Who does a copy of the property appraisal belong to in a loan application process?

In the context of a loan application process, the property appraisal is typically considered to belong to the buyer who pays for it. Although lenders often order the appraisal to assess the value of the property they are considering as collateral for a loan, the buyer usually covers the cost. This means that while the lender receives the appraisal report to inform their lending decision, the buyer has effectively purchased the appraisal and therefore has a vested interest in it.

Importantly, this arrangement reflects an understanding in real estate transactions that although the lender might utilize the appraisal for their purposes, the buyer is the one who finances it. As a result, the buyer has the right to a copy of the appraisal, which can be useful for their own records and understanding of the property's value. This highlights the buyer’s position in the transaction and underscores their financial responsibility throughout the process.