Tennessee Code 62-39-421 – Payment deadlines to appraisers
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Terms Used In Tennessee Code 62-39-421
- Appraisal: A determination of property value.
- Appraisal: means the act or process of developing an opinion of value of identified real estate. See Tennessee Code 62-39-402
- Appraiser: means an individual who holds a license under part 1 of this chapter. See Tennessee Code 62-39-402
- Contract: A legal written agreement that becomes binding when signed.
Each appraisal management company shall, except in cases of breach of contract or substandard performance of services, make payment to an appraiser for the completion of an appraisal or valuation assignment within sixty (60) days, unless a mutually agreed upon alternate payment schedule exists, from when the appraiser transmits or otherwise provides the completed appraisal or valuation study to the appraisal management company or its assignee.