Appraisals for applying for a loan, use as collateral for mortgages, or resale will be related to the customer. First, the valuer must specify the name of the loan applicant as well as the name of the person who will use it to apply for a loan or the lender according to the person’s identity. Otherwise, it will not be legally enforceable. Usually, in the appraisal report for a loan application, the essential contents are as follows :
- Right document details
- Verification of right document of the land office
- Certification of land location according to the right document
- Certification of building location on land. (Is there any intrusion?)
- Building ownership inspection
- Building inspection on the land inspection
- Valuation method and market information
- Certification of the appraised value
- Certification of valuer’s independence
Mortgage purpose valuation from financial institutions, it is recommended that customers check with that institution if they can contact to request for the valuation report with an external valuer or not.
