Section 03
Subject Property
Appendix F-1, page 47
The Subject Property section always displays, and provides overall information including the address, legal description, and ownership rights. This section provides space for additional commentary and exhibits.
General Information#
Address, County, Neighborhood Name#
Subject Property: Address, County, Neighborhood Name
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 3.000 | Physical Address | Always required | Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards | Property Address: Physical address of the property being appraised. The following address elements must be included: - Street number and name (including pre-directional indicator, suffix, post-directional indicator) - Unit number, if applicable - For condos, co-ops, and condops, only use the unit number if it is in the USPS address. - Do not use unit number for properties with more than one unit, such as 2- to 4-unit properties. - If the unit number is not applicable, leave it blank. - City, state, and ZIP code Examples: - For a single-family attached or detached property: - 123 Oak St, Anytown NY 11111 - For a high-rise condo, co-op, or condop: - 123 Oak St, Unit 101, Anytown NY 11111 The purpose of the address in the appraisal is to identify the location of the subject property. If the subject property address has not been assigned through USPS, another descriptive method for the address line (e.g., Lot and Block) must be provided to indicate the location. 2- to 4-Unit Properties Physical Address represents the address for the entire property. - Do not populate unit number in Physical Address. Unit Identifier is included in the Unit Interior section (10.002), not here. - Do not use Alternate Physical Address for one of the units. Examples: - For a property with one dwelling (100 Main St), where each unit (Units 1-4) has a separate address, enter 100 Main St for Physical Address. The individual units would be identified with Unit Identifier (10.002). - For a property with two dwellings, each with a separate address (100 Main St and 102 Main St), enter 100-102 Main St for Physical Address. |
| 3.001 | Alternate Physical Address | If applicable | Free-form | Alternate or "also known as" physical address(es) of the property being appraised. This includes any other physical property addresses recognized for the subject property. If the property has multiple distinct addresses, include them in Alternate Physical Address. Examples: - Corner lots - Example: A house at the corner of Main St and 1st St that faces 1st St may have an address of 123 Main St and an additional address of 200 1st St. - Multiple city names that use the same ZIP code - Example: Colesville MD, Burtonsville MD and Silver Spring MD are all valid cities for ZIP code 20904. - Address changed by the local jurisdiction - Rural property with a rural delivery address. Some properties do not have traditional "city style" addresses that denote the physical address. - Example: Enter RD #6 Chase Rd for Physical Address and Box 40 Chase Rd for Alternate Physical Address. - Condos, co-ops, or condops where the legal description differs from the USPS address. - Example: Mailboxes located in a cluster box in a lobby or outside of the building. Enter 123 Oak St for Physical Address and 123 Oak St, Box 11 for Alternate Physical Address. |
| 3.002 | County | Always required | Free-form | Name of county or parish as defined by the state. Notes: - If the subject property is not located in any county (located in an independent city), enter the name of the local municipality or district in which the property is located. Examples: Baltimore City, Fairfax City. - If the property is located in more than one county, provide the county that corresponds to the Physical Address, and provide further details in Subject Property Commentary (3.032). |
| 3.003 | Neighborhood Name | If applicable | Free-form | The neighborhood name may be a name recognized by the municipality in which the property is sited. Note: - Neighborhood name may not apply in some areas, such as rural areas. In this case, enter None when the row is included in the Sales Comparison Approach (22.03.03) or Rental Information (23.03.02). |
Subject Property Characteristics (Checkboxes)#
Subject Property: Subject Property Characteristics (Checkboxes)
| Applies To | Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|---|
| All | 3.010 | Planned Unit Development (PUD) | Always required | Yes | No | Property in a PUD Indicates whether the property is in a PUD. A PUD is a subdivision that consists of common property and improvements that are owned and maintained by a homeowners association (HOA) for the benefit and use of the individual PUD unit owners. A unit owner in the PUD has title to a residential property (parcel and dwelling) and an interest in the HOA that owns or manages the common areas and facilities of the PUD. Notes: - Select Yes when all lot or unit owners are required to have an interest in the HOA managing the PUD common areas and facilities. - Select No if the property is in a condo, co-op, or condop. - A PUD may be comprised of manufactured homes when meeting the definition. - A project or subdivision with voluntary HOA membership must not be identified as a PUD. |
