Consult your exclusive buyers agent and your attorney to get further details on your rights in this scenario.
The Client is the lender and not the borrower. However the Home Valuation Code of Conduct requires the lender to provide a copy of the appraisal. The link to Fannie Mae's Q&A is below - Page 10 has a few Questions that apply to this situation.
Did you have a Buyer Agent? If so, what is their take on it?
Did you have an Attorney, again, what are they saying?
It makes no sense (as others have said) that an Appraisal would be ordered prior to having signed the P&S. As others have said - you paid for it - it is yours.
In MA, a Buyer has 10 days from Offer to get their Home Inspection and sign P&S.
$700 for an Appraisal is pretty steep, I thought $450 was bad.
Did you go with a local bank or an on-line entity like "Lending Tree"?
3-4 years ago, I had an Appraisal come in $17,000.00 below and we managed to make the deal work, but both sides wanted the deal to move forward.
Lastly - if you do not already have an Attorney, get yourself one that specializes in Real Estate ASAP!
Please do update on how things are going.
However, I agree with Andrew ... the scenario sounds a bit odd. Rarely is an appraisal completed until AFTER the P&S is signed. Why did the lender run the appraisal before a P&S was signed? How can an appraisal be done before seeing the full P&S? Were you in a rush? Why did it take so long to run the appraisal? Usually, one does not even have to start the lending process until after the appraisal is signed. However, some buyers do pay the lenders' ahead of time if they wish to lock at a particular rate. Is that what you did? $700 may have been to lock in your mortgage rate.
Simple answer to your question is that yes, you should get what you had paid for. However, the question is ... why did you pay for an appraisal before the P&S was signed?
I feel like we are missing some important details.
If you've paid for the appraisal, you own it. Contact the appraiser if your lender won't give you a copy. I would talk to your lender again - maybe there's some miscommunication somewhere on their side? If they don't want to give you a copy, then don't pay for it - they can.