No address, no parcel and no legal description

[tgorfido]

Have a request for an appraisal on a future split lot. They just had a survey approved by the county but when I talked to the county they said it has to be filed and approved by the tax assessor to become a legal split. They didn't even start the splitting of the lot until after the contract was signed and the appraisal was ordered.


Anyway I only have a survey that is not finalized via the county. Per the city not address will be assigned until a building permit is pulled, which is fine. But can you proceed with no legal description or no parcel control number. Still waiting on the tax assessor to let me know if the survey approved by the P&Z has even been filed. Client said just used the address and parcel of the unsplit lot.

In 20 plus years I have never run into not having at least one unique identifier for a property. Any help would be appreciated, thanks

 

[Dublin ohio]

Is there no proposed legal description with the survey. There is usually some kind of description on a survey. Even if it is not the actual legal description. It could be considered sufficient to identify the property.
Edit. Surveys generally have bearings and points of reference.

 

[CGinMN]

The content of an Appraisal Report must be appropriate for the intended use of the appraisal and, at a minimum contain information, documents, and/or exhibits sufficient to identify the real estate involved in the appraisal, including the physical, legal, and economic property characteristics relevant to the assignment;

Even without a legal description, it’s possible the not-yet-finalized survey sufficiently describes the real estate. Include it as an exhibit in your report.

 

[Zephyr999]

As noted above...@CGinMN
With the survey are you able to trace it out on GIS using their measure tools?
Add disclaimer below "not a survey, to aid the reader'.

 

[Terrel L. Shields]

But can you proceed with no legal description or no parcel control number.

OK - in house perhaps? USPAP only requires you to IDENTIFY the property. No survey is REQUIRED. No deed description is REQUIRED. ID the property with the survey you have and the ordinary assumption is that it will be a future parcel and is a split.

"The appraiser may use any combination of....documents, such as a legal description, ...address, copy of survey... The appraiser is not required to value the whole when the subject of the appraisal is a fractional interest, a physical segment...." - Std 1-2 e (v)

 

[tgorfido]

Is there no proposed legal description with the survey. There is usually some kind of description on a survey. Even if it is not the actual legal description. It could be considered sufficient to identify the property.
Edit. Surveys generally have bearings and points of reference.

There are 18 bearings with distances, and only states it is part of the original plat.

 

[tgorfido]

OK - in house perhaps? USPAP only requires you to IDENTIFY the property. No survey is REQUIRED. No deed description is REQUIRED. ID the property with the survey you have and the ordinary assumption is that it will be a future parcel and is a split.

"The appraiser may use any combination of....documents, such as a legal description, ...address, copy of survey... The appraiser is not required to value the whole when the subject of the appraisal is a fractional interest, a physical segment...." - Std 1-2 e (v)

 

[tgorfido]

Thanks! Any advice on what to put as address, legal or parcel? I have used not yet assigned a few times but usually had one or the other.

 

[Terrel L. Shields]

Any advice on what to put as address, legal or parcel?

First, this is not secondary market is it? If an in house bank, then the document to comply with is the Interagency Guidelines which can be downloaded from the FDIC website. A bank should be giving you an address or a "TBD" - to be determined. Simply state that there is no address yet and if you have a survey prelim then you have a legal and the parcel number is TBD...

 

[CGinMN]

If it is for the secondary market…

https://singlefamily.fanniemae.com/media/6921/display

Q46. What if a USPS address does not exist for a property?

The physical address of the property should be provided. If the property is new construction and an address has not been assigned, the appraisal should provide as much information as possible to allow for the identification of the location of the property. This field may not be left blank.

https://singlefamily.fanniemae.com/media/21731/display

Assessor’s Parcel #
The appraiser should enter any available assessor’s parcel number(s) that would further identify the subject parcel/property. The parcel number(s) should be in the same formatused by the taxing agency, including all spaces and dashes as applicable. If no parcel number is available, enter ‘None’.