Services
Exterior-Only Individual Condominium Unit Appraisal Report (1075)
The Exterior-Only Individual Condominium Unit Appraisal Report (Form 1075) is the form used for appraisals of individual condominium units. This six page form complies with the Uniform Standards of Professional Appraisal Practice (USPAP), Red Door Appraisal Management, LLC, and customer guidelines and provides for an exterior inspection of the subject property. The form also includes an analysis of the project and the market and a value opinion.
To Form 1075, appraisers must attach the following:
Subject property photographs (front and street scene and any amenities substantially affecting marketability and/or value).
Comparable property photographs (front view).
Location map showing accurate locations of the subject property and all comparables used.
Appropriate certifications and limiting conditions that are USPAP compliant.
When appraising one unit in a condominium project, the appraiser should use the Sales Comparison Analysis and consider the Income Approach to value. Because of common building components and development improvements, the Cost Approach is not used in the valuation of an individual condominium unit.