BUSI 330















Grader: ____________________________________


Marks: _____________ %


Letter Grade: ________







September 5, 2016


Joan Milano

Efficient Appraisers Inc.,

128 First Street, Toronto, Ontario.

File Number: 6875


Mr. Brendan & Lena Fanella

129 First Street, Oakville ON


Dear Brendan & Lena,

As per your instructions, I have conducted a personal inspection and appraised of the Single Family Residential property located at: 123 First Street, Oakville ON.


The aim of this appraisal is limited to estimating the market value of the subject residential property. The property rights which I have appraised are based on the available provisions for the site and its improvements. Based on my assessment, the estimated market value of the subject single family residential property, considered as on September 1, 2016 is $900,000 (Nine Hundred Thousand Dollars).


In the attached report, I have detailed the description, analysis and other relevant supportive data for drawing conclusions and final estimated value. Enclosed you will also find the descriptive photographs and limiting conditions concerned with the subject property.



Joan Milano

Efficient Appraisers Inc.


Rear View of the Subject Property







Front View of the Subject Property. 3

Rear View of the Subject Property. 3

Street View of the Subject Property. 4





Definition of the Appraisal Problem.. 7

Assumptions and Limiting Conditions. 9

Regional and Area Analysis (Optional) 9

Neighborhood Analysis and Trends (Optional) 9

Land Description and Analysis (Optional) 10

Description of Improvements (Optional) 11

Description of Improvements: Observed Depreciation. 11











APPENDIX – 1. 22


APPENDIX – 2. 23



APPENDIX – 3. 25


APPENDIX – 4. 27



Type of single family dwelling: Detached Two Storey



Address of property:            123 FIRST STREET, OAKVILLE ON



Effective date of the appraisal: 01 September 2016



Dimensions and area of site: 49.21’ x 114.53’ / 527 Sq Mt



Dimensions and area of building(s): 3201 Sq ft



Highest and best use: Residential Use



Estimate of land value (as if vacant): $480,000



Estimate of value by Cost Approach: $900,000



Estimate of value by Direct Comparison Approach: $



Final estimate of value: $900,000




Definition of the Appraisal Problem

This appraisal has been prepared with the purpose of determining the subject property’s estimated Market Value as on the effective date of appraisal mentioned above. Function of this report is to the award credits for the completion of BUSI 330 course, (Sherratt, 2015).


Present registered owner:



Past sales history (5 years):

NIL – The property has been originally owned by Mr. Joseph Browman since it was constructed.


Legal description:

PLAN 123 LOT 456




Mortgage information: [x] No mortgage

Mortgage information [ x ] No mortgage
1st held by 2nd held by




Are taxes








1st $ $     %    
2nd $ $     %    


Rights-of-way, other encumbrances

[x] none             [    ] (if any, describe)


Definition of Property Rights Appraised

The Fee simple estate, (Erp & Akkermans (ed), 2012) as described by the Appraisal of Real Estate (3rd Canadian edition) states and I quote “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, expropriation, police power and escheat.” Unquote.


Definition of Market Value

Market value as defined in the Appraisal of Real Estate (3rd Canadian edition) states that, and I quote “The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.” Unquote.


Effective Date of Appraisal

The effective date of appraisal for all practical purposes will be taken as 1 September, 2016 as this is the date on which this report has been finalized and all the relevant data, quotations and values taken for appraisal purposes are what they were on this date, (Kao, Sung & Chen (ed), 2014).


Assumptions and Limiting Conditions

This report about the subject property has been subjected to the following assumptions and limiting conditions.

  1. Legal description about the subject property which has been described in this report is what has been shown to be recorded in the Registry or Land Title Office and although this fact has not been directly verified from the Land Title Office it is believed to be correct as it has been corroborated by the present owner, (Sexton & Bogusz, 2013).
  2. This appraiser has made every effort to verify all the information which it either received from others or which was sourced from outside sources and to the best of my knowledge the same is believed to be reliable and correct.
  3. All drawings, sketches, diagrams and photographs shown in this appraisal report have been included solely for illustration purposes and have been incorporated to facilitate the prospective buyers in gaining a better visualizing of the subject property.
  4. As stated in this report, all facts pertaining to distribution of land and the building are applicable only for the purpose of utilization which is as identified in the report, (Burn, Cartwright & Maudsley, 2009).


