T,13,61,5,0, Provide the following information for PUDs only if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit:
T,13,76,5,0, Total number of phases
T,214,76,5,0, Total number of units
T,408,76,5,0, Total number of units sold
T,13,92,5,0, Total number of units rented
T,214,92,5,0, Total number of units for sale
T,408,92,5,0, Data Source(s)
T,15,105,5,0,Was the project created by the conversion of existing buildings into a PUD?
T,319,106,5,0, Yes
T,364,106,5,0,No
T,381,106,5,0,If yes, date of conversion:
T,15,120,5,0,Does the project contain any multi-dwelling units?
T,226,121,5,0, Yes
T,265,122,5,0,No
T,284,121,5,0,Data Source:
T,13,136,5,0, Are the common elements completed?
T,180,136,5,0, Yes
T,223,136,5,0,No
T,242,136,5,0,If No, describe status of completion:
T,13,168,5,0, Are any common elements leased to or by the Home Owners' Association?
T,319,169,5,0, Yes
T,363,169,5,0,No
T,383,169,5,0,If yes, attach addendum describing rental terms and options.
T,13,184,5,0, Describe common elements and recreational facilities:
T,15,215,2,0,Project Information for Condominiums
T,195,215,5,0, (if applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)?
T,560,215,5,0, Yes
T,598,215,5,0,No
T,13,230,5,0, Provide the following information for all Condominium Projects:
T,13,245,5,0, Total number of phases
T,214,245,5,0, Total number of units
T,408,245,5,0, Total number of units sold
T,13,261,5,0, Total number of units rented
T,214,261,5,0, Total number of units for sale
T,408,261,5,0, Data Source(s)
T,13,275,5,0, Was the project created by the conversion of existing buildings into a condominium?
T,358,275,5,0, Yes
T,397,275,5,0, No
T,422,275,5,0,If yes, date of conversion:
T,13,292,5,0, Project Type:
T,86,292,5,0, Primary Residence
T,178,293,5,0,Second Home or Recreational
T,312,293,5,0,Row or Townhouse
T,408,293,5,0,Garden
T,459,293,5,0,Midrise
T,509,293,5,0,Highrise
T,13,309,5,0, Condition of the project, quality of construction, unit mix, etc.:
T,13,339,5,0, Are the common elements completed?
T,180,339,5,0, Yes
T,218,339,5,0, No
T,244,339,5,0,If No, describe status of completion:
T,13,370,5,0, Are any common elements leased to or by the Home Owners' Association?
T,319,370,5,0, Yes
T,358,370,5,0, No
T,383,370,5,0,If yes, attach addendum describing rental terms and options.
T,13,387,5,0, Describe common elements and recreational facilities:
T,7,416,4,0,PURPOSE OF APPRAISAL:
T,149,417,3,0,The purpose of this appraisal is to estimate the market value of the real property that is the subject of
T,9,429,3,0,this report based on a quantitative sales comparison analysis for use in a mortgage finance transaction.
T,7,455,4,0,DEFINITION OF MARKET VALUE:
T,184,456,3,0,The most probable price which a property should bring in a competitive and open market under
T,8,468,3,0,all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected
T,8,480,3,0,by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to
T,8,493,3,0,buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and
T,8,505,3,0,each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment
T,8,517,3,0,is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the
T,8,530,3,0,normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone
T,8,542,3,0,associated with the sale.
T,8,566,3,0,*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
T,8,579,3,0,for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable
T,8,592,3,0,since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
T,8,605,3,0,comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the
T,8,619,3,0,property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession
T,8,632,3,0,but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
T,8,645,3,0,appraiser's judgment.
T,116,664,4,0,STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
T,7,682,4,0,CONTINGENT AND LIMITING CONDITIONS:
T,235,683,3,0,The appraiser's certification that appears in the appraisal report is subject to the
T,9,696,3,0,following conditions:
T,7,720,3,0,1.
T,20,720,3,0,The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it.
T,7,733,3,0,The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is
T,7,746,3,0,appraised on the basis of being under responsible ownership.
T,7,770,3,0,2.
T,20,770,3,0,The appraiser has provided any required sketch in the appraisal report to show approximate dimensions of the improvements and
T,7,782,3,0,the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination
T,7,794,3,0,of its size.
T,7,819,3,0,3.
T,21,819,3,0,The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless
T,7,831,3,0,specific arrangements to do so have been made beforehand.
T,7,856,3,0,4.
T,23,856,3,0,The appraiser has noted in the appraisal report any adverse conditions (such as, but not limited to, needed repairs, the presence of
T,7,868,3,0,hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of
T,7,881,3,0,during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no
T,7,893,3,0,knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of
T,7,905,3,0,hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no
T,7,918,3,0,such conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. The appraiser
T,7,930,3,0,will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover
T,7,942,3,0,whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must
T,7,955,3,0,not be considered as an environment assessment of the property.
T,7,979,3,0,5.
T,23,979,3,0,The appraiser obtained the information. estimates, and opinions that were expressed in the appraisal report from sources that he or
T,7,992,3,0,she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of
T,7,1004,3,0,such items that were furnished by other parties.
T,7,1029,3,0,6.
T,21,1029,3,0,The appraiser will not disclose contents of the appraisal report except as provided for in the Uniform Standards of Professional
T,6,1040,3,0,Appraisal Practice.
T,7,1066,3,0,7.
T,24,1066,3,0,The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute
T,7,1078,3,0,the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and
T,7,1091,3,0,references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the
T,7,1103,3,0,borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any
T,7,1115,3,0,state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the
T,7,1128,3,0,District of Columbia; except that the lender/client may distribute the report to data collection or reporting service(s) without having to
T,7,1140,3,0,obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal
T,7,1152,3,0,can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
T,7,1177,3,0,8.
T,23,1177,3,0,The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans
T,7,1189,3,0,and specifications on the basis of a hypothetical condition that the improvements have been completed.
T,7,1209,3,0,9.
T,23,1209,3,0,The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs,
T,7,1221,3,0,or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
T,1,1238,1,0,This form was reproduced by United Systems Software Company (800) 969-8727
T,292,1238,1,0,Page 2 of 3
T,521,1238,1,0,Fannie Mae Form 2055 9-96
T,369,1239,1,0,10 CH.
T,501,27,2,0,File No.
T,13,45,5,0, Project information for PUDs (if applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)?
