To facilitate this process, the Real Estate and Administrative Services Department will maintain an up-to-date "Approved List of Real Estate Appraisers". All appraisers must be members of the American Institute of Real Estate Appraisers (MAI - Member Appraisal Institute designation), Rhode Island State Certified Real Estate Appraisers, experienced in the Providence real estate market, and familiar with the College Hill market.
Appraisers may not have an existing appraisal or brokerage or consulting relationship with the Participant.
- Brown University will hire an appraiser from the Approved List of Appraisers to provide a written appraisal of the property.
- The value of the Option for buy-back by Brown will not be factored in the appraised value.
- Participant will not have the right to contest the initial appraisal.
- Brown reserves the right to obtain additional appraisals if it disagrees with the initial appraisal.
Brown Buy-Back (Either Option A, B or C)
- Participant shall, at his/her expense, within 60 days of the triggering of the option, whether that triggering is caused by action of the participant or by action of the University, obtain a current market appraisal of the property by a firm on the Approved List of Appraisers (PDF format). Appraisal shall be made without regard to the option price discount.
- The University will notify the participant within 15 days of the receipt of the written appraisal whether it accepts the results of that appraisal. If the University decides not to accept the participant's appraisal, the University will provide the participant written notice of its objection and will secure, within 60 days and at University expense, another appraisal from a different firm on the Approved List of Appraisers.
- If the participant does not accept the University's appraisal, the Participant will provide written notice to the University of the objection within 15 days of receipt of the University's appraisal. The University will then contact the two appraisers who will then choose a third appraiser from the approved list, with that appraiser to be paid equally by the participant and the University. This third appraisal shall be completed within 60 days of the participant's written objection to the University's appraisal and will be binding on both the participant and the University.