| All | 3.011 3.012 3.013 |
Condominium Cooperative Condop |
Always required | Yes | No | Checkboxes are checked based on Property in a Project - Yes (the property is in a condominium, cooperative, or condop) - No (the property is not in a condominium, cooperative, or condop) |
| All | 3.011 3.012 3.013 |
Condominium Cooperative Condop |
Required if Property in a Project is Yes | Choose an allowable answer from table (Project Legal Structure) | Checkboxes are checked based on Project Legal Structure - Condominium - Cooperative - Condop |
| All | 3.014 | Property on Native American Lands | Always required | Yes | No | Indicates whether the property is on Native American Lands. Identification of appraisals for properties located on Native American Lands provides the GSEs the ability to recognize these properties for special loan products that support lending to members of federally recognized indigenous tribes in tribal areas and Hawaiian Home Lands. Note: If Yes, Native American Lands Type (3.021) must be provided. |
| All | 3.015 | Subject Site Owned in Common | Always required | Yes | No | Site Owned in Common: Indicates whether land associated with the property is owned by an association, such as a condominium project, cooperative, or condop. - Yes (the land supporting the dwelling is commonly owned through an association such as a condo, co-op or condop). - No (the homeowner owns or leases the land sole and separate from another entity). |
| All | 3.016 | Homeowner Responsible for all Exterior Maintenance of Dwellings | Always required | Yes | No | Indicates whether the homeowner is responsible for all exterior maintenance of the dwelling(s) on the property. Subject Property Commentary (3.032) can be used to clarify specific maintenance responsibilities if needed. |
| All | 3.017 | New Construction | Always required | Yes | No | If Yes, all dwellings on the property are 100% newly constructed, including the foundation, were completed in the past 12 months, have never been occupied, and exhibit no signs of wear or use. Reference the condition rating definitions in Appendix 2: Condition and Quality Rating Definitions. |
| FHA/VA/USDA | 3.018 | Construction Stage | Required for FHA and VA appraisals when New Construction is Yes | Choose an allowable answer from the Definition / Additional Guidance column | The stage of construction at the time of the inspection. - Complete - Proposed - Under Construction Reference the appropriate government agency appraisal guidelines for more information. |
Rows marked
FHA/VA/USDAare shaded green in the PDF: they apply only to FHA, VA, or USDA appraisals.
Project Legal Structure (Choose one)
| Allowable Answer | Definition / Additional Guidance |
|---|---|
| Condominium | A project that has condominium ownership rights. |
| Cooperative | A project that has cooperative ownership rights. |
| Condop | A project that contains units with both cooperative and condominium ownership rights. Example: A mixed-use condo building with commercial spaces that are individual condo units, and a residential portion that is a cooperative consisting of individual residential co-op units (all of the residential co-op units together make up one condominium unit). |
Attachment Type and Number of Units, ADUs, and Dwellings#
Subject Property: Attachment Type and Number of Units, ADUs, and Dwellings
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 3.004 | Attachment Type | Always required | Choose an allowable answer from table (Attachment Type) | Type of attachment to a neighboring property. - Attached - Detached |
| 3.005 | Units Excluding ADUs | Always required | Number | Number of separate living units on the subject property, not counting any ADUs. ADUs are entered in a separate field (3.006) but are considered in the overall unit count. Examples: - A single-family property (with or without an ADU) is reported as 1 unit in this field. - A three-unit property (with or without an ADU) is reported as 3 units in this field. Notes: - 2- to 4-unit properties are identified using Units Excluding ADUs between 2 and 4. - This data point is for the number of units in the subject property only. The number of units in a project is reported as Total Units (18.006) in the Project Information section, and not here. |
| 3.006 | Accessory Dwelling Units | Always required | Number | Number of ADUs on Subject Property Notes: - Enter zero (0) if there are no ADUs on the property. - ADUs may be in the dwelling, attached to the dwelling, or associated with a separate building (outbuilding). |
