Subject Property

Subject Property

Subject Property identifies the property and the rights being appraised. We added the subject from public records, so much of it is already filled in. Our job is to check each answer and finish the rest. Open it from the section list on the left.

The unit's address

Physical Address came from the parcel record. For a condo, the unit number has its own field: Unit, 2-49. The report prints it after the street. But the county record also tacked the unit number onto the street line. Clear that, so the street reads just 31 Seville Circle, and the unit isn't printed twice. There's no second address, so Alternate Physical Address stays empty. County and Neighborhood Name came in too: the neighborhood is the condo's plat, Valencia Village Condo Phase II.

The project questions

Next, the yes or no questions, and here a condo answers differently from a house. It isn't in a PUD, but Property in Project is Yes, and Project Type is Condominium. That's what adds the Project Information section to the report. Subject Site Owned in Common is Yes: in a condominium, the land is owned in common by all the unit owners. The association, not the owner, maintains the building's exterior, so Homeowner Responsible for Exterior Maintenance is No. Property on Native American Lands is still blank. It isn't, so check No. New Construction is No: the building dates from 1980.

Attachment, units and taxes

On the right, Attachment Type is Attached. Units Excluding ADUs is one, Accessory Dwelling Units is zero, and Dwellings Containing Units is one: we appraise the single unit, not the whole building. Special Tax Assessments is required. The listing reports no special assessment on this unit, so choose No.

What's being appraised

Under Ownership Rights, Property Rights Appraised is Fee Simple: a condo unit is owned outright, with a share of the common elements. All Rights Included in Appraisal doesn't show here. The URAR only asks it when the site isn't owned in common.

From the assessor

Legal Description came from the assessor's record: the condominium, the unit and building number, and the book and page of the condominium declaration. Subject Property Commentary and exhibits are there when something in this section needs explaining. Nothing does here.

Site

That's the Subject Property section, with a check mark in the section list. Next, the Site section.