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Legal Descriptions

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Ken Tamberg

Thread Starter
Freshman Member
Joined
Feb 1, 2007
Professional Status
Licensed Appraiser
State
Texas
Upon reviewing anothers appraisal, I have come across the "see title for legal description" in the subject section.Upon checking outside sources for this new construction property, I have found there is nothing recorded yet. Is this an acceptable/appropriate response? I have tried to research to see if this is o.k. with no luck.
 

Joyce Potts

Elite Member
Supporting Member
Joined
Feb 6, 2005
Professional Status
Certified Residential Appraiser
State
Florida
I would make sure the property is identified somehow. Either do the appraisal under the extraordinary assumption that the legal will read as supplied, even though it's yet unrecorded, or make it a hypothetical condition.

The legal description is a tile function and you can't report what's not yet reported, recorded or provided.
 

Ken Tamberg

Thread Starter
Freshman Member
Joined
Feb 1, 2007
Professional Status
Licensed Appraiser
State
Texas
It has the subject address and APN for primary property identification and reference to title for correct legal description.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
It has the subject address and APN for primary property identification and reference to title for correct legal description.

Hmm, it seems to me that if it has a unique assessor's property number (unique to the subject, not just the development) it would also have a recorded plat or something that shows the legal description.
 

DaveH

Junior Member
Joined
May 5, 2007
Professional Status
Certified Residential Appraiser
State
Ohio
It has the subject address and APN for primary property identification and reference to title for correct legal description.

Normally, if the APN is avalible then the plat has been recorded. The APN will typically stay the same once the dwelling is built on the parcel. YOu woun't find a legal description for the subject, because it is probably a platted subdivision and all the legal will say is something like enitr lot so and so of said subdivision. At least that is what happens here in Ohio.
 
H

Hall McClenahan

Guest
Ken

Are you sure it does not exist yet or is it just not available on-line. Heaven help us if we have to call the City/County or worse actually go there and look. If a unique parcel id is present common sense tell me that the parcel has been identified.

I would say no it is not acceptable.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
With the address and parcel id, I would say the property being appraised was properly identified, so it is perfectly acceptable to not provide a legal description, but rather give a reference as to were to find it. Fannie/Fredie guidelines call for the client to supply the legal description to the appraiser. The client doesn't need the appraiser to give them what they already have. They just need to be sure both are referring to the same property.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Here is Fannie:

"The appraiser must identify the subject property by its complete property address and legal description; a post office box number is not acceptable. The appraiser should indicate the nearest intersection if a house number is not available. When the legal description is lengthy, the appraiser may attach the full description as an addendum to the appraisal report, or may refer simply to its location in the public records."


"Lengthy" seems subjective...so I guess you can make the argument that anything that does not fit in the space on the for using a legible font size is "lengthy".
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
I would review the building permit and if necessary the planning department for the creation of the new lot. There would be names and references in the permit application or on the site plan. The approved site plan may display easements or right of ways. These would not appear until the new deed is recorded with the transfer of title. Do not rely upon a lender for the reference; typically they wait for your report to order the title.
 

James Sturm

Member
Joined
Jan 4, 2005
Professional Status
Certified Residential Appraiser
State
Arizona
"All new construction properties have plated sites". I have found most developer's having minimally a survey for the site and almost all the time having a master survey for the subdivision. If not, how would they know where to place the foundation? Most city's have minimum front, side, and rear set back rules which the improvements have to conform to, especially for new subdivisions.

.
 
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