INDIVIDUAL CONDO UNIT APPRAISAL REPORT

File No.:
Subject
Property Address:
Unit #:
City:
State:
Zip Code:
County:
Legal Description:
Assessor's Parcel #:
Tax Year:
R.E. Taxes: $
Special Assessments: $
Borrower (if applicable):
Current Owner of Record:
Occupant:    
Project Type:    
HOA: $
Market Area Name:
Map Reference:
Census Tract:
Project Name:
Phase:
ASSIGNMENT
The purpose of this appraisal is to develop an opinion of:
This report reflects the following value (if not Current, see comments):    
Approaches developed for this appraisal:    
(See Reconciliation Comments and Scope of Work)
Property Rights Appraised:
Intended Use:
Intended User(s) (by name or type):
Client:
Address:
Appraiser:
Address:
Market area description Location:
Predominant occupancy Condominium housing Present Land Use Change in Land Use
Built up:
PRICE AGE
One-Unit %
Growth rate:
$(000) (yrs)
2-4 Unit %
Property values:
Low
Multi-Unit %
* To:
Demand/supply:
High
Comm'l %
Marketing time:
Pred
%
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):
PROJECT SITE DESCRIPTION
Zoning Classification:
Description:
Zoning Compliance:    
Ground Rent (if applicable) $ /
Comments:
Highest & Best Use as improved (or as proposed per plans & specifications):    
Actual Use as of Effective Date:
Use as appraised in this report:
Summary of Highest & Best Use:
Utilities Public Other Provider/Description Off-site Improvements Type Public Private Density
Electricity
Street
Size
Gas
Curb/gutter
Topography
Water
Sidewalk
View
Sanitary sewer
Street lights
Storm sewer
Alley
Other site elements:    
FEMA Spec'l Flood Hazard Area    
FEMA Flood Zone
FEMA Map #
FEMA Map Date
Site Comments:
PROJECT INFORMATION
Data source(s) for project information
Project Description    
General Description of Project Subject Phase # If Project Completed # If Project Incomplete #
# of Stories Exterior Walls Units Phases Planned Phases
# of Elevators Roof Surface Units Completed Units Planned Units
Total # Parking Units for Sale Units for Sale Units for Sale
Design (Style) Ratio (spaces/unit) Units Sold Units Sold Units Sold
Actual Age (Yrs.) Parking Type(s) Units Rented Units Rented Units Rented
Effective Age (Yrs.) Guest Parking Owner Occup. Units Owner Occup. Units Owner Occup. Units
Project Primary Occupancy    
Is the developer/builder in control of the Homeowners’ Association (HOA)?    
Management Group:    
Was the project created by the conversion of existing building(s) into a condominium?    
If Yes, describe the original use and date of conversion.
Are CC&Rs applicable?    
Have the documents been reviewed?     Comments:    
Project Comments (condition, quality of construction, completion status, etc.):
Common Elements and Recreational Facilities:

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

File No.:
Project Analysis
Summary of condominium project budget analysis for the current year (if analyzed):
Other fees for the use of the project facilities (other than regular HOA charges):
Compared to other competitive projects of similar quality and design, the subject unit charge appears    
(If High or Low, describe)
Are there any special or unusual characteristics of the project (based on the condominium documents, HOA meetings, or other information) known to the appraiser?
If Yes, describe and explain the effect on value and marketability.
DESCRIPTION OF THE UNIT IMPROVEMENTS
Unit Charge: $ per month X 12 = $ per year.
Annual assessment charge per year per SF of GLA = $
Utilities included in the Unit Charge:    
Source(s) used for physical characteristics of property:    
Data Source for Gross Living Area
General Description Exterior Description Foundation
Basement
Heating
Floor Location Foundation Slab Area Sq. Ft. Type
# of Levels Exterior Walls Crawl Space % Finished Fuel
Design (Style) Roof Surface Basement Ceiling
Gutters & Dwnspts. Sump Pump
Walls Cooling
Window Type Dampness
Floor Central
Actual Age (Yrs.) Storm/Screens Settlement Outside Entry Other
Effective Age (Yrs.) Infestation
Interior Description Appliances Attic
Amenities Car Storage
Floors Refrigerator
Stairs
Fireplace(s) # Woodstove(s) #
#
Walls Range/Oven
Drop Stair
Patio
#
Trim/Finish Disposal
Scuttle
Deck
#
Bath Floor Dishwasher
Doorway
Porch Total # of cars
  
