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Name of current ownership required in general report?

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Roger Murdock

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Apr 19, 2005
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Certified General Appraiser
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New Jersey
Is there any requirement that the current ownership name of the subject property be included in a summary narrative report (not a residential appraisal)? We usually do but I don't think it is required....anybody?
 

Scott Lanz

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Dec 13, 2002
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Certified General Appraiser
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Minnesota
I am going to assume you are talking about a USPAP requirement. I do not think it's directly addressed, however, it could be implied under Standard 1-2(e) - identify the characteristics of the property.....

Scott J. Lanz
 

Roger Murdock

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Certified General Appraiser
State
New Jersey
Standard 1 covers appraisal development, not reporting; that's Standard 2. I read quickly though standard 2 and did not find anything about reporting the ownership name. So even if it can be considered a "characteristic of the property" (which is certainly not a given IMHO - and in any case I wouldn't say that the owner's identity has any bearing on market value, except perhaps in the unusual case of a property that was owned by a celebrity or the like - in which case that could be a value issue, though it wouldn't necessarily have to be the CURRENT owner, it could well be a past owner), that doesn't mean that it must be included in the report.
 

Scott Lanz

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Dec 13, 2002
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Certified General Appraiser
State
Minnesota
I am in agreement with you. Under Standard 2 it might fall under "stating the information to identify the real estate involved in the appraisal" - that is a kickback to my first post in reference to Standard 1.

Most of my engagement letters include stating the owner, but I have not been able to find it identified specifically in the USPAP.

The examples of appraisals by Stephanie Coleman in her book "Scope of Work" does not indicate that owner has to be provided.

Scott J. Lanz
 

Carnivore

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Jan 15, 2002
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Certified Residential Appraiser
State
North Carolina
hmmmm, good question. Do you have a reason for not wanting to place the name in the report?
 

hastalavista

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May 16, 2005
Professional Status
Certified General Appraiser
State
California
Is there any requirement that the current ownership name of the subject property be included in a summary narrative report (not a residential appraisal)? We usually do but I don't think it is required....anybody?

I don't believe it is a specific USPAP requirement.
I do think it should be covered in the engagement agreement with the client. Although perhaps not significant to the valuation, the borrower's identity/identification may be significant to the lending-decision process (if this is for a lending decision). Likewise, ownership could be critical if the intended use is litigation.
 

CANative

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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Is the owner the client? If so, this is addressed in USPAP. If not, I don't think it is addressed in USPAP.
 

hastalavista

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May 16, 2005
Professional Status
Certified General Appraiser
State
California
Is the owner the client? If so, this is addressed in USPAP. If not, I don't think it is addressed in USPAP.

But if the owner is the client then do you have to identify the client as the owner? :Eyecrazy:
 

CANative

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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
SR2-2(a,b,c) (i) Comment: <snip> In those rare instances when the client wishes to remain anonymous, an appraiser must still document the identity of the client in the workfile but may omit the client's identity in the report.
 
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