In real estate, property appraisal is done when owners wanted to sell or refinance their assets. This assessment is made by certified property valuators to determine the market value of either residential or commercial lands, buildings, and homes. The information obtained by these surveyors are then written on standard appraisal forms.
The appraiser’s expert findings are then transmitted either back to the property owner or sent directly to the bank or lending firm that requested the evaluation. In both cases, appraisal disclosure forms are signed by the owners granting permission for the appraisal to occur. Consequently, the owners may receive a copy of the appraisal results.
Right to Receive Appraisal Disclosure Form
Conventional Borrower Appraisal Disclosure Form
Borrower Appraisal Report Delivery Disclosure Form
Appraisal Waiver Disclosure Form in PDF
Benefits of Appraisal Disclosure Forms
Maintain Client Privacy. Appraisal disclosure forms ensures that only the relevant parties knows about the market valuation of your property. This will typically involve you (the owner), the property valuator, and your bank (if you are using the property as a form of collateral for a loan).
Know Accurate Market Value. Financial institutions routinely require property valuation before they can lend money to its clients. Knowing your property’s market value also allows you make sound decisions based on the report’s results.
Reduce Risk of Selling or Lending at a Loss. Signing appraisal disclosure forms lets you be on the same page as your financial institution. Knowing your property’s true value lets sell it and gain profit along the way. Or if you are asking for a bank loan, the bank may be able to increase your loanable amount.
Make Property Improvements. The result of a property valuation report is largely influenced by the location, amenities, and/or market trends among other factors. If you deem that your property is undervalued, you may create improvements within the property to increase its market value. For instance, when selling your home, home appraisal forms suggests that repainting your house or installing a porch may boost a property’s worth.
Appraisal Acknowledgement Disclosure Form
Sample Borrower Appraisal Disclosure Form
Printable Appraisal Disclosure Form
Tips for Writing Appraisal Disclosure Forms
In this article, we have included 7 different examples of appraisal disclosures used by different companies. If you are looking into writing or improving your organization’s appraisal disclosure forms, you may follow the steps listed below:
- The main purpose of an appraisal disclosure form is to ask for a client’s permission on how and when his/her property’s valuation report should be provided to the bank and to owner.
- The language of each form varies depending on the organization using it. If desired, you may consult your company’s legal and management team to approve the form’s draft.
- Always include the inclusive date/s when the agreement takes effect.
- You may follow templates like that of appraisal order forms to get a feel of how your own appraisal disclosure form should look and read like.
- Make sure the portion for signature/s are visible and large enough.
- You may need to create other types of appraisal disclosure forms depending on your organization’s offered services. For example, you may need to create a separate borrower appraisal report delivery disclosure form to document the physical delivery of the appraisal report.
- Lastly, some firms allow the sending of property appraisal reports through email. You may also include this option if your company offers it and you should create the corresponding appraisal disclosure form for this scenario.
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