Bath Wainscot Fan/Hood
Floor
Fence
Doors Microwave
Heated
Pool
Washer/Dryer
Finished
Balcony Space #(s)
  
Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade
Are the heating and cooling for the individual units separately metered?     (If No, describe)    
Additional features:
Describe the condition of the property (including physical, functional and external obsolescence):
TRANSFER HISTORY My research    
reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Data Source(s):
1st Prior Subject Sale/Transfer
Analysis of sale/transfer history and/or any current agreement of sale/listing:
Date:
Price:
Source(s):
2nd Prior Subject Sale/Transfer
Date:
Price:
Source(s):

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

File No.:
Sales Comparison APPROACH
SALES COMPARISON APPROACH TO VALUE (if developed) The Sales Comparison Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
Address
Project
Phase
Proximity to Subject
Sale Price
$
$
$
$
Sale Price/GLA
$ /sq.ft.
$ /sq.ft.
$ /sq.ft.
$ /sq.ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( – )$ Adjust. DESCRIPTION +( – )$ Adjust. DESCRIPTION +( – )$ Adjust.
Sales or Financing Concessions
Date of Sale/Time
Rights Appraised
Location
HOA Fees ($/Month)
Common Elements and
Recreational Facilities
Floor Location
View
Design (Style)
Quality of Construction
Age
Condition
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Sq. Ft.
Sq. Ft.
Sq. Ft.
Sq. Ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Parking
Porch/Patio/Deck
Net Adjustment (Total)
$
$
$
Adjusted Sales Price of Comparable
$
$
$
Summary of Sales Comparison Approach
Indicated Value by Sales Comparison Approach $

INDIVIDUAL CONDO UNIT APPRAISAL REPORT

File No.:
INCOME APPROACH
INCOME APPROACH TO VALUE (if developed) The Income Approach was not developed for this appraisal.
FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3
Address
Project
Phase
Proximity to Subject
Current Monthly Rent
$
$
$
$
Rent/GLA
$ /sq.ft.
$ /sq.ft.
$ /sq.ft.
$ /sq.ft.
Rent Control
Data Source(s)
Date of Lease(s)
Location
View
Age
Condition
Above Grade
Room Count
Gross Living Area		 Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths
Sq. Ft.
Sq. Ft.
Sq. Ft.
Sq. Ft.
Utilities Included
Summary of Income Approach (including support for market rent and GRM):
Opinion of Monthly Market Rent $ X   Gross Rent Multiplier = $ Indicated Value by Income Approach
COST
COST APPROACH TO VALUE (if developed) The Cost Approach was not developed for this appraisal.
Summary of Cost Approach:
RECONCILIATION
Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
Final Reconciliation
This appraisal is made
Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is:
$ , as of: , which is the effective date of this appraisal.  
If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.
ATTACHMENTS A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report.
Attached Exhibits:
SIGNATURES
Client Contact:
Client Name:
Email:
Address:
APPRAISER SUPERVISORY APPRAISER (if required)
or CO-APPRAISER (if applicable)
Appraiser Name:
Supervisory or
Co-Appraiser Name:
Company:
Company:
Phone:
Fax:
Phone:
Fax:
E-mail:
E-mail:
Date of Report (Signature):
Date of Report (Signature):
License or Certification #:
State:
License or Certification #:
State:
Designation:
Designation:
Expiration Date of License or Certification:
Expiration Date of License or Certification:
Inspection of Subject:    
Inspection of Subject:    
Date of Inspection:
Date of Inspection:

