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Conventional Underwriting Guideline SupplementConventional Guideline Supplement Table of Contestable of Contents Mutual Underwriting 7 Philosophy 7 Program Description 8 Fannie Mae Selling Guide 8
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How to fill out appraisal portability

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How to fill out appraisal portability

01
Obtain the necessary appraisal reports from the original appraiser.
02
Review the appraisal reports to ensure they meet the requirements for portability.
03
Fill out a new appraisal portability form, providing all relevant information such as the original appraiser's name, contact details, and the property being appraised.
04
Attach the appraisal reports to the portability form.
05
Submit the completed form along with the appraisal reports to the appropriate authority or party requiring the portability.
06
Follow up to ensure the portability request has been processed and accepted.

Who needs appraisal portability?

01
Appraisal portability is typically needed by individuals or organizations who have obtained an appraisal report on a property and wish to use that report with another appraiser or for another purpose.
02
It can be useful for real estate transactions, insurance claims, mortgage refinancing, or any situation where a property appraisal is required by multiple parties.
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Appraisal portability refers to the ability of property owners to transfer their property tax assessment from one property to another within the same jurisdiction when they move.
Property owners who qualify for property tax portability due to moving to a new property within the same jurisdiction are required to file for appraisal portability.
To fill out appraisal portability, property owners must complete the designated form provided by their local tax authority, providing information about the current and new property, and any relevant details regarding the prior assessment.
The purpose of appraisal portability is to allow homeowners to maintain their property tax benefits when they sell their home and purchase a new one, ensuring they are not penalized with higher taxes simply due to relocation.
The information required typically includes the owner's personal details, current and new property addresses, the assessed values of both properties, and any relevant financial information as specified by the local tax authority.
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