Who actually owns the appraisal report once it’s complete?

For mortgage transactions, the lender orders the appraisal, either directly or through a third party. While the buyer pays for the report as part of the closing costs, the lender retains the right to use the report or any information contained within. However, the buyer is entitled to a copy of the appraisal – it’s usually bundled with all the other closing documents – but is not entitled to use the report for any other purpose without permission from the lender.

This rule doesn’t apply when the home owner engages an appraiser directly. In these situations, the appraiser may define how the appraisal can be used; for PMI removal, or estate planning or tax challenges, for example. If not noted otherwise, the home owner can do whatever they want with the appraisal.