CONDO PROJECT BUDGET ANALYSIS SUMMARY

File No.:
PROJECT BUDGET ANALYSIS
STATEMENT OF ANNUAL PROJECT OPERATING BUDGET AND RESERVES FOR THE YEAR:
(INCLUDE ONLY THOSE ITEMS WHICH ARE BOTH PAID FOR BY THE OWNERS' ASSOCIATION AND ARE APPLICABLE TO THE SUBJECT UNIT)
Project Name:
Budget analyzed is for:    
Project Address:
City:
State
Zip Code
GROSS ANNUAL INCOME
Unit Charges:     $ /month     X units X 12 months/year =
$
Other income (itemized):
$
TOTAL INCOME FROM ALL SOURCES
$
ADMINISTRATIVE EXPENSES
Office expenses, supplies, equipment rental, etc.
$
Telephone
$
Office salaries (itemize)
$
Management fee (name of management firm)
$
Legal and audit
$
$
OPERATING EXPENSES
Fuel
$
Utilities     (Gas $ Electricity $ Water & Sewer $ )
$
Trash & Garbage Removal
$
Exterminating
$
Supplies
$
$
REPAIRS & MAINTENANCE
Decorating (exterior and interior)
$
Cleaning expenses and supplies
$
Snow removal
$
Building maintenance and repairs
$
Elevator maintenance and repairs
$
Heating and air conditioning maintenance and repairs
$
Pool maintenance and repairs
$
Parking area maintenance and repairs
$
Private street maintenance and repairs
$
Gardening and yard maintenance and repairs including shrub replacement
$
Other (specify)
$
Salaries (itemize including employee benefits and payroll getf_Taxes())
$
FIXED EXPENSES
Real estate getf_Taxes() (if applicable)
$
Other     (Taxes $ Assessments $ Regime Fees $ )
$
Licenses
$
Insurance premiums
$
Ground rent
$
Recreational or other facilities rental
$
$
TOTAL EXPENSES
$
REPLACEMENT RESERVES
Items Est. Remain. Life (Yrs.) Expected Replacement Cost Average Yearly Cost
$
$
$
$
$
$
$
$
$
$
$
$
$
$
TOTAL REPLACEMENT RESERVES
$
TOTAL ANNUAL EXPENSES AND REPLACEMENT RESERVES
$
TOTAL ANNUAL NET SURPLUS (+) OR DEFICIT (-)
$
Discuss disposition of surplus (or, if deficit, method of funding):
Does inspection of project indicate that funds spent during preceding year for maintenance and repairs were sufficient to maintain project in a manner likely to be acceptable
to the market? If no, explain:
I certify that I have analyzed the above Statement of Operating Budget and Reserves. In my opinion, except as stated below, the items as set forth in this Budget appear
sufficient to maintain the project, including replacement of major items, in a manner adequate to protect its marketability.
Comments on Budget and Reserves:
By:
Title:
Date:
Organization:

Assumptions, Limiting Conditions & Scope of Work

File No.:
  
Address:
Unit #:
City:
State:
Zip Code:
Client:
Address:
Appraiser:
Address:
STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS
  • The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership.
  • The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed.
  • If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject unit is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
  • The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand.
  • If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such.
  • The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property.
  • The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties.
  • The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws.
  • If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner.
  • An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment.
  • The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database.
  • An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate.
The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions.
Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.):

Certifications

File No.:
  
Address:
Unit #:
City:
State:
Zip Code:
Client:
Address:
Appraiser:
Address:
APPRAISER'S CERTIFICATION
I certify that, to the best of my knowledge and belief:
  • The statements of fact contained in this report are true and correct.
  • The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
  • I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
  • Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
  • I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
  • My engagement in this assignment was not contingent upon developing or reporting predetermined results.
  • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
  • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared.
  • I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property.
  • Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report.
  • Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification.
Additional Certifications:
DEFINITION OF MARKET VALUE *:
Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
  1. Buyer and seller are typically motivated;
  2. Both parties are well informed or well advised and acting in what they consider their own best interests;
  3. A reasonable time is allowed for exposure in the open market;
  4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
  5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
* This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.
SIGNATURES
Client Contact:
Client Name:
Email:
Address:
APPRAISER SUPERVISORY APPRAISER (if required)
or CO-APPRAISER (if applicable)
Appraiser Name:
Supervisory or
Co-Appraiser Name:
Company:
Company:
Phone:
Fax:
Phone:
Fax:
E-mail:
E-mail:
Date Report Signed:
Date Report Signed:
License or Certification #:
State:
License or Certification #:
State:
Designation:
Designation:
Expiration Date of License or Certification:
Expiration Date of License or Certification:
Inspection of Subject:    
Inspection of Subject:    
Date of Inspection:
Date of Inspection: