Delaware Code Title 24 Sec. 4032 – Payment
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Except in cases of breach of contract or substandard performance of services, each appraisal management company shall make payment to an independent appraiser for the completion of an appraisal or valuation assignment within 45 days after the date on which the independent appraiser transmits or otherwise provides the completed appraisal or valuation study to the appraisal management company or its assignee.
Terms Used In Delaware Code Title 24 Sec. 4032
- Appraisal: A determination of property value.
- Appraisal: shall mean an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate as of a specific date. See Delaware Code Title 24 Sec. 4002
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary or other business entity that directly or indirectly performs appraisal management services, regardless of the use of the term "appraisal management company" "mortgage technology provider" "lender processing services" "lender services" "loan processor" "mortgage services" "real estate closing services provider" "settlement services provider" "vendor management company" or any other term, and that does any of the following:
- Contract: A legal written agreement that becomes binding when signed.