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About InterVal

 

InterVal maintains a comprehensive library of appraisal literature, municipal data, and land use documents of numerous communities throughout Ontario, macroeconomic and microeconomic data on all categories of real estate throughout Canada, and has access to numerous databases including the Toronto Real Estate Board (TREB) and LexisNexis, a legal database providing access to decisions and judgments from courts in many countries, including Canada and the United States.

 

InterVal monitors case law pertaining to:

  • Lease renewal disputes
  • Appeals of real estate arbitration decisions
  • Professional appraisal negligence
  • Environmental contamination and stigma damages
  • Expropriation and Condemnation
  • Admissibility of appraisal evidence
  • Damage claims involving real estate
  • Improvident transactions
  • Mortgage fraud

The principal behind InterVal is Tony Sevelka, AACI, P.App., FRICS, SREA, MAI, CRE, who, since 1972, has been involved in many areas of professional appraisal practice requiring a broad and diverse skill set applied to:

  • conducting primary research
  • preparing and coordinating portfolio valuations
  • developing appraisal models in unique circumstances founded on sound valuation principles
  • appraising unique properties
  • acting on behalf of financial institutions dealing with special loans and mortgage workouts
  • confidentially investigating mortgage fraud on behalf of financial institutions and governmental oversight agencies
  • investigating professional negligence claims against appraisers
  • preparing forensic appraisals and appraisal reviews in contemplation of litigation
  • providing expert testimony and litigation support
  • acting as arbitrator

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InterVal, guided by the expertise of Tony Sevelka, has been a leader in the appraisal profession, while actively engaged in areas such as:

 

Expropriation:

  • Participation in numerous expropriations of full and partial takings, most of which were settled without the necessity of a costly expropriation hearing.
  • Major paper prepared on the concept of the Larger Parcel and its application to partial takings, a key consideration in valuing taken property and ascertaining injurious affection or severance damages, with numerous Canadian and U.S. cases cited.
  • Major papers prepared on the Subdivision Development Method, with a focus on expropriation and condemnation, covering all aspects of subdivision development and the valuation model, including its acceptance and rejection by the courts, with over 100 Canadian and U.S. cases reviewed.
  • Instrumental in development of a valuation model for estimating the cost of equivalent reinstatement for displaced tenants in a trailer park whose right to occupy their pad rentals was expropriated.

Negligence Claims:

  • Participation in numerous actions for claims of negligence against appraisers, with most claims successfully settled by legal counsel on the strength of our forensic reviews without the necessity of time-consuming and costly trials.
  • Major paper prepared on Appraisal Standards and Appraisal Negligence, with numerous Canadian cases cited, and discussion of emerging case law on negligence claims against "friendly" expert witnesses.

Improvident Transactions:

  • Preparation of appraisal reports and forensic review appraisal reports.
  • Conducted research and provided litigation support to assist legal counsel in successfully defending against one of the largest financial claims for an improvident transaction ever filed against a major financial institution in Canada.

V-Day and Estate Tax Valuations:

  • Preparation of a number of comprehensive appraisals with supportable estimates of value on behalf of property owners for taxation purposes, all of which were accepted without any challenges from the Government of Canada.

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Rental Disputes:

  • Participation in numerous rental disputes involving periodic rent review of ground leases and occupied space.
  • Assisted a major crown corporation in the drafting of a long-term ground lease for its corporate offices.
  • Assisted legal counsel on a number of occasions in the interpretation of renewal clauses for the purpose of rent review.
  • Major papers published on the determination of rent during rent review and on ground lease valuation issues, with numerous Canadian and U.S. cases cited.
  • Appeared as expert witness in court and arbitration hearings.
  • Appointed as arbitrator involving real estate disputes.

Appraisal Review:

  • Participation in the review of over 300 non-residential narrative appraisal reports on behalf of trust companies, life insurance companies, banks, major corporations and law firms for a variety of functions, including litigation.
  • Major paper published on appraisal review.

Confidential Forensic Investigations:

  • Participation in the investigation of mortgage loan files on behalf of numerous financial institutions, including banks, trust companies, and life insurance companies, and governmental oversight agencies.

Asset Management:

  • Coordination of the appraisal and rationalization of Canada Post's Canada-wide half-billion dollar real estate portfolio. The Canada Post appraisal contract, one of the largest ever awarded in Canada, was completed on time and under budget. Significant realty tax savings accrued to Canada Post as a result of identifying over-assessed properties in its portfolio.

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Pro Bono:

  • Assisted financial institutions in the interpretation of the Uniform Standards of Professional Appraisal Practice (USPAP) and provided assistance in the preparation of engagement letters in retaining appraisers.
  • Assisted a major financial institution in the development of a "form" appraisal for non-residential real estate mortgage loans.
  • Assisted Canadian Deposit Insurance Corporation (CDIC), both personally and as a member of the Appraisal Institute of Canada (AIC) ad hoc committee, in developing Standards of Sound Business and Financial Practices for Real Estate Appraisals.

InterVal's market analysis database includes sales activity since 1969 from a variety of sources including:

  • Various Registry/Titles offices
  • Teranet (Land Registry/Titles on-line service)
  • Various MLS (Multiple Listing Service)
  • E-Space Connexions (on-line commercial listings service)
  • Loopnet (on-line commercial listings service)
  • TeelaPoint (on-line service for transactional data, property ownership & assessment information in Ontario)
  • RealTrack (on-line service for transactional data in Ontario)
  • Marsh Report (on-line service for transactional data in the Toronto Region)
  • In addition to the preceding market analysis databases, InterVal has access to several real estate and economic sources, including:
  • Quicklaw, FindLaw & VersusLaw Legal Services
  • MPAC (Municipal Property Assessment Corporation)
  • CMHC (Canada Mortgage & Housing Corporation)
  • Bank of Canada
  • Industry Canada's Strategis Service
  • Royal Bank of Canada, Scotia Bank, Bank of Montreal & TD Waterhouse Economic Research Departments
  • Canada Newswire
  • Statistics Canada
  • The Financial Post (Canadian Markets publications)
  • Various municipal & regional web sites

As an MAI, Tony Sevelka has access to the Appraisal Institute's Y.T. & Louise Lee Lum Library, an information clearing house consisting of research library and ready-reference desk, including full text articles published in The Appraisal Journal and The Real Estate Appraiser & Analyst, and InfoExchange since c. 1990. Also, the Appraisal Institute offers access to several American databases providing market information for residential and commercial real estate within the United States.

Further, as a CRE and AACI/P.App., Tony Sevelka has access to the Counselors of Real Estate's and Appraisal Institute of Canada's libraries and publications, Real Estate Issues and The Canadian Appraiser respectively.

 

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