Everything to Know About this Condo-specific Appraisal Form
An Individual Condominium Unit Appraisal Report (ICUAR) is for appraisals of one-unit properties in condo projects based on interior and exterior property inspections. Also known as Fannie Mae Form 1073, appraisals reported on this form must be completed in accordance with the UAD Specification. The form is similar to the Uniform Residential Appraisal Report (Form 1004) only it comes with additional condo-specific questions.
Common sections featured on this report include:
Basic information including address, legal description, owner’s and/or borrower’s names.
Information on the contract for sale.
Number of stories, common elements/recreational facilities, construction quality and parking facilities.
Unit description and condition.
Analysis of comparison to recent sales of similar properties.
The form must also satisfy the following requirements:
An interior and exterior inspection of the subject property.
A street map that shows the location of the subject property and of all comparables used.
A sketch of the subject unit that includes interior unit dimensions rather than exterior building dimensions.
Clear, descriptive photographs of the subject property and of the comparable sales used.