Appraisement Law and Legal Definition

Appraisement is the inspection and appraisal or valuation of a property by a court-appointed surveyor before its judicial sale. This is done to determine and make a decision as to whether the judicial sale price is fair to the parties. This is more relevant when there are more persons claiming for the proceeds from the sale. Appraisement may be of any type of property but it is especially related to vessels.