Regional and Area Analysis (Optional)

As the Land Title Office or the Registry has not been approached for the verification of the titles or other documents pertaining to the subject property, it is not possible nor is it advisable, in the absence of authenticated data, to conduct an analysis of the subject property vis-à-vis the region and adjoining areas, (King, 2015).


Neighborhood Analysis and Trends (Optional)

In Toronto, Ontario, possibilities of conventional financing are plenty and the rates are attractive for the purchasers. Hence, there is no need for the sellers to negotiate a sale based on financing concessions. This is being referred to by local brokers as a case of seller’s market. This means that it is relatively easy time for buyers but one of the most difficult times for marketing the sale of properties, (Megarry et al, 2012). Hence, although the local market conditions are presently constituted of a healthy relationship between supply and demand, there still is slow movement of the local economy. One of the area’s largest manufacturing unit has announced the closing of its plant which will result in phase-out of more than 1,500 local jobs over a period of two years, (Bevans, 2008). Although the layoffs have begun, it seems too early for estimating the full effect of this situation on the local economy. The bright side is that some new firms have already started moving into this area and also some of the local enterprises are expanding their operations. Still, the situation is not so good that the growing number of new jobs can offset the loss. Hopefully, the marketability of the subject properties may somewhat enhance due to under supply of houses in the subject property’s price range and its prime location in such a promising district, (Hinkel, 2010).


Land Description and Analysis (Optional)

Every parcel of land is unique in itself because of its physical attributes and physical location as these make a great impact on its utility and the highest and best use. This does not alter the value or importance of any adjacent properties, which will continue to be considered as unique because of their own attributes, (McFarlane, Hopkins & Nield, 2012). Land finds many uses and these include purposes of agricultural or commerce or residential or recreational use. Moreover, land use is highly affected because of its topography, climate and availability of natural resources. Population increase, industrial scope and social trends of the area determines the Land Use or Zoning carried out by the authorities, (Baum & Baum, 2015). Governments also take into consideration the land’s geography and the availability of natural resources, possibilities of locating industries and potential of expanding markets for marking of Zones or Land Use criteria. Laws connected with Zoning and Land Use reflect the various rights and obligations which are associated with various interests of the buyers in particular parcels of land, (Baum & Baum, 2015).


Description of Improvements (Optional)

This option has not been used as there were no visualized improvements found in the subject property.

(Please see Appendix–1 at the end of this report for applicable FORM for this optional section.)


Description of Improvements: Observed Depreciation

While making an estimate of the subject property’s value by using the cost approach method, I deducted the depreciation from the total assessed value. It must be explained for your reference that the depreciation which is used while making real estate appraisals is different from what is used for tax calculations, (Baum, 2009). Here, Depreciation refers to the loss in value of the subject property due to all the causes which affect the subject property. Notable factor is that land is usually not depreciated, unless it has been degraded due to erosion or improper use or because of zone change.


Also, depreciation is considered as either curable or incurableCurable Depreciation refers to such losses in the value of the subject property which can be modified at a cost which is less than the value increase of the subject property after it is modified, (Goodhart & Hofmann, 2007). On the other hand, Incurable Depreciation refers to those modifications which can either not be carried out or may cost more than the expected appreciation in the value of the subject property in case they are carried out, (Karadimitrio, Magalhaes & Verhage, 2013).


Depreciation is also classified depending on its cause, such as:

  • Physical Depreciation(aka physical deterioration)

This is based on the deterioration caused to the subject property’s structure because of normal wear and tear.

  • Functional Depreciation (aka functional deterioration)

This is loss to the subject property’s value which is because of those features which have become obsolete with time and may include unfashionable design, outdated plumbing or electrical or heating systems and inadequate insulation, (Myers, 2012).

  • External Depreciation(aka external deterioration)

This is a loss to the value of the subject property which results because of changes occurring in the external factors and may include the surrounding environment, properties and zoning which may cause a decrease in the value of the subject property. Externalities such as increase in crime in the area is also a factor considered under this depreciation, (Ashworth & Perera, 2015).


Although the use of these different depreciation types may give an indication of the improvements related to the subject property, it does not help in calculating the actual value of the subject property, (Fair & Raymond (ed), 2013). Hence, it is always recommended that adopting the Straight-line Method (aka Economic Age-life Method) calculates the depreciation in a linear way taking into account the lifespan of the structure and decrease in value at a constant rate. The annual amount of depreciation is determined by dividing the different costs of the structures by their assumed lifetime, (Kirkham, 2014).


Age concept                           No. of years   

Chronological age                       05    yrs.

