1811
Toll Free: (800) 567-3033
Fax.: (902) 429-1891

Suite 221
12 Smythe Street
Saint John, N.B.
E2L 5G5
Canada
Tel.: (506) 634-1811

Suite 11
109 Richmond Street
Charlottetown, P.E.
C1A 1H7
Canada
Tel.: (902) 368-1811

35 York Street
St. John's, N.L.
A1C 5M3
Canada
Tel.: (709) 722-1811

4th Floor
111 Queen Street East
Toronto, ON.
M5C 1S2
Tel.: (416) 504-1811

E-Mail: tdp@turnerdrake.com
Internet: www.turnerdrake.com

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Products


Valuation & Appraisal


We appraise, but we are not "appraisers": it is necessary to have a much broader view of the real estate spectrum in today's rapidly changing, global economy. Market value is more often a function of leasing, financing and management, than of the sale prices of other properties in the locality. We therefore approach each assignment as an opportunity to assist the client better manage their assets.


Fees

We believe that our client should know what our services will cost before we commence the assignment ... there should be no surprises! We therefore enter into a written contract which clearly specifies the scope and cost of the work. We have constructed a pricing algorithm which enables us to provide fee quotations based on the type, size and location of the property and the type of valuation or appraisal report required.


Valuation & Appraisal Products

In Atlantic Canada we are the benchmark by which others are measured. Our reputation for consistently producing high quality work based on meticulous investigation, in a timely fashion and at reasonable cost, is legendary. In order that clients can select the most cost effective service, one that is precisely matched to their requirements we offer seven valuation and one appraisal product. The most comprehensive products are tools for optimising our client's real estate assets; performance evaluations comprising a fiscal, physical and legal audit, the outcome of which is an estimation of the asset value and recommendations on improving its performance within the constraints imposed by the client's objectives and time horizon. At the other end of the range is an appraisal report, usually a more limited exercise whose sole purpose is to estimate property value.

All of our valuation assignments are conducted in accordance with the Royal Institution of Chartered Surveyors' Valuation Standards (RICS Red Book). They comply with the International Valuation Standards (IVS), the Uniform Standards of Professional Appraisal Practice (USPAP), and the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). The Appraisal report complies with the CUSPAP.

We offer the following Valuation and Appraisal products:

 

Master Valuation Report

This is a complete valuation. The report provides the end user with a comprehensive (fiscal, physical and legal) picture of the property. It is an invaluable resource document for asset management. There is no restriction on its use. End users include pension plans, REITs, national and regional property companies, etc. It is also a “court ready” report suitable for use in litigation, eg. expropriation, capital gains tax, assessment appeals, etc.

 

Valuation Report

This is a complete valuation but the report is issued in summary format. It is used for all property types. Although less comprehensive than a Master Valuation Report it is suitable for all purposes other than litigation and conduit financing. Its use is unrestricted. Its cost is approximately 75% of a Master Valuation Report.

 

Form Report

This is a complete valuation but the report is issued in abbreviated format. It is used for smaller properties. Its use is unrestricted other than litigation and conduit financing. Its cost is approximately 58% of a Master Valuation Report.

 

Concise Report

This is a complete valuation but the report is issued in restricted format. The report contains a statement of our findings and conclusion but our notes and working papers are held on file rather than being in the report. Its use is restricted to the client. Its cost is approximately 55% of a Master Valuation Report.

 

Update Report

This is a complete valuation but the report is issued in restricted format since it is an update of a Master Valuation or Valuation Report. This type of valuation is the most economical way to proceed if there is a requirement for periodic revaluations of the property. Since the Update Valuation can only be completely understood if it is read in conjunction with the Master Valuation or Valuation Report its use is restricted to the client or to parties in possession of both reports. Its cost is approximately 29% of a Master Valuation Report.

Update Valuations can only be issued if we have a Master Valuation or Valuation Report on file and, (1) there has been no change in ownership, (2) there has been no significant change in the real estate, (3) the time period between the effective date of the Master Valuation or Valuation Report (or the most recent update) is not unreasonably long for the type of real estate involved. If we have a Master Valuation or Valuation Report on file for a previous owner, it will still be possible to bring the property under our Update program, provided that the Master Valuation or Valuation Report is first updated to reflect the current fiscal, physical and legal state of the property.

 

Letter of Opinion

This is a limited valuation and is generally based on an external inspection of the property and such information as is available in our Data Bank. Essentially this type of valuation is of a preliminary nature only. Its use is restricted to the client and it is provided for the client’s exclusive, internal use as an input to broad decision making. The report contains a statement of our findings, value range and a “most probable value”. Our notes and working papers are held on file rather than being in the report. This is a limited assignment and a restricted report. Its cost is approximately 25% of a Master Valuation Report.

 

Valuation Review

This type of assignment is provided to clients who wish to obtain a professional review of a Valuation or Appraisal Report, in order to determine whether the analyses, opinion and conclusions contained in the report under review are appropriate and reasonable. A Valuation Review is usually conducted during litigation proceedings to determine whether the Valuation or Appraisal Report tendered by the opposing party passes evidentiary muster. Its cost is approximately 33% of a Master Valuation Report.

 

Appraisal Report

This type of assignment is undertaken in accordance with the Appraisal Institute of Canada’s Uniform Standards of Professional Appraisal Practice (CUSPAP). It is acceptable to Canadian banks for use in mortgage financing. An Appraisal Report follows the same format as a Valuation Report but the assignment entails less investigation, and so is not as accurate or reliable. Its cost is approximately 52% of a Master Valuation Report.

PAMS® Property Portfolio Manager

This annual service draws on the professional expertise of our Valuation and Planning Divisions to protect our clients' property against capital asset erosion through inadequate (or over adequate) fire insurance coverage, down zoning and adverse market value changes.  Simply put, PAMS® PPM provides clients with professional valuation and planning advice when they need it so that they can avoid being blind sided by external events that threaten their property. It reduces their administrative burden and risk and better positions them to maximise the value of their property holdings.  When required, it will also reduce the cost and expedite the valuation of their property for financing, balance sheet, IFRS and other purposes.   Click here for a complete description.

 

Equipment Appraisals

In addition, since clients owning industrial property often require an appraisal of their processing or manufacturing machinery we have forged strategic alliances with experts in selected industries who can undertake equipment appraisals.

We undertake valuations and appraisals on the following types of property:

Click here to order, or to obtain a price quote, on any of the above Valuation and Appraisal products.

Click here for our Valuation & Appraisal products video or review actual Valuation & Appraisal case studies.