Assumptions and Limiting Conditions

STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION

Contingent and Limiting Conditions: The appraiser’s certification that appears in the appraisal report is subject to the following conditions:

  1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title thereto. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership.
  2. The appraiser will not give testimony or appear in court because the appraiser made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand.
  3. The appraiser has NOT noted in the appraisal report any adverse conditions (such as, but not limited to, hazardous wastes, toxic substances, etc. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste, toxic substances, etc.) that would make the property more or less valuable or marketable, and has assumed that there are no such conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property.
  4. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties.
  5. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
  6. The appraiser must provide his prior written consent before all (or any part) of the content of the appraisal report (including conclusions about the property value, the appraiser’s identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) is disclosed to anyone other than the client; professional appraisal organizations; any state or federally approved financial institution; or any department, agency or instrumentality of the United States or any state or the District of Columbia. The appraiser’s written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales or other media.
  7. Because the appraiser has not physically inspected the subject property, nor the sales comparables, there would be no adjustments for “significant features” not available through county or MLS records. Such “significant features” could substantially alter the value conclusion of this analysis.
  8. Sale concessions may not have been investigated in this analysis. If there were significant sales concessions included in the sales, the concessions could alter the value conclusion in this analysis.
  9. Market trends adjustments may not have been considered in this analysis. If the market has been changing, either positively or negatively, it could alter the value conclusion in this analysis.
  10. This is a restricted use report. The appraiser’s opinions and conclusions set forth in this report may not be understood properly without reviewing additional information found in the appraiser’s work file.

EXPOSURE AND MARKETING TIME:  Assuming the subject property was listed prior to the effective date of the appraisal at a price not more than 5% above the opinion of value reached herein, the estimated exposure time for the subject is one (1) to four (4) months.  In addition, assuming there are no substantial changes in the market, other than those discussed in the body of this report, the reasonable marketing time for the subject after the effective date of the appraisal is one (1) to four (4) months, assuming the property is listed at a price no more than 5% above the market value indicated in this report.

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