What is the difference between property appraisals and property valuations?

A property valuation is a formal written report prepared by a qualified and registered property valuer detailing the property’s market value at a specific date. A property valuation is a legally binding document supported with substantiative comparable sales and property market data. A property appraisal is typically provided by a real estate agent. It is an opinion or estimated market value of a property as of a specific date.