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Dockominium Plus House Plus Boat Slip Lot-three Deeds

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Roxanne Spalding

Freshman Member
Joined
May 11, 2004
Professional Status
Certified Residential Appraiser
State
Texas
This sale includes the house with an adjacent boatslip on a separate deed, separate legal, separate tax i.d. with a dockominium on a separate deed, separate legal, separate tax i.d.

Since the dockominium has common area interest, I am wondering if this needs to be broken down into more than one appraisal. The dockominium is not adjacent to the house site.

More than one appraisal report or just do a lot of explaining?
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
deleted.
 
Last edited:

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
This sale includes the house with an adjacent boatslip on a separate deed, separate legal, separate tax i.d. with a dockominium on a separate deed, separate legal, separate tax i.d.

Since the dockominium has common area interest, I am wondering if this needs to be broken down into more than one appraisal. The dockominium is not adjacent to the house site.

More than one appraisal report or just do a lot of explaining?
The answer to your question depends on the intended use of the appraisal report. However, it is certainly possible that the appraisal of the property interests that are part of the sale can be reported in one appraisal report (depending on the intended use).
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
More than one appraisal.
Why? The OP is appraising the property interests (bundle of rights) that is the subject of a sale transaction. I am guessing that the lender/client needs to know the total value of the property interests being conveyed (that will serve as collateral for the loan) and there is no reason that the OP cannot provide a single appraisal report that provides the appraised value of those property interests.

Just because there are multiple deeds involved does not mean that there needs to be more than a single appraisal report. In fact, depending on the intended use, it is entirely possible to report the appraisal of literally hundreds or thousands of different properties in one appraisal report and do so in a USPAP compliant manner.
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Why? The OP is appraising the property interests (bundle of rights) that is the subject of a sale transaction. I am guessing that the lender/client needs to know the total value of the property interests being conveyed (that will serve as collateral for the loan) and there is no reason that the OP cannot provide a single appraisal report that provides the appraised value of those property interests.

Just because there are multiple deeds involved does not mean that there needs to be more than a single appraisal report. In fact, depending on the intended use, it is entirely possible to report the appraisal of literally hundreds or thousands of different properties in one appraisal report and do so in a USPAP compliant manner.

I'm going too fast. I went back, slowly re-read the OP and deleted my comment.
You are correct.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
I'm going too fast. I went back, slowly re-read the OP and deleted my comment.
You are correct.
LOL, we all go too fast on the AF at times.:beer:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Just because there are multiple deeds involved does not mean that there needs to be more than a single appraisal report.
That seems to be an issue with many appraisers. Some seem to think an individual parcel is all that a report can contain. I can appraised dozens of properties in one report. Each has to be dealt with and perhaps even valued separately - I valued 112 properties in one report...but not for secondary market obviously. Estates need to know the value of the estate and typically that means all the properties. The idea of producing 112 reports would be overwhelming. It took over two months as it was.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I have seen such separate interests sold as a package. Just demonstrate the contributary values, show on a line and report it.
 
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