Get the free Form 1073- Condo Appraisal Format - Colorado Appraisal Consultants

Colorado Appraisal Consultants SUBJECT Individual Condominium Unit Appraisal Report CONTRACT I did perform. Did not analyze the contract for sale for the subject purchase transaction. Explain the

How to fill out form 1073- condo appraisal

How to fill out form 1073- condo appraisal?

1. Begin by obtaining the form 1073- condo appraisal from the appropriate source, such as the lender or the government agency overseeing the appraisal process.
2. Review the instructions provided with the form to ensure understanding of all the required information to be provided.
3. Start by filling out the top section of the form, which typically includes property details such as the address, legal description, and unit number of the condo being appraised.
4. Proceed to the second section, which may ask for details about the ownership, including the name of the owner, their contact information, and any other relevant ownership information.
5. Next, provide information about the subject property's appraisal, including the date of the appraisal, the purpose of the appraisal, and the intended users of the appraisal report.
6. If applicable, complete the third section of the form, which may ask for details about any rent or lease data associated with the subject property.
7. Move on to the fourth section, which typically requires the appraiser to provide information about the condo development, including the total number of units, the unit mix, and any distinctive characteristics.
8. Fill out the fifth section, which often focuses on the individual unit being appraised, including its size, layout, and amenities. Provide details about any recent renovations or improvements made to the unit.
9. Include information about the neighborhood and market conditions in the sixth section, such as recent sales, available inventory, and any other relevant factors that may impact the value of the condo.
10. Complete the seventh section, which may require the appraiser to provide details about the sales comparison approach used in the appraisal, including the comparable properties considered and adjustments made.
11. If applicable, provide information about the income approach in the eighth section of the form, including details about any rental income received, operating expenses, and capitalization rates used.
12. Finally, review the completed form for accuracy and completeness, ensuring that all required information has been provided before submitting it to the appropriate party or institution.

Who needs form 1073- condo appraisal?

1. Lenders: Lenders require form 1073- condo appraisal to assess the value of a condo as part of the loan approval process. It helps them determine if the property's value is sufficient to provide the desired loan amount.
2. Condo owners: Condo owners may need form 1073- condo appraisal when they want to sell their property, refinance their mortgage, or obtain a home equity loan. It provides an official valuation of the condo, which can be useful in negotiations or for legal purposes.
3. Government agencies: Government agencies responsible for regulating real estate and mortgage lending may require form 1073- condo appraisal to ensure compliance with industry standards and regulations. It helps in monitoring the accuracy and fairness of property valuations.

For pdfFiller’s FAQs

What is form 1073- condo appraisal?

Form 1073 is a document used to report the appraisal of a condominium unit.

Who is required to file form 1073- condo appraisal?

Lenders and financial institutions are required to file form 1073 for condo appraisals.

How to fill out form 1073- condo appraisal?

Form 1073 needs to be filled out with information about the property being appraised, including comparable sales and the appraiser's valuation.

What is the purpose of form 1073- condo appraisal?

The purpose of form 1073 is to provide an appraisal report for a condominium unit to assess its value.

What information must be reported on form 1073- condo appraisal?

Information such as property details, comparable sales, appraisal value, and appraiser's signature must be reported on form 1073.

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