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Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals.It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit".
Also, effective for single-family mortgages made after May 1, 2009, Freddie Mac seller/servicers must represent and warrant that the appraisal report is obtained in a manner consistent with the Code. Certain types of mortgages are excluded from the Code, including: FHA/VA mortgages, Section 184 Native American mortgages, and section 502 ...
Examples are those getting the property as a gift and heirs. Also, those who purchase ownership interests in the owners of the property, such as shares of stock in a corporation owning the land, have not purchased an interest in the property itself and so are unprotected. Also, recording laws generally do not protect purchasers against real ...
A deed of reconveyance is a document that transfers the title of a property from the bank or mortgage company to the borrower once they’ve fully paid off the debt.
An appraisal is an evaluation of the property’s worth conducted by a certified appraiser. This is done to ensure that the amount you’re borrowing is in line with the value of the home you’re ...
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
The survey found that this cost can range from less than $300 to $800 or more, though, depending on a number of factors — including the size of the home, the value and condition of the property ...