Effective age                               05    yrs.

Economic life                              50    yrs.

Remaining economic life                      40    yrs.







Highest and best use has been defined in the Appraisal of Real Estate (3rd Canadian edition) as and I quote “the reasonably probable and legal use of vacant land or an improved property that is physically possible, legally permissible, appropriately supported, financially feasible, and that results in the highest value”. Unquote.

Analyzing the Highest and Best Use of the Site, as if Vacant

The area where the subject property is located has been showing a consistent demand among the buyers. Moreover, those who have been living in the area find it progressive, peaceful and environment friendly. Hence, even if the land had been vacant, its value would have escalated because of these factors, (Taylor, 2008).

Adequacy of the Existing Improvements

No adverse easements or encroachments have been noticed in and around the subject property. However, since the title had not been searched for fully qualifying this Statement the data quoted, including the Flood Map Data is considered to be accurate, although authenticity cannot be guaranteed, (Burn, Cartwright & Maudsley, 2009).


Conclusion of Highest and Best Use

It is safe to assume that the value of the subject property, as calculated for the purpose of purchase by you, is based on the most appropriate method of calculation used and should be considered as best value for the subject property under the given circumstances, (Smith & Jaggar, 2007).



Data Comparison Chart
Item Subject Property Comparable No. 1 Comparable No. 2 Comparable No. 3
Address 123 First Street,

Oakville ON

1181 Milna Drive

Oakville ON

2390 Taylorwood Drive, Oakville ON 1412 Craigleigth Road, Oakville ON
Legal description Plan 123 Lot 456 Plan 1181 Lot 1256 Plan 2390 Lot 2456 Plan 1412 Lot 1456
Sale date Conditional Offer 22 February 2014 04 May 2013 31 January 2014
Instrument no.        
Registration date        
Purchaser Brendan & Lena      
Sale Price $900,000 $910,000 $890,000 $905,000
Rights conveyed Fee Simple Fee Simple Fee Simple Fee Simple
Conditions of sale        
Expenses made immediately after purchase        
Time difference (mos.) 0      
Distance from subject (blocks) 0 1.5 mile 2.5 mile 2.0 mile


Bldg size 49.21’ x 14.53’ 55.15’ x 110.00’ 49.21’ x 115.16’ 45.96’ x 115.91’
Type/Quality Construction Detached/Avg Detached/ Avg Detached/ Avg Detached/ Avg
Energy efficiency Good Good Good Good
Design and appeal 2 Storey / Good 2 Storey / Good 2 Storey / Good 2 Storey / Avg
Age 6A / 5E Similar Similar Similar
Condition Good Avg Good Avg
Basement Partial Finished Finished Unfinished Finished
Air conditioning No No Yes Yes
Heating Yes Yes Yes Yes
Fireplace Yes Yes Yes Yes
Appliances Yes Yes Yes Yes
Lot size        
Zoning Residential Residential Residential Residential
Garage/carport 2 Cars 2 Cars 2 Cars 2 Cars
Local Improvement Charges NIL NIL NIL NIL
Other comments:









Adjustment Chart
Item Comparable no. 4 Comparable no. 5 Comparable no. 6
Sale price $910,000 $890,000 $905,000
Real property rights conveyed adjustment      
Adjusted price $910,000 $890,000 $905,000
Financing adjustment      
Conditions of sale adjustment      
Expenses made immediately after purchase adjustment      
Adjusted price $910,000 $890,000 $905,000
Date of sale adjustment      
Adjusted price $910,000 $890,000 $905,000
Other adjustments as required:      
– Location      
– Building size   –          $53,865  
– Construction      
– Energy efficiency      
– Design and appeal      
– Age      
– Condition – $5,000   – $5,000
– Room count + $2,500 + $5,000 + $5,000
– Basement unfinished area – $15,000 + $10,000 – $10,000
– Basement/finished below grade area      
– Air conditioning      
– Heating      
– Fireplace      
– Appliances      
– Lot size      
– Zoning      
– Garage/carport      
– Local Improvement Charges      
– Landscaping – $3,000   –          $10,000
Total Other Adjustments –          $20,500 –          $38,865 –          $25,000
Final Adjusted Sale Price $889,500 $851,135 $880,000
For reconciliation purposes:      
Total Adjustment      
Total adjustment as % of Sale Price 2.30% 4.56% 2.84%




Adjustment Analysis in Order:  

  1. Property Rights

Not applicable


  1. Financing

Not applicable


  1. Motivation

Not applicable


  1. Expenses made immediately after purchase

Not applicable


  1. Time

Not applicable


  1. Other

Not applicable



Adjustment Analysis (continued)

Other adjustments @ 2% $18,000



Direct Comparison Approach Conclusion:  $882,000



Indicated value by Cost Approach                                                     $ 900,000

Indicated value by Direct Comparison Approach                   $ 882,000


The Market Value, as defined, for the subject property as of 1 September, 2016 is estimated to be            $ $900,000.

