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One side of duplex-Which Form?

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Bama Bayou

Thread Starter
Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
I have an assignment to appraise one side of a duplex. The ownership is fee simple for each unit, with the two owners jointly responsible for the upkeep of the roof and exterior siding. Which form should I use? I have not run into this before.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
If they are two separate SFR residences, not legally a condo, are 1/2 a duplex each, and you are doing it for an FRT, it would be the URAR.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
In your market area, you have never experienced a SFR attached dwelling?
 

AngelEyes359

Junior Member
Joined
Aug 14, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
Obviously determining whether the subject is legally a condo or single family is paramount and the answer will dictate the form to be used. In my market the homeowner often has no clue that the attached duplex they live in is actually legally a condo. They will swear to their dying breath that they live in a single family. However, attached single family dwellings are not that rare in my market either. Its always a nasty suprise when you are caught off guard with the wrong comps. I've yet to see a city assessor botch the classification in this example but I still confirm it 100% whenever its murky. Botching the subject's classification will almost
always lead to the double sin of botching the value.
 

AnonApprsr

Elite Member
Joined
Jan 21, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
Goto the deed. If it's a condo, use a 1073. If it's a single family attached use a 1004.
 

KD247

Senior Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Is the shared maintenance actually part of the deed? I've seen similar agreements for shared drives, etc. but I've only seen shared exterior maintenance agreements for condominiums.

In any case, I'd still only consider it a condominium if there is shared ownership of a single undivided lot. Two separate lots (even if there is shared common space) and I wouldn't call it a condominium. (Please, please, please don't tell me that it is a leased site!)
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Your a CG, do it as a narrative. When doing odd ball properties, I can do them much faster as a narrative than pecking through some form trying to cram everything in.
 

Bama Bayou

Thread Starter
Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
Thanks everybody. The property is a duplex that is bank owned. The bank decided to sell it as two separate units when it went to auction. The purchasers will own each unit separately and share exterior maintenance. They will each own a 50% interest in the land. It is not set up as a condominium.

I going to do this on a URAR as an attached SFR.
 

KD247

Senior Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
... They will each own a 50% interest in the land. It is not set up as a condominium. ...
Is each 50% a separate and transferable interest in a specific piece of dirt? (Hard to tell without carefully reading the legal description.) In my part of the world, if it is an undivided share in a commonly owned site, we would categorize it as a condominium form of ownership. Others may have different definitions of condominium ownership, but most local appraisers look to see if the property includes solitary ownership of a distinct site. (If the owner has a distinct site plus an undivided share in other commonly owned areas, most around here categorize that situation as a PUD.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Thanks everybody. The property is a duplex that is bank owned. The bank decided to sell it as two separate units when it went to auction. The purchasers will own each unit separately and share exterior maintenance. They will each own a 50% interest in the land. It is not set up as a condominium.

I going to do this on a URAR as an attached SFR.


Bama,

Are both sides sold or only one? Is there a mainatenance agreement in place, and if so and there is only one purchaser, wouldnt you have to make the extra ordinary assumption that the next purchaser of the adjoining unit will also sign the same document? I know this may be picky, but if the other unit doesnt sell for some time, is the bank responsible for that half of the maintenance?
These assignments scare me because there is potentially only one party on the line for maintenance and yet that is the property you are appraising and the future of the other side is unknown.
Id want to have strong documentation addressing these issues before Id simply sign my report that the maintenance is shared.

My two cents.
 
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