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A home is the largest investment most people will ever make. Whether it's a primary residence, a second home or an investment property, real estate is a complex financial transaction that requires multiple parties to pull it together.

The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that the property has a clear title. The lawyer makes sure that all aspects of the transaction are complete.

So who makes sure the value of the property is in line? This is where the appraisal comes in. An appraisal is an unbiased estimate of what a particular property might sell for if it were to be sold to a typical buyer. To be informed, most people turn to a professional appraiser to provide them with the most accurate estimate of the true market value of their property.

An appraiser's duty is to inspect the property being appraised to ascertain the true status of that property. He or she must review the features of the home, to ensure that they really exist and are in the condition a reasonable buyer would expect. The appraiser looks for features or defects that would affect the value of the house.

Once the site has been inspected, an appraiser uses various approaches to determining the value of real property: a cost approach, a sales comparison and, in the case of a rental property, an income approach.

With information from these approaches to value, the appraiser is ready to stipulate an estimated market value for the property. It is important to note that while this amount is probably the best indication of what a property is worth, it may not be the final sales price. There are always factors such as seller motivation or ''bidding wars'' that may adjust the final price up or down. But the appraised value is often used as a guideline for what the property is worth. The bottom line is: an appraiser will help you get the most accurate property value, so you can make the most informed real estate decisions.