Condominium Unit Number

[NJ Valuator]

Ok here is the situation.

According to the subject's deed, it contains a unit number. Let's say for the purpose of this scenario the subject's address is 222 Main Street and its Unit Number as per its deed is A1. The A1 is not reported anywhere physically on the subject's unit nor is the unit number used in its USPS address. However, since this unit number is on the deed's legal description, I included it in the report as Unit A1.

Since this Unit Number does not show up in the title report, the client wants it removed. They are citing that because it is not part of the USPS address that it should be eliminated from the report. I disagree; I think that it should be included.

Would you include the unit number if the only place it is reported is the subject's deed?

 

[miktay]

Write it up according to USPS and explain what you explained in the addendum.

 

[Howard Klahr]

Would you include the unit number if the only place it is reported is the subject's deed?

You did not note where you included it. As it is not part of the address, I would not include it in the address section. It is as you noted however part of the legal description, so I would include it in this part of the report.

 

[Tim The Enchanter]

And add a comment the unit number is part of the legal descrip, and not used for mailing purposes.
Or porpoises. Just to avoid confusion.

 

[NJ Valuator]

You did not note where you included it. As it is not part of the address, I would not include it in the address section. It is as you noted however part of the legal description, so I would include it in this part of the report.

It was included in the Unit field of the report.

 

[Walter Kirk]

In New Jersey the condo unit number is part of the tax block and lot number ie: Block 101, L1, C2. You should list the unit number along with the Block and Lot number in the space for the APN since New Jersey doesn't use APN's

 

[residentialguy]

Write it up according to USPS and explain what you explained in the addendum.

That is NOT what UAD requires. The actual physical address is to be formatted (meaning arranged & abbreviated) to USPS standards.
If it is part of the actual physical address, the Unit number should stay! They can push it though...it is not a hard stop.

 

[Dublin ohio]

From FNMA UAD appendix D (My bold)

Unit #


The appraiser must enter the address unit number/designator.

During the appraisal process if an appraiser determines that a unit number is not available for a property known to be a condominium, the appraiser must put a "-" in the unit number field. The "-" symbolizes that the appraiser has researched the property address and was unable to identify a unit number for the given condominium unit. This is only likely to be necessary in a limited number of instances. This format option is allowable for both the subject property and the comparable properties. The address and unit number must be provided consistently for the subject property throughout the appraisal.

Reporting Format:

Unit # – Text

1073/465 1075/466

REQUIREMENT

 

[NJ Valuator]

That is NOT what UAD requires. The actual physical address is to be formatted (meaning arranged & abbreviated) to USPS standards.
The Unit number should stay! They can push it though...it is not a hard stop.

But they are saying that since the Unit number is not part of the address physical or otherwise that it should be removed.

 

[NJ Valuator]

How do I explain to them that the Unit number should still be reported even if it is not used in the physical address?