Get the free APPRAISAL OF REAL PROPERTY LOCATED AT - cityoffulton

Main File No. 03181401 Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT: 1009 1st St West Fractions, Lots 15, Block 41, City of Fulton, IL 61252 FOR: City of Fulton AS OF: 04112014 BY: fax 8152730141

How to fill out appraisal of real property

How to fill out an appraisal of real property:

1. Start by gathering all necessary documents and information related to the property, such as property details, recent sales data, and any improvements or renovations made.
2. Review the purpose of the appraisal. Determine if it is for mortgage lending, property taxation, insurance, or any other specific purpose. This will help guide your assessment and ensure you provide the required information.
3. Identify the type of appraisal form or report you need to fill out. There are different formats used depending on the purpose and requirements. Make sure you have the correct form and familiarize yourself with its layout and sections.
4. Begin by providing general details about the property, such as its address, legal description, and any unique characteristics or features that may affect its value.
5. Describe the property's physical condition thoroughly. Include details about the overall structure, interior features, and any visible issues or damages.
6. Research recent sales data for similar properties in the area. Determine comparable properties that are similar in size, location, age, and condition to the property being appraised. Provide details about these comparables and their selling prices to support your assessment.
7. Assess the property's value using appropriate appraisal approaches, such as the sales comparison approach, cost approach, or income approach. Consider factors like market trends, property demand, and any income-producing potential when determining the value.
8. Provide an unbiased opinion of the property's market value. Back up your assessment with relevant data and support your conclusions with logical reasoning.
9. Finally, sign and date the appraisal report, following any additional instructions or requirements provided by the appraisal institution or the party requesting the appraisal.

Who needs an appraisal of real property?

1. Home Buyers: Buyers often require an appraisal to ensure they are paying a fair price for a property. It helps them determine if the asking price aligns with the property's market value.
2. Sellers: Sellers may choose to have their property appraised before listing it to set an appropriate asking price. It can also help them negotiate with potential buyers.
3. Lenders: When individuals or businesses apply for a mortgage or home equity loan, lenders usually require an appraisal to ensure the property serves as sufficient collateral for the loan amount.
4. Investors: Real estate investors often rely on appraisals to assess the potential return on investment. It helps them make informed decisions about purchasing or selling properties.
5. Insurance Companies: Insurance providers may require an appraisal to determine the property's value for insurance purposes. This ensures adequate coverage and accurate premium calculations.
6. Government Agencies: Local tax authorities may use property appraisals to assess property taxes. Appraisals help determine the fair market value of a property, which forms the basis for tax assessments.

For pdfFiller’s FAQs

What is appraisal of real property?

An appraisal of real property is an estimate of the value of a piece of real estate, typically conducted by a professional appraiser.

Who is required to file appraisal of real property?

Property owners are typically required to file an appraisal of real property, especially for tax purposes.

How to fill out appraisal of real property?

To fill out an appraisal of real property, one can hire a professional appraiser or use appraisal software to input relevant information about the property.

What is the purpose of appraisal of real property?

The purpose of an appraisal of real property is to determine the fair market value of the property, which can be used for various purposes such as tax assessment, financing, or sales transactions.

What information must be reported on appraisal of real property?

Information such as property details, location, condition, recent sales of similar properties, and any improvements made are typically reported on an appraisal of real property.

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