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Understanding Written Appraisal [Banks & Banking]: A Comprehensive Guide
Definition & Meaning
A written appraisal is a formal document prepared by a licensed or certified appraiser. It provides an independent and impartial opinion of the value of a specific property as of a certain date. This appraisal is typically used in federally related transactions, meaning it is often required by banks and financial institutions when assessing the value of real estate for loans or other financial purposes. The appraisal includes a detailed analysis of relevant market information to support the appraiser's opinion.
Table of content
Legal Use & context
Written appraisals are primarily used in real estate transactions, particularly those involving federally regulated loans. They play a crucial role in various legal contexts, including:
Mortgage lending
Property tax assessments
Estate planning and probate
Divorce settlements
Users can often manage the appraisal process themselves with the right tools, such as legal templates available from US Legal Forms, which can help streamline the necessary paperwork.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A homeowner seeking to refinance their mortgage may need a written appraisal to determine the current market value of their property. The bank requires this appraisal to ensure that the loan amount does not exceed the property's value.
Example 2: In a divorce proceeding, one spouse may request a written appraisal of the marital home to establish its value for equitable distribution (hypothetical example).
Relevant laws & statutes
Pursuant to 12 USCS § 3350 (10), the term "written appraisal" is defined within the context of banking and financial regulations. This statute outlines the requirements for appraisals in federally related transactions.
State-by-state differences
State
Variation
California
May require additional disclosures in appraisals for certain transactions.
Texas
Has specific rules regarding the qualifications of appraisers and appraisal methods.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Written Appraisal
A formal opinion of property value by a licensed appraiser.
Used in federally related transactions.
Market Analysis
A broader assessment of property value based on market trends.
Less formal and not necessarily conducted by a licensed appraiser.
Property Valuation
The process of determining a property's worth.
Can involve various methods, not limited to written appraisals.
Common misunderstandings
What to do if this term applies to you
If you need a written appraisal, start by hiring a licensed appraiser who is familiar with your property type and local market. Consider using US Legal Forms for templates related to appraisal requests or related documents. If your situation is complex, such as in divorce or estate matters, seeking professional legal assistance may be beneficial.
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