| 3.007 | Dwellings Containing Units | Always required | Number | Number of dwellings on the property. A dwelling is a structure designed to be used as a residence that contains one or more living units. Notes: - Dwellings Containing Units only displays when there is more than 1 living unit (Units Excluding ADUs is more than 1). - An outbuilding is a structure other than a dwelling (e.g., barn, shed, bunkhouse, standalone ADU). Outbuildings are not included in Dwellings Containing Units. A detached garage with an ADU would not be captured here. Examples: - Enter 1 for a 2-unit property where both units are in the same building. - Enter 1 for a 3-unit property where all units are in the same building. - Enter 2 for a 2-unit property where each unit is in a separate building. |
Attachment Type (Choose one)
| Allowable Answer | Definition / Additional Guidance |
|---|---|
| Attached | Residential dwelling that has a common wall or other direct physical connection with another dwelling or structure that has a different legal description. If there are multiple dwellings on the property, select this answer if at least one of them is attached to a neighboring property. Examples: - Rowhouse or townhouse - Semi-Detached (sometimes referred to as a "duplex" or "twin") - Property that is in a high-rise, mid-rise, or low-rise building - 2- to 4-unit property with any dwelling attached to a neighboring property |
| Detached | Residential dwelling under a single legal description that has no common wall or other direct physical connection with another dwelling or structure. Examples: - Single-family detached - 2- to 4-unit property not attached to a neighboring property - A condo or co-op where there are no shared walls, floor, or ceiling with another unit (sometimes referred to as a "detached condo") |
Special Tax Assessments#
Subject Property: Special Tax Assessments
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 3.008 | Special Tax Assessments | Always required | Yes | No | Indicates whether there are special tax assessments. A special tax assessment is an additional tax levied on the property to pay for specific local (municipalities or governmental) infrastructure projects (e.g., public road or sewer construction or maintenance). Note: Do not include project special assessments. These are reported in the Project Information section (18.072). |
| 3.009 | Description of Special Tax Assessments and Impact to Value / Marketability | Required if Special Tax Assessments is Yes | Free-form | Describe the special tax assessment, including amount, purpose, and the impact to value and / or marketability. |
Ownership Rights#
This subsection displays when the property is not in a cooperative and describes the ownership and property rights appraised for the subject property. The appraiser must identify any property rights excluded from the valuation of the subject property such as mineral rights, water rights etc. Fractional, timeshare or segmented ownership rights must be identified in Subject Property Commentary (3.032) when they exist for the subject property.
Property Rights#
Subject Property: Property Rights
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 3.019 | Property Rights Appraised | Required if the property is not in a cooperative | Choose an allowable answer from the Definition / Additional Guidance column | Ownership interest in the property - Fee Simple - Leasehold - Other (Describe) |
| 3.020 | Community Land Trust | Required if Property Rights Appraised is Leasehold or Other | Yes | No | Indicates whether the property is in a Community Land Trust. |
| 3.021 | Native American Lands | Required if Property on Native American Lands is Yes | Choose an allowable answer from table (Native American Lands) | Native American Lands Type: The legal means by which Native American land is owned. - Alaska Native Corporation Land - Hawaiian Home Lands - Tribal Trust Land - Other (Describe) |
Native American Lands (Choose one)
| Allowable Answer | Definition / Additional Guidance |
|---|---|
| Alaska Native Corporation Land | Land that is owned by a Native American tribe and was conveyed by the United States to a Native Corporation pursuant to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.) or that was conveyed by the United States to a Native Corporation in exchange for such land. |
| Hawaiian Home Lands | Public land held in trust by the State of Hawaii, Department of Hawaiian Home Lands for native Hawaiians. |
| Tribal Trust Land | Land held in trust by the United States government for the benefit of the particular tribe. This type of land may not be mortgaged. The tribe executes a lease (approved by HUD/BIA) with the tribal member. The collateral for loans on these types of lands is improvements on the land and the lease. The title to the structure and leasehold estate is conveyed but not title to the land itself (it would remain trust for the tribe). |
| Other (Describe) | Select Other to enter an answer that is not in the above list. |
Ground Rent#
This subsection is for ground rents paid by individual owner(s) of the subject property. Reference the Project Information section (18.019-18.022) for project ground rent.
Subject Property: Ground Rent
| Applies To | Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|---|
| All | 3.022 | Ground Rent Annual Amount | Required if Property Rights Appraised is Leasehold and Site Owned in Common is No | Dollar amount | Annual amount agreed to be paid for the ground rent for the subject property. |
| All | 3.023 | Renewable | Required if Property Rights Appraised is Leasehold and Site Owned in Common is No | Yes | No | Lease Renewable Indicates whether the ground lease is renewable. |
| FHA/VA/USDA | 3.024 | Term | Required for FHA, USDA, and VA appraisals when Lease Renewable is Yes | Number | Total number of years the ground lease is in effect (full term of the lease). Reference the appropriate government agency appraisal guidelines for more information. |
| All | 3.025 | Expires | Required if Property Rights Appraised is Leasehold and Site Owned in Common is No | mm/yyyy | Expiration date of the ground lease. |
| All | 3.026 | Description of Ground Rent and Impact to Value / Marketability | Required if Property Rights Appraised is Leasehold and Site Owned in Common is No | Free-form | Provide commentary on the ground rent, sources of information, a description of the impact to value and / or marketability, and any other details. |
Rows marked
FHA/VA/USDAare shaded green in the PDF: they apply only to FHA, VA, or USDA appraisals.
Ownership Rights#
Subject Property: Ownership Rights
| Applies To | Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|---|
| All | 3.027 | All Rights Included in Appraisal | Required if Site Owned in Common is No | Yes | No | Indicates whether all ownership rights are being included in the appraisal. |
| All | 3.028 | Rights Not Included | Required if All Rights Included in Appraisal is No | Choose one or more allowable answers from the Definition / Additional Guidance column | Ownership rights that are not being included in the appraisal. - Air Rights - Mineral Rights - Timber Rights - Water Rights - Other (Describe) |
| FHA/VA/USDA | 3.029 | Mineral Rights Leased | Required for FHA, USDA, and VA appraisals when mineral rights are included | Yes | No | Indicates whether mineral rights for the subject property are subject to a lease agreement. Reference the appropriate government agency appraisal guidelines for more information. |
| All | 3.030 | Description of Rights Not Included | Required if All Rights Included in Appraisal is No | Free-form | Provide a description of ownership rights that are not included in the appraisal, including the impact to value and / or marketability. |
Rows marked
FHA/VA/USDAare shaded green in the PDF: they apply only to FHA, VA, or USDA appraisals.
Legal Description#
Subject Property: Legal Description
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 3.031 See iGuide |
Legal Description | Always required | Free-form or image | Description of all parcels being valued in the appraisal. Provide one Legal Description for the entire property, including all parcels. It may be provided as text or as an image, such as in cases where the Legal Description is lengthy. A caption may be provided to further identify the image. |
Subject Property Commentary#
Subject Property Commentary
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 3.032 | Subject Property Commentary | If applicable | Free-form | Additional commentary specific to the Subject Property section. Commentary may include: - Details captured above that require additional support. - Information pertinent to the Subject Property section that is not captured in the details above. |
Subject Property Exhibits#
All photos or images related to the Subject Property section (with the exception of Legal Description if applicable) are displayed in the Subject Property Exhibits subsection. If there are no photos or images, this subsection does not display.
Subject Property Exhibits
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| See iGuide |
Subject Property Exhibits | If applicable | Photos or images | Photos or images relevant to the Subject Property section may be provided, which display in Subject Property Exhibits. If the photo or image is not specifically indicated above, provide a caption to further identify each photo or image. |