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Subject To Completion...

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Barry Kirsch

Freshman Member
Feb 17, 2003
We are doing a hypothetical on a parcel of land that is being divided and sold off... the buyer is buying 2 of the lots and the current owner is building the house for the buyers. We were asked to appraise the lots and house as if the house and lots were owned by the buyers, we have a comment detailing the situation, ie that this is hypothical and dependant on completion etc.... my question is this: on the report, would the current owner be the actual current owner, or the "current" owner when the hypothical is a reality?

Thanks and have a great day!


Elite Member
Jan 14, 2002
Professional Status
Certified Residential Appraiser
I have done several like this and always list who the owner is on the day of inspection. Since you are making your appraisal "subject to" you are making an assumption that the home will be completed per plans and specs and that the land split will take place. I would make the appraisal 'subject to' proof of the land split, new approved parcel map and a certifiacte of occupancy issued by the local authroities.
Jan 13, 2002
Professional Status
Retired Appraiser
Huh? That doesn't make any sense to me. Why do they want it to show the buyers as the owners when they are the purchasers? Did I get that right?

Ghost Rider

Senior Member
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
The owner stated is the owner as of the date of your inspection.......The only reason I can think of them wanting to have the owners name look different is if they were trying to pull out an equity line, or a second right after closing, on the same appraisal?? just a guess
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