When it comes to commercial appraisals, the question of how often they should be updated for litigation support arises. It’s important to understand that the frequency of updating depends on several factors, such as the complexity of the case, the timeline of the litigation process, and the amount of time since a previous appraisal was performed.
In general, appraisers recommend updating a commercial appraisal for litigation support at least once every two years. This ensures that any changes in market value due to economic conditions or other physical characteristics are taken into account. Also, if there has been significant development in the area since an appraisal was last conducted, it should be updated sooner rather than later. Furthermore, if a property has experienced environmental issues or other damage since an appraisal was completed, then an update is also necessary.
It’s important to note that these recommendations may vary depending on individual cases in a specific jurisdiction. Ultimately, when determining how often a commercial appraisal needs to be updated for litigation support purposes, it’s essential to consult with experts in order to ensure accuracy and compliance with legal requirements. In addition to this consultation with experts, it’s also beneficial to review any relevant court decisions or industry standards pertaining to your particular case. Doing so can help you make informed decisions about when and how often an appraisal should be updated for litigation support purposes.