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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.
Improvements: Physical characteristics of the property such as age, materials, and condition. Site: Data on the size, shape, zoning, and access to utilities as well as FEMA flood-zone information. Contract: Information on the contract for sale is entered here for appraisals in which a change of ownership is about to occur.
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located.
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 ...
Since a land contract specifies the sale of a specific item of real estate between a seller and buyer, a land contract can be considered a special type of real estate contract. In the usual more conventional real estate contracts, a seller does not provide a loan to the buyer; the contract either does not specify a loan or includes provisions ...
Selling a house isn’t all profit — there are prep and closing costs to consider, as well as real estate commissions. Those opting for a traditional, agent-assisted sale should plan to pay ...
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