The exposure time for the subject property has been estimated at 3 months.


I, Joan Milano, certify that, to the best of my knowledge and belief:

  1. I have developed and submitted this appraisal according to the scope of work required and as stated in this appraisal report.
  2. I have performed visual inspection of the exterior and interior of the subject property. I have reported the improvements condition of the subject property in their factual as well as specific terms, (Ostrowski, 2013).
  3. I have conducted this appraisal according to the requirements laid under the Uniform Standards of Professional Appraisal Practice which have been adopted by the Appraisal Standards Board and which were in place at the time of preparing this appraisal report.
  4. I have developed the opinion of the subject property’s market value by using the sales comparison approach. I gathered adequate market data for developing a reliable sales comparison approach for use in the appraisal document, (Ostrowski, 2013).
  5. I also certify that although it is suggested to use the cost and income approaches for arriving at the market value of the subject property, I did not develop these, as these were not appropriate to the available data regarding the subject property.
  6. I have suggested, after research, verification and analysis, the current agreement for purchase of the subject property. I have also taking into consideration the purchase offers of the subject property pertaining to the last twelve months, (Boussabaine, 2013).
  7. I have reported, after research, verification and analysis of the prior sales of the comparable sales figures for a one year period prior to the date of this report.
  8. I have selected those comparable sale amounts which I found to be location-wise, physically and functionally to be similar to the subject property, (Myers, 2004).
  9. I have not taken into account those comparable sale amounts which were the combination of a land sale and contract purchase price of the house.
  10. I have reported information in this report which was gathered from parties who hold a financial interest in sale or financing of properties, (Myers, 2004).
  11. I have enough knowledge and 12 years of experience in appraising properties of this type in this area, (Robinson et al, 2015).
  12. I have access to the appropriate and necessary private as well as public data sources, including the public land records, tax assessment records, and multiple listing services for the area where the subject property is located.
  13. I believe that the information, estimates, and opinions obtained by me are true and correct, (Ashworth, 2013).
  14. I have taken into consideration those factors which could have an impact on subject property’s value with respect to its neighborhood and its proximity to adverse influence in the preparation my opinion about the market value.
  15. I have not withheld any information, knowingly or unknowingly, from presentation in this appraisal report, (Robinson et al, 2015).
  16. I have also given in this appraisal report, my own unbiased personal opinions, as well as professional analysis and based my assumptions and conclusions on the limiting conditions stated in this appraisal report.
  17. I do not have any present or prospective, direct or indirect, interest in the subject property, nor do I have any present or prospective personal interest or bias with the participants in this transaction. I have not based, partially or completely, either my opinion or analysis of the market value assessed in this appraisal report on any basis which is prohibited by law, (Cartlidge, 2012).
  18. My employment for conducting this appraisal was not conditioned on an agreement that I would report or present a supporting analysis for a predetermined specific value or to attain a specific result, (Towey, 2013).
  19. I have personally prepared the opinions and conclusions about the subject property and states in this appraisal report. If I relied on any significant information or opinion obtained from an outsider, I certify that such an outsider was qualified to offer such opinion or information, (Blocher et al, 2006).
  20. I have not authorized any third person to make changes to any items stated in this appraisal report. Hence, any such changes to this appraisal report shall be considered as unauthorized and I will not take responsibility for them.
  21. The client in this appraisal report, who is an individual, and who ordered for and will receive this appraisal report has been identified by me in the transmittal communication, (Lavender, 2014).
  22. The client has the right to disclose or distribute this appraisal report to other borrower, lender, the mortgagee or its successors and assigns, mortgage insurers, government sponsored agencies or other secondary market participants. Such a consent should be obtained from the owner of this appraisal report, before disclosing or distributing this report by any other party, including the public through advertising, news, sales or any other media, (Lester, 2013).
  23. I am also aware that any disclosure or distribution of this appraisal report by me or the client are subjected to certain laws and regulations. Further, I am also bound by the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution of this report by me without proper authorization, (Pratt, 2010).
  24. The borrower, any other lender, the mortgagee or its successors and assigns, mortgage insurers, government sponsored agencies and other secondary market participants can rely on this appraisal report if it becomes part of an mortgage finance transaction which involves any one or more of the parties mentioned above, (King, 2015).
  25. In case this appraisal report is transmitted electronically and contains my “electronic signature,” or is used through a facsimile transmission containing a copy or representation of my signature, such a copy of the appraisal report will be considered as effective, enforceable and valid as if it is a paper version of this appraisal report containing my original hand written signature.
  26. Any intentional or negligent misrepresentation found in this appraisal report can result in a civil liability and/or a criminal penalty including fine or imprisonment or both, as stated in the provisions of the federal or similar state laws.


________________________                                                    __________________

Signature of Student                                                                                  Date Signed


Ashworth, A. (2013) Contractual Procedures in the Construction Industry. Oxon: Routledge.


Ashworth, A. and Perera, S. (2015) Cost Studies of Buildings (6th ed.). Oxon: Routledge.


Baum, A. (2009) Commercial Real Estate Investment. London: Taylor & Francis.


Baum, A. and Baum, Prof A. 2015 Real Estate Investment: A Strategic Approach (3rd ed.). Oxon: Routledge.


Bevans, Neal R. (2008) Real Estate and Property Law for Paralegals. London: Aspen Publishers Online.


Boussabaine, A. (2013) Cost Planning of PFI and PPP Building Projects. Oxon: Routledge.


Burn, Edward Hector, Cartwright, John and Maudsley, Ronald Harling. 2009 Maudsley and Burn’s Land Law. Oxford: Oxford University Press.


Cartlidge, D. (2012) Quantity Surveyor’s Pocket Book (2nd ed.). Oxon: Routledge.


Erp, Sjef van and Akkermans, Bram (ed). (2012) Cases, Materials and Text on Property Law. London: Bloomsbury Publishing.


Fair, D.E. and Raymond, R.J. (ed). (2013) The Competitiveness of Financial Institutions and Centres in Europe. Dordrecht: Springer Science & Business Media.


Goodhart, C. and Hofmann, B. (2007) House Prices and the Macroeconomy: Implications for Banking and Price Stability. Oxford: OUP Oxford.


Hinkel, Daniel F. (2010) Practical Real Estate Law (6th ed.). Boca Raton, FL: Cengage Learning.


Kao, J.C.M., Sung, W. and Chen, R. (ed). (2014) Green Building, Materials and Civil Engineering. London: CRC Press.


Karadimitrio, N., Magalhaes, C. and Verhage, R. (2013) Planning, Risk, and Property Development: Urban Regeneration in the England, France, and the Netherlands. Oxon: Routledge.


King, Sarah. (2015) Beginning Land Law. Oxon: Routledge.


Kirkham, R. (2014) Ferry and Brandon’s Cost Planning of Buildings (9th ed.). West Sussex: John Wiley & Sons.


Lavender, S. (2014) Management for the Construction Industry. Oxon: Routledge.


Lester, A. (2013) Project Management, Planning and Control (6th ed.). Oxon: Butterworth-Heinemann.


McFarlane, Ben, Hopkins, Nicholas and Nield, Sarah. (2012) Land Law: Text, Cases, and Materials. Oxford: Oxford University Press.


Megarry, Robert, Wade, William, Harpum, Charles, Bridge, Stuart and Dixon, Martin J. (2012) The Law of Real Property (8th ed.). New York: Sweet & Maxwell.


Myers, D. (2004) Construction Economics: A New Approach. New York: Taylor & Francis.


Myers, D. (2012) Economics and Property. London: Taylor & Francis.


Ostrowski, S.D.C. (2013) Estimating and Cost Planning Using the New Rules of Measurement. West Sussex: John Wiley & Sons.


Pratt, D. (2010) Fundamentals of Construction Estimating (3rd ed.). New York: Cengage Learning.


Robinson, H., Symonds, B., Gilbertson, B. and Ilozor, B. (2015) Design Economics for the Built Environment: Impact of Sustainability on Project Evaluation. West Sussex: John Wiley & Sons.


Sexton, Roger and Bogusz, Barbara. 2013 Complete Land Law: Text, Cases, and Materials Oxford: Oxford University Press.


Sherratt, F. (2015) Introduction to Construction Management. Oxon: Routledge.


Smith, J. and Jaggar, D. (2007) Building Cost Planning for the Design Team (2nd ed.). Oxon: Routledge.


Taylor, J. (2008) Project Scheduling and Cost Control: Planning, Monitoring and Controlling the Baseline. Florida: J. Ross Publishing.


Towey, D. (2013) Cost Management of Construction Projects. West Sussex: John Wiley & Sons.



Dimensions   Area   Type/style   Year Built    
Foundation [   ] Poured concrete [   ] Concrete blocks [   ] Concrete posts [   ] Wood posts  
Framing [   ] Wood [   ] Concrete [   ] Steel [   ]  
Basement [   ] Full [   ] Partial [   ] None [   ] Slab  
  [   ] Crawl space        
Basement Finish    
Exterior Walls Brick veneer                Clapboard                Stucco                         Siding: Vinyl                 
(percentage)         Wood                      
  Stone veneer               Aluminum                Solid masonry                Aluminum                
Roof [   ] Asphalt shingles [   ] Wood shingles or shake [   ] Slate [   ] Clay/tile  
  [   ] Built-up tar & gravel [   ] Gutters & down spouts [   ]  
Interior Walls [   ] Dry wall [   ] Plaster [   ] Paneling: type  
Floor Coverings Above ground Carpet            Tile            Ceramic           Hardwood          Linoleum            
(percentage) Basement Carpet            Tile            Linoleum           Other              
Fireplaces Number:     Location:   Type:    
Kitchen [   ] Built-in dishwasher [   ] Garburator [   ] Built-in range

and oven

[   ] Exhaust fan [   ] Vent hood  
  Cabinets – type and material:   Quality    
  Counter material:   Other features    
  Fixtures:   Quality    
Electricity No. of amps:   [   ] Circuit breakers [   ] Fuses  
Plumbing Pipes [   ] Copper [   ] Galvanized [   ] Mixed    
  Hot water tank [   ] Electricity [   ] Gas [   ] Oil Capacity:    
  Connections [   ] Washer [   ] Dishwasher [   ]    
  Drainage [   ] Plastic [   ] Galvanized [   ]    
Heating [   ] Forced air [   ] Hot Water [   ] Steam [   ]    
  [   ] Oil fired [   ] Gas fired [   ] Electric [   ] Humidifier    
Air Conditioning [   ] Yes [   ] No [   ] Central Swimming pool [   ] Yes Type:    
Garage [   ] Single [   ] Double [   ] Attached [   ] Detached [   ] None    
  [   ] Carport [   ] Electricity [   ] Heated [   ] Interior finish      
  Type of construction:


  Flooring:   Dimensions:   Area:    
Porch [   ] Open [   ] Screened [   ] Enclosed Size:   [   ] None  
Patio/Deck [   ] Concrete [   ] Wood [   ] Size:   [   ] None  
Rental Equip. [ ] Water softener [   ] Hot water tank [   ] Furnace [   ]   [   ] None  



  Data Comparison Chart  
  Item Subject Comparable no. 1 Comparable no. 2 Comparable no. 3  


  Legal description          
  Sale date          
  Instrument no.          
  Registration date          
  Sale price          
  Right conveyed Fee simple        
  Conditions of sale          
  Expenses made immediately after purchase          
  Time difference (mos) 0        
  Lot area          
  Interior/corner lot          
  Local Improvement Charges          
  Easements/Rights of Way          
  Other comments




  Adjustment Chart  
Item Comparable no. 1 Comparable no. 2 Comparable no. 3  
Sale price        
Real property rights conveyed adjustment        
Adjusted price        
Financing adjustment        
Conditions of sale adjustment        
Expenses made immediately after purchase adjustment        
Adjusted price        
Date of sale adjustment        
Adjusted price        
Other adjustments as required:        
– Zoning        
– Location        
– Frontage/depth        
– Lot area        
– Topography        
– Utilities        
– Interior/corner lot        
– Local Improvement Charges        
– Easements/Rights of Way        
Total Other Adjustments        
Final Adjusted Sale Price        
Adjusted unit sale price / frontage OR        
Adjusted unit sale price / area        
For reconciliation purposes:        


Total Adjustment        
Total adjustment as % of Sale Price        







Adjustment Analysis in Order:  

  1. Property Rights
  2. Financing
  3. Motivation
  4. Expenses made immediately after purchase
  5. Time
  6. Other






Site Description









part- B





residential appraisal