Appraisers' Free Forum

**Bill Caudell** · Posted: Sat Jul 19, 2008 7:41 am Post subject: Cert # 2 vs "subject to"

Appraiser signs the report, and doing so certifies the interior/exterior thing, Appraiser states in SOW it is a hypo appraisal. It is "subject to" plans and specs.

Does the hypo condition cover an appraiser as to cert #2?
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Bill Caudell

Michael Tipton · Member Joined: 05 Sep 2007 Posts: 43 Location: SW Florida

The hypothetical condition is not satisfied until the dwelling is completed per plans and specs, hense, the need for a 1004D-Certification of Completion. The 1004D's only printed cert ties the completion certification to the original report. Without the 1004D, the original appraisal's subject to condition has not been met.

**Steve Owen** · Posted: Sat Jul 19, 2008 2:49 pm Post subject:

Jay Trotta · Member Joined: 12 Aug 2007 Posts: 810 Location: Snowglobe

Will agree with Mike & Steve; maybe an additional question might be, if you include language that notes a "Certificate of Occupancy" should be required at the Closing and passing of Title. This would validate the 1004D by State Law and therefore add further protection to the appraiser.

PS: it adds to the validity of that, "Legal Permitted Use" thing everyone always jumps up N down about - plus you have now put the ownis on the Lender to be compliant with State Building Law. hmmmm

snowglobe enterprises, somewhere over the rainbow.